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November 22, 2022

What you need to get a mortgage as a freelancer in Spain

It's not just money. You need to have a whole list of documents and proof ready to present.

Buying your own place is the epitome of adulthood—and there are a lot of good reasons to go for it, if you find a good, affordable place, have enough savings—and have had enough of your landlord and twelve roommates.

With the looming financial crisis hanging above our heads (is it gonna happen? And if so, how hard will it hit?) people are rethinking their financial plans. Speculations of a crash of the housing market put some extra fuel on the fire and have people looking into their options with a lot more care.

Because buying property isn’t easy—especially if you’re self-employed. Even though you might earn more than the average employee in Spain, banks still want to get more reassurance and make things a lot harder, as if being autonomous isn't hard enough already.

But: nothing is impossible.

In this blog, we’ll give you some important pointers to keep in mind when you start applying for mortgages. 

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What you need to present to the bank as autónomo for a mortgage application

Unfortunately, the banks won't just take your word for it and believe you’ve got enough money, even though you’ve been paying a ridiculous amount of rent without problems. In Spain, this is what autónomos need to present to be considered for a mortgage.

  • Your last personal income tax return, aka your renta. This way, the bank will be able to review your tax information to know how much $$ you make. They may ask you for the ones from previous years too, so it is worth having them ready just in case.
  • The quarterly models of VAT and personal income tax for the last year. 
  • The report of your working life, aka proof that you’ve been paying those atrocious social security fees.
  • Extracts of the movements on your accounts (personal and your business) during the last six months.

How you can sweeten the deal and increases your chances

It can help to create a dossier about your work activity to help the person at the bank understand what it is you actually do and what relationship you have with your clients. Include things like the progression of your activity and market. Having contracts for future work can also help your application.

Do you need help applying for a mortgage as autónomo?

If you talk to anyone who went through the process—whether successful or not—most people recommend you to get professional help. Lawyers, mortgage brokers, accountants and a therapist for emotional support: make sure you figure out first what you need the most help with before you add another expense to the list, because these people aren’t cheap. 

How much mortgage can you get as autónomo?

It’s not an urban legend: some banks actually finance up to 100% for your first property. But—cue sad music—that is rarely the case for freelancers. 

You can expect to get 70 to 80 percent. Make sure you’re well-informed about the extra costs that come with buying, such as taxes, lawyers, and architects. 

It’s not just the house you’re paying for, it’s the services around the transaction as well.

Tips, tricks, shared crying sessions

The process is frustrating and long, but it’s doable—especially with the help of other fellow freelancers who’ve been through it all. Join our Slack community to ask questions and get insider information!

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