When you apply for a mortgage, the bank analyzes much more than just the value of the property you want to buy. They evaluate your financial, employment, and personal profile to determine if you can afford the loan and under what conditions.
Below, we explain the most common requirements that financial institutions consider and how you can know if you are ready to apply for a mortgage.
1. Stable and Verifiable Income
The first thing they will look at is whether you have regular income:
- Employee: Payslips, contract type (preferably permanent), and length of employment are considered.
- Self-employed: Income and VAT returns, and length of activity (minimum 1-2 years usually) are considered.
- Civil servants: They usually have better access due to job security.
Tip: If you’ve recently changed jobs, it’s better to wait a few months or demonstrate stability through other means.
2. Borrowing Capacity
Banks want to ensure that you can make the monthly payment without difficulty. For this, they apply the debt-to-income ratio rule:
- The monthly payment should not exceed 35% of your net income.
- For example, if you earn €2,000/month, the payment should not exceed €700.
They also take into account whether you have other loans, credit, or recurring expenses (such as pensions).
3. Credit History
They will check if you have had defaults, if you are listed in databases like ASNEF or RAI, and if you have active credit cards or personal loans. A good history, even if you don’t have significant assets, can help a lot.
Tip: Cancel unnecessary credit cards or loans before applying for the mortgage.
4. Down Payment or Guarantees
Although some banks may offer up to 90-100% financing, most still require:
- Contribute at least 20% of the purchase price
- Have savings to cover expenses (notary fees, taxes, etc.)
- In some cases, guarantors or additional collateral
At Eix Financer, we help you explore options for financing up to 100% depending on your profile.
5. Essential Documentation
This is the usual documentation they will request:
- DNI or NIE
- Payslips (last 2-3)
- Income Tax Return
- Employment History Report
- Bank Statements
- Current Debt or Loan Reports
- Purchase Pre-agreement or Property Reservation
Having everything prepared greatly facilitates the process and speeds up approval.
Conclusion
The requirements for obtaining a mortgage can vary depending on the bank, but the key is to thoroughly prepare your profile, have your documentation in order, and present your application strategically.
At Eix Financer, we help you take this step with confidence, saving you time and providing access to conditions you might not get if you apply independently.