Hi everyone, I’ve been a long-time lurker but recently accomplished a major life milestone: buying a home in Spain. The most challenging part of the whole process was securing the mortgage, and I ended up choosing BBVA. Seeing a lot of discussions about this on the forum, I decided to start a thread to share my personal experience as a reference for others who might need it. I welcome everyone to join the discussion.
Why Did I Choose BBVA?
Initially, I also compared offers from Santander and CaixaBank. I chose BBVA mainly because my salary account is with them, and after using their services for several years, I’ve found their app and customer service to be quite good. I was hoping being a long-standing customer might give me an edge. As one of Spain’s largest banks, BBVA offers a comprehensive range of products, and their proposal was relatively clear. My account manager (gestor) was also very patient, which was a big plus.
Application Process and Documents
The entire process was quite lengthy, taking almost two months. BBVA first conducts a preliminary risk assessment; only after passing this stage can you formally submit your documents. The list of required documents is extensive. I’ve compiled a general list for your reference, but please note that the bank might have slightly different requirements depending on your situation.
| Document Type | Description |
|---|
| Identification | Copy of NIE and Passport |
| Proof of Employment | Permanent employment contract (Contrato de trabajo indefinido) |
| Proof of Income | Last 3-6 payslips (nóminas) |
| Tax Documents | Latest income tax return (declaración de la renta) |
| Employment History | Official work-life report (Informe de vida laboral) |
| Bank Statements | Statements from other bank accounts to prove your savings and financial activity |
| Property Documents | Deposit agreement (Contrato de arras), Property registry extract (Nota simple) |
Regarding interest rates, BBVA offered me both fixed and variable options. With the Euribor constantly on the rise, I’m a bit risk-averse, so I decided to go with a fixed rate. Although the initial monthly payments are slightly higher, it gives me peace of mind knowing they will remain the same for the next 20 to 30 years. The fixed rate I was offered was around 3%, but it was directly linked to the number of bundled products (vinculaciones) you sign up for. For example, by contracting their home insurance, life insurance, or even opening a pension plan, you could lower the rate with each additional product. It’s crucial to do the math here to see whether the cost of the insurance outweighs the interest savings. I initially thought I was required to buy their insurance, but later found out you can get it from an external provider, although you would lose the interest rate discount.
Finally, here are a few tips. First, the property appraisal is extremely important. The bank will calculate the loan amount based on the lower of the two values—the appraisal value or the purchase price—typically lending up to 80%. This means that if the appraisal comes in lower than your purchase price, you’ll need a larger down payment for the BBVA home loan. Second, the bank’s communication efficiency can be… challenging, to say the least. You need to be patient and proactive in following up. My account manager was nice, but it felt like he was handling too many clients at once, as email replies usually took a day or more. Third, make sure to back up all your documents and save all email correspondence. In conclusion, while the process was tedious, holding the keys to my new home made it all worthwhile. Wishing everyone a smooth journey to homeownership!
