Step 17 of 48 Phase 2: Organize Your Finances
2.10 Get Approval in Principle
Get approval in principle from a Spanish bank to confirm your buying power before property hunting.
Documents You Will Need
- NIE and passport copy
- Proof of income — payslips (3 months) or tax returns if self-employed
- Employment contract or letter from employer
- Bank statements (3-6 months) from your home country
- Proof of deposit funds
- Details of any existing debts or mortgages
Pro Tips
- Have documents translated into Spanish if requested
- Non-EU documents may need apostille certification
- A mortgage broker can help navigate Spanish bank requirements
- Pre-approval typically valid for 2-3 months
Common Mistakes to Avoid
- Not having your NIE before starting the mortgage process
- Changing jobs or taking on new debt during the process
- Providing incomplete or inconsistent income documentation
- Expecting the same terms as residents if you are a non-resident