No, we are not a bank — we are your mortgage broker.

When you apply for a mortgage pre-approval with us, we take your application to the banks we cooperate with and negotiate a pre-approval for you. Our long experience and great relationships with Spanish banks enable us to negotiate loan promises with fair and secure terms.

A NIE number (Número de Identidad de Extranjero) is a tax identification number required for all foreign citizens in Spain. To buy a property in Spain, you need one.

Important: You do NOT need a NIE number to get a free pre-approval. We help you obtain it later through THARROS Legal.

To borrow money from a bank in Spain, you need to:

• Be at least 18 years old
• Not be older than 75 years old
• Have no serious payment defaults
• Have stable, verifiable income

Once the bank’s assessment is completed, you will receive an AIP (Agreement in Principle) — essentially a mortgage offer.

Spanish Residents: Up to 80% LTV — you need 20% cash deposit

Non-Residents: Up to 70% LTV — you need 30% cash deposit

The mortgage process is highly complex. That is why we created Tharros — to simplify and streamline the experience through modern technology and expertise.

Best part: You will not even need to travel to Spain. We handle everything along each step of the way.

On your own: 8–16 weeks

With Tharros Advantage: Just 4–6 weeks

The bank hires a professional appraiser to evaluate the property.

Important: If the bank’s valuation is lower than the sales price, your mortgage is calculated on the bank’s valuation — not the purchase price. Example: purchase price €300,000, bank values at €280,000 → your 70% mortgage maximum is €196,000.

Spanish banks use the French Amortization System:

• You pay both interest and capital throughout the loan period
• Initially interest is higher; over time it decreases and capital repayment increases
• Interest is calculated on the remaining loan balance
• Your total monthly payment stays relatively consistent

Your payment is typically reviewed every year on the anniversary of the mortgage opening.

Budget for approximately 10–12% of the property price in additional costs:

📊 Valuation Fee: €300–€1,000+ — paid by the buyer

🏦 Bank Opening Fee: 1–2% of loan amount (some banks)

⚡ Tharros Advantage Fee: 0.75% of loan amount — only when you accept a mortgage offer

📝 Notary Fee: €900–€1,500+ (~1–1.5% of loan amount)

📋 Land Registry Fee: €500–€800+

🏠 Home Insurance: ~€50–€150/month (required by bank)

👤 Life Insurance: ~€50–€75/month (required by some banks)

New build: VAT at 10% of the purchase price.

Resale properties: Transfer tax (ITP) varies by region:

Nearly everyone consults a lawyer for housing transactions in Spain. THARROS Legal provides a lawyer who will:

• Ensure you get a NIE number
• Verify the seller actually owns the property
• Confirm all certifications and building permits are legal
• Ensure the property has no outstanding debt
• Review and negotiate all contracts
• Draft new contracts on your behalf
• Sign all contracts as your Power of Attorney — no travel required
• Protect your reservation fee (Contrato de Arras) if the purchase falls through