Spanish mortgages and UK pension transfers
The money side of the move, without the surprises.
Financing a home as a non-resident and deciding what to do with a UK pension are both regulated financial decisions, not forms to fill in. We introduce you to vetted mortgage brokers and regulated pension advisers, and keep the legal side of your move in step with what they recommend.
How Spanish mortgages work for non-residents
Four things worth knowing before you fall for a terrace with a sea view. None of these are promises — every decision ultimately rests with the lender.
Non-residents borrow less
As a rough guide, Spanish banks tend to lend non-residents around 60–70% of the valuation, versus up to about 80% for residents — meaning a larger deposit. It’s only a guide: the exact figure depends on the bank, the property and your profile.
Lenders assess affordability
Approval hinges on income and outgoings, not just the deposit. Banks look at your net income, existing debts and stability of earnings, and typically want your total borrowing commitments to sit within a comfortable share of it. Pensions, salary and self-employed income are all weighed differently.
The valuation (tasación) drives the loan
The bank lends against an official valuation, not the price you agreed. If the tasación comes in below the sale price, the loan shrinks and you cover the gap — one of the most common surprises for buyers, so it’s worth knowing early.
Budget for the costs on top
Beyond the deposit there’s the valuation fee, notary and land-registry fees, mortgage arrangement charges and purchase taxes. A sensible rule of thumb is to keep a buffer for these — we help you map the real all-in figure before you commit.
The figures above are general guides only and vary by bank, property and profile. We dovetail the finance with your conveyancing and your Spanish bank account, so both are ready when the mortgage is.
Moving a UK pension to Spain: what to weigh up
A pension transfer is easy to do and hard to undo. These are the things a proper, regulated review looks at before anyone recommends anything — and often the conclusion is to leave it exactly where it is.
Transferring is not always right
A QROPS (Qualifying Recognised Overseas Pension Scheme) can suit some people and be the wrong move for others. Depending on the scheme, its guarantees and your plans, leaving the pension in the UK is often the better answer. Only a regulated review of your actual arrangements can tell.
It depends on the scheme
Defined-benefit (final-salary) schemes, defined-contribution pots and the State Pension all behave differently, and some carry valuable guarantees that a transfer would give up. The starting point is always what you already hold — never a product someone wants to sell.
Tax sits on both sides
How a pension is taxed once you are a Spanish tax resident, how the UK–Spain double-taxation treaty applies, and how drawing an income interacts with your wider position all matter. These are questions for a regulated adviser and, on residency itself, our Tax Residency service.
Your plans change the answer
Whether you intend to stay in Spain for good, keep a foot in the UK, or move again later all bear on the decision. There is no single correct route — only the one that fits your circumstances, which is exactly why the advice has to be personalised.
Closely tied to this is where you are tax-resident — see our tax residency advice.
Delivered by brokers and regulated financial advisers
Globalium does not give investment, mortgage or pension advice. We introduce you to independent brokers and regulated partners authorised to carry out this work — the recommendation, and the responsibility for it, sits with them. We will never tell you to transfer, quote you a return, or promise a bank's decision.
The questions we get first
Can a non-resident get a mortgage in Spain?
Yes. Spanish banks do lend to non-residents, though usually at a lower loan-to-value — as a general guide around 60–70% of the valuation, against up to roughly 80% for residents. That’s a guide only: the real figure depends on the bank, the property and your financial profile. Our broker partners compare lenders to find the ones that treat your situation favourably.
How much deposit will I need?
Plan for more than a resident would. If a bank lends 60–70% of the valuation, you’re funding the remaining 30–40% as a deposit, plus the purchase costs (taxes, notary, registry and fees) on top of that. We help you build the true all-in number so there are no gaps at completion — but none of it is a promise of approval, which always rests with the lender.
What do lenders look at when deciding?
Chiefly affordability: your income, your existing debts and how stable your earnings are. They also value the property through an official tasación and lend against that figure rather than the agreed price. Nobody can guarantee a decision in advance, but a broker who knows each bank’s appetite can steer you to the lenders most likely to say yes.
Who actually arranges the mortgage?
We work with independent mortgage broker partners who deal with Spanish and international lenders every day. We coordinate the legal side of your purchase and introduce you to a broker who sources and negotiates the mortgage — so the finance and the conveyancing move in step rather than tripping over each other.
What is a QROPS?
A QROPS — Qualifying Recognised Overseas Pension Scheme — is an overseas pension scheme that meets HMRC conditions and can, in some cases, receive a transfer from a UK pension. It is one option among several, not a default. Whether it suits you depends entirely on your scheme, your tax position and your plans, which is why it needs a regulated, personalised assessment.
Should I transfer my UK pension to Spain?
There is no general answer, and anyone who gives you one without reviewing your specific arrangements should be treated with caution. For some people a transfer makes sense; for many others, leaving the pension in the UK is better, particularly where a scheme carries guarantees that would be lost. A regulated adviser weighs it up on your facts — we do not, and would not, tell you to transfer.
Does Globalium give the financial advice?
No. Mortgages are arranged by independent brokers and pension transfers are regulated advice, and Globalium does not advise on investments or pensions. What we do is introduce you to partners who are authorised to carry out this work, so you deal with the right people from the start rather than the wrong ones. The advice, the recommendation and the responsibility sit with them.
How does the introduction work?
We have a quick conversation about your situation in plain English, then connect you with a broker or regulated adviser suited to it. You are never under any obligation, and any recommendation about your mortgage or your pension comes from that firm after a proper review — not from us.
Related services
- Wealth Relocation GuidanceStructuring savings and investments for the move, with IFAs.
- Spanish Bank Account OpeningOpening a Spanish bank account, resident or non-resident.
- Tax Residency AdviceWorking out where you're tax-resident, and what that actually means — with tax specialists.
- Inheritance & Gift Tax Planning (Andalucía)Planning around Andalucía's inheritance and gift tax — handled with the legal team.
- Digital Nomad VisaKeep your remote job or clients abroad and live in Spain legally, under the Startups Law.
- Non-Lucrative Visa (NLV)Residence without working, on your own means — the classic retire-to-the-sun route for pensioners and the financially independent.
- Relocation Package (tiered)End-to-end relocation, in tiers — from the essentials to the full white-glove move.
Reviewed by a lawyer
Reviewed by Alberto García López
Immigration lawyer · ICA Málaga, reg. no. 11.441
We check every page against current Spanish law. This is general information, not advice on your individual case.
Globalium is an independent law firm, not a government agency, and is not affiliated with or endorsed by any public administration. Visas, permits and identification numbers are granted solely by the Spanish authorities, and you are free to apply to them directly yourself. Our fees pay for legal advice and representation, and are separate from any official fee or tax.
Tell us the plan. We'll point you to the right people.
A quick, no-obligation chat in plain English about the property and the pension. Then an introduction to a broker or regulated adviser who can look at it properly — including telling you to leave the pension in the UK, if that's the honest answer.