Mortgages in Spain – how old is too old?

Finally, you’ve hit the golden years.

It’s a bit later than expected, but this is it – the year you’re officially hanging up your hat. You may be older than planned, but you’re still fit and healthy, and you’re ready to live the life you’ve always dreamed – soaking up the sun and sipping on sangria at your own property in Marbella.

The question is: have you missed the boat?

Has your delayed retirement date scuppered your chances of securing a mortgage with Spanish banks? Or is it still possible to take out a home loan, pay the monthly payments, and make the move?

Here, our knowledgeable team explains all there is to know about the Spanish mortgage market.

Older borrowing capped at 75

Spanish legislation doesn’t state a maximum age for applications. Which means, in theory, Spanish mortgages can be applied for at any point in your lifetime. However, most Spanish banks and mortgage lenders will limit the age that an older borrower can reach by the end of the term.

Typically, this will be 75 years old. This is a standard industry cap, but some high-net-worth individuals can occasionally receive financial backing at 80 years of age.

Depending on how old you are at the time of the mortgage application, this age limit can often lead to a restricted term length. For example, if you were to apply for a new Spanish mortgage at the age of 60, you would need to take it out over just 10-15 years. If you applied even later in life, at the age of 70, you would have a maximum of 5 years to pay it off.

The result?

Repayments for mature borrowers tend to be fairly high. As a general rule, the older you are, the shorter the mortgage term will be, and the more you will be expected to pay in monthly mortgage payments to Spanish lenders.

This is certainly something to keep in mind before approaching Spanish mortgage providers. But still, mortgages in Spain for people over the age of 60 are possible. And, providing you can afford it, there’s no reason to let the date on your birth certificate put you off realising your dream retirement on the south coast of Spain.

Affordability is more important than age

When applying for mortgages in Spain, lenders have one main priority: to make sure you can afford to repay the purchase price and interest. To them, this is far more important than your age.

Ultimately, you’ll need to prove that you’re capable of paying the monthly instalments.

Affordability criteria vary from bank to bank. But most will apply the same ‘one third’ requirement to everyone – regardless of age or employment status. This means, to be eligible, the bank will need proof that your total existing debts and significant outgoings, plus the proposed mortgage repayments, do not exceed one third of your net monthly income.

Planning to continue working?

The official retirement age in Spain is currently 66 and 10 months, and will officially change to 67 in 2027. Therefore, if the mortgage term takes you beyond this age, the bank will need proof of your affordability – for both the period whilst you’re working (i.e. your employment income) and the period after your retirement (i.e. your expected pension income after the age of 67).

Additional requirements for mature borrowers

In some cases, the lender may ask older applicants for a guarantor; someone who could take over the repayments, should the worst happen. This can be slightly off-putting and, as guarantors are not always easy to find, it could affect your chances of getting a Spanish mortgage.

But keep in mind, requirements do vary from bank to bank, and not all providers request them. So, if you’d prefer to avoid a guarantor, be sure to enquire at a few different places.

It’s also important to note that, in Spain, applicants over the age of 60 – particularly those who are non-residents – can expect a much lower Loan To Value (LTV) percentage – usually restricted to 60%, which means you’d have to provide a 40% cash deposit, with 10-12% set aside for taxes and fees.

Revised income requirements for visas

If you need a Spanish mortgage and a residency visa, income requirements have increased over the past few years, because they’re tied to the IPREM (a Spanish cost-of-living index).

For a single person seeking to purchase property in Marbella in 2026, you must show an annual income of roughly €30,000+. This has increased from the €27,000 requirement in 2022.

Checklist for mortgages in Spain 2026

• Check the Energy Performance Certificate (EPC) rating.
• Ask about the ‘Right to Forget’ – don’t let medical history from 10 years ago stop your application.
• Confirm regional taxes – don’t budget 10%; in some regions, you must budget 15% for total closing costs.
• Review a ‘lifetime mortgage’ (equity release): If traditional Spanish banks deem you too old, specialised products like Hipoteca Inversa are more common now than in previous years.

What is Hipoteca Inversa?

Hipoteca Inversa translates to ‘reverse mortgage’ in English. It is a financial product where older homeowners can borrow money against their home’s equity and receive payments from the lender (instead of making payments) and remain in their home until they move or pass away. The loan would then become due, but it converts home equity into cash, offering income without selling the home. However, be wary as this does increase debt.

Secure property in Marbella at any age

Spanish mortgages certainly aren’t exclusive to the younger demographic.

In fact, in recent years, as people have started to stay active for longer and retire later in life, we have noticed a significant increase in the number of older applicants. If you’ve always dreamt of enjoying your golden years in the sunshine, you shouldn’t let a trivial thing like age put you off.

Bromley Estates Marbella, we’re on hand to offer our expert assistance. If you have any questions or concerns about getting a mortgage for a property in Spain, you’re more than welcome to contact us.

As a leading real estate agency, we have excellent knowledge in this area and can recommend independent legal and financial advisors, who can guide you step-by-step through the buying process and ensure you secure the best mortgage deal for your property purchase.

We’ve assisted countless senior clients in finding their ideal property in Marbella. And with an extensive portfolio of villas, townhouses and apartments to suit all needs and budgets, we could do the same for you. We can also point you in the right direction in terms of fixed-rate mortgages and interest rates, as well as answer questions about Spanish mortgage law.

To take the first step, simply give us a call on +34 952 939 460 (+44 208 068 7606) or send an email to info@bromleyestatesmarbella.com, and we’ll respond as soon as possible.