These are the only cases in which you can request a mortgage without having a payroll
The mortgage is one of the main formulas used by individuals and families to be able to face the significant expense of acquiring a property owned. According to data from the National Institute of Statistics (INE), in May 2023 there were more than 33,000 homes on which a mortgage was established.
In order to request a mortgage, banks usually demand a series of conditions and requirements to grant the loan, which normally respond to a demonstration of solvency. Among them is having a stable job with payrolls that prove that condition. Does that mean that you cannot request a mortgage without providing a payroll?
The self-employed do not need a payroll for the mortgage
With this procedure, banks are actually looking for proof of economic solvency and regular income, so not having a payroll does not mean that you cannot request a mortgage in certain cases, according to reports from the iAhorro portal.
The self-employed, for example, do not have monthly payrolls as they are self-employed, but they do have regular income, so if they have documents that certify this regular perception of income, they can deliver it to the bank as proof of economic solvency and thus get the mortgage loan.
In order for a self-employed person to obtain a mortgage, they must provide:
- Information about your professional activity
- Last income tax return
- Working life
- Extracts of the last movements of the bank account used in the professional work (of the last 3-6 months)
- Quarterly models of VAT and personal income tax
Banks do not grant mortgages to pensioners
Pensioners, for example, do not have a salary either, but receive money from the State that could be considered as stable income. However, the policy of the banking entities is not to grant mortgages that cannot be paid off before the applicant has reached the age of 70, which is not the case for Spanish retirees as the retirement age is 66.
Workers who are paid 'in B' cannot request it
It is possible that there are salaried workers who are not registered with Social Security, that is, they are paid “in B”. In this way, they do not have a payroll and the state has no record that they are working or receiving a salary for their activity.
This irregularity means that they cannot request a mortgage, since they cannot demonstrate in any way before the bank the economic solvency or the regular income that is received, since there is no legal record of them.