WHAT ARE THE COSTS INVOLVED IN OBTAINING A MORTGAGE IN SPAIN?

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The notary and registration fees vary depending on the amount of the loan, but generally it takes a few hundred euros.

  • In Spain the mortgage loan is registered separately and must be signed with a notary.
  • This also generates registration fees . Usually this is done through the “Gestoría” (management office) of the bank and the costs are borne by the buyer.
  • The opening of the mortgage loan with the bank which can range from 0 to 2% but the rate generally charged is 1%.
  • Real estate valuation required by the bank and carried out by an independent expert, can cost around € 300 for a low-cost property and over € 1000 for a luxury property. Count that for the majority of properties the amount is between 300 and 600 euros.
  • In summary, the total cost is 1.5 -2% of the mortgage amount .

To give you an idea: for a loan of 200,000 euros (in Andalusia) the costs are approximately as follows: 

  • Notary fees 600 Euros
  • Registration 400 Euros
  • Management office 300 Euros
  • Bank estimate 300 Euros
  • The amount of the opening of the bank account varies between 0-2% depending on the type of mortgage loan granted.

Do not hesitate to contact us to study your case and offer you the best option.

What document do I need to provide to the bank?

For employee:

  • Your last tax return
  • 3 payslips
  • Bank statements for the last 3 months
  • Passport copy

For self-employed:

  • Your last tax return
  • Account statements for the last 6 months
  • Summary of your account book signed by the accountant
  • Letter from a chartered accountant confirming: the nature of your activity, profits and losses in recent years, forecasts for the current year
  • Copy of passport and company registration deed if applicable.
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