Valuation Fees: Before you apply for a mortgage loan you will need to check the real value of the property in order to decide the maximum amount you can apply for. This valuation is carried out by professional valuers registered with the Bank of Spain. The estimated cost for a mortgage loan of between 60.000 € and 120.000 € will be in the region of 200 €. Fee for establishing the situation of the property in thr local Land Registry: this costs approximately 25 €.

Notary Fees: for the granting of the mortgage loan and title deeds of the property. For a mortgage loan of 120.000 € these will be around 500 € and 600 € respectively .

Land Registry Fees: for the inscription of the mortgage loan and title deeds of the property in the local Land Registry. For a mortgage loan of 120.000 € these will be around 105 € and 220 € respectively.

Taxes: on signing the public deed for the establishment of the mortgage loan agreement you will be required to pay the Stamp Duty (Impuesto sobre Actos Jurídicos, IAJD), the amount of which is determined by each autonomous regional government. Where no specific regulation applies, 1% will be levied on the cost of the mortgage loan. Property taxes vary according to whether the property is new or used:

a.) New property: 7% VAT is applicable and IAJD is generally 1%.

b.) Used property: Transfer Tax (Impuesto de Transmisiones Patrimoniales), established by each autonomous region is payable and where there is no specified sum, this is charged at 7%.

Agancy Fees: for the administration of taxes payable to the Ministry of Finance and for inscription of the loan and purchase agreements in the local Land Registry. For a mortgage of 120.000 € the cost will be approximately ca. 250 € in each case.

Property Insurance: this is an insurance policy required by law to cover damage to the property. The cost range between 54 € bis 99 € per year for a mortgage loan of between 60.000 und 120.000 €. For your convenience, you may wish to contract this insurance through the team of the Spanish Property ABC.

In addition to the concepts described above, when you sign a mortgage loan agreement with any financial entity in Spain, you will need to be aware of the following costs:

Opening commission: this is a percentage of the total capital loan provided by the mortgage.

Study commission: this is a percentage of the capital which is only applicable to loans greater than 150.253 €.

Mortgage loan: this is a loan where the total capital is released in a single payment at the beginning of the operation (except for new constructions), under the guarentee of the house or other property. The capital may be destined to the purchase or building of a house, or to its renovation or extension.

Seviam Abierto: an insurance policy covering your mortgage loan repayments in case of death and, optionally, permanent invalidity of the mortgage holder.