Spanish Mortgage Costs

When purchasing a property in Spain, buyers need to be aware of the costs involved. On average you should budget for additional costs of approximately

9%-11% without a mortgage
10% – 12% with a mortgage

A typical example of the total purchase costs on a 200,000€ would be as follows:

  • Purchase Price:  200,000€
  • Mortgage Amount:  150,000€
  • Purchase tax at 6.5%:  13,000€
  • Mortgage Tax at 1.8%: 2,700€
  • Bank opening fee at 1%:  1,500€
  • Notary and Registry Fees at 1.5%:  2,250€
  • Lawyers fee:  1,500€
  • Broker fee:  490€
  • Valuation fee:  400€

Total Costs:  22,340€ or 11.1% of the total purchase price.

These figures are approximate and change dependent upon lender, type of property, lawyers fees, valuation fee etc. Some lenders charge more than others in costs, opening fees, legal fees.

Many banks also allow mortgage brokers in Spain to increase the opening fee by as much as they like in order to earn more from their clients – this is something we believe is unethical and dishonest and you should be aware of this scam when you take out a mortgage.

As such, any commission paid to by the lenders is fully disclosed to our clients.