Calculate your mortgage costs
Thinking of making the leap? Get a breakdown of
the costs you will pay and those that are covered by the bank before applying for your mortgage.
There are two types of costs involved when buying a home: mortgage costs and purchase costs. Some costs will be covered by the bank, others by the mortgage holder, and some will be shared between both parties.
The mortgage holder will incur costs representing about 12% of the purchase amount.
|
TYPE OF COSTS |
PAID BY THE BANK |
PAID BY THE CUSTOMER |
|---|---|---|
|
LAND REGISTRY REPORT |
MORTGAGE COST Used to find out more about your future home: description, location, etc. We will cover these costs if you apply and sign for a mortgage with Openbank. | |
|
VALUATION |
MORTGAGE COST This indicates the official value of the property. This can be requested through the bank or a company approved by the Bank of Spain. It must be valid for a maximum of six months from the date of issue. | |
|
NOTARY |
MORTGAGE COST Notary fees for the drafting and signing of your mortgage deed. |
PURCHASE COST Notary fees for the drafting and signing of the purchase deed. Plus, any additional copies of the deed requested by the customer. |
|
REGISTRATION |
MORTGAGE COST Once you sign your mortgage deeds, they need to be registered at the Land Registry. |
PURCHASE COST Costs for registering the property purchase deeds at the Land Registry. |
|
ADMINISTRATION |
MORTGAGE COST Fees related to the mortgage deed, including: copies of the deed from the notary office, settling the tax due, submission to and withdrawal from the Land Registry, etc. |
PURCHASE COST Fees for carrying out the registration and tax formalities (processing and submitting to the various offices) related to the purchase deed. |
|
TAXES |
MORTGAGE COST Tax on Documented Legal Acts. The amount varies according to the applicable law in each autonomous community. |
PURCHASE COST Tax on new-build homes 10% VAT generally (6.5% % IGIC in the Canary Islands (General Indirect Tax of the Canary Islands)). + Between 0.5% - 2% for the purchase deed relating to the Tax on Documented Legal Acts (AJD). Varies according to the applicable law in each autonomous region.
Tax on second homes Between 6% - 10% for the Property Transfer Tax (ITP). Varies according to the applicable law in each autonomous region. |
The customer needs to be able to cover at least 20% of the purchase amount of the property, which is not financed by the bank, as well as the costs incurred relating to the purchase.
Want to calculate your mortgage costs?
Enter the basic information about your future home and click on “View APR charges and conditions” for the type of mortgage you are interested in (fixed-, mixed- or variable-rate), to discover the mortgage and purchase costs.