It's very important when buying a home with a mortgage loan to know what costs we're going to incur.  Here's an example:

Let's suppose we're going to need to raise 80% of the price.  We must point out that a mortgage loan is subject to tax (Stamp Duty Tax 1%), which is payable not on the amount borrowed but on the total mortgage liability, which is the sum of the principal amount of the loan, plus interest, plus legal costs.  In our example, 80% would be €160,000, but the total mortgage liability would come to €250,000; hence the tax would be €2,500.

Likewise we need to take into account as additional costs the application fee (estudio), the valuation fee (tasación) and the commitment fee (comisión de apertura).

Given that the costs generated are 10% (for buying the home) and 3-4% (for taking out the mortgage), we may conclude that buying a home without a mortgage loan generates costs of approximately 10% and the costs with a mortgage loan are 13-14%.

Our advisor will present the information to you as in the example above, detailing for you explicitly all the costs you'll incur.  Once you've confirmed your acceptance we'll proceed to draft the memorandum for sending to the notary's.

Normally the maximum value which can be obtained is 80% for resident citizens and 70% for non-residents.  In practice the 80% is obtained on the valuation figure; what happens is that if you buy an off-plan home and an average rise of 10% occurs subsequently, if you request the valuation when the home has been built (let's say two years after signing the deed of sale), this rise will enable you to obtain 100% of the price of the home.

The valuation, once paid for by the client, can be used to apply for offers to the different banking entities.