How to buy a home in Spain

How to finance your purchase – Banks directly or financial advisor route? 

In Spain you will have two choices. Most people will probably go directly to a Spanish bank, however for clients with special circumstances such as being self employed or wanting a mortgage that can be cancelled with low penalties the services of a mortgage advisor might be required.

Reserving a property in Spain:

There will almost always be a small compromise, however when you find the property you want you will need to make an offer and officially take it off the market. This is done by a reservation deposit. A reservation deposit takes the property off the market and allows your agent to negotiate directly with the vendor. If your offer is not accepted or your lawyer finds legal problems with the property then the deposit is refunded directly.

Resale Properties:

Normally around two – three weeks after the initial reservation and after your lawyers legal searches are complete you will expected to pay a further deposit of 10% and sign the Private Purchase Contract and fix the date for final completion normally 3 – 4 weeks later.

What documents are required to get a mortgage in Spain? 


  • Contract of employment or Employers reference.
  • DNI/NIE number (You need to apply for a NIE number before buying a Spanish property).
  • Last 6 months personal bank statements showing pay received and day to day activity.
  • Copy of a personal credit file and/or annual debt statements.
  • Copy of passport.
  • Bank reference.

Purchasing costs in Spain

Purchasing costs in Spain can vary between 11% and 13% depending on the purchase price and the mortgage set up fees.

  • 8 % ITP / Transfer tax (on resale)
  • 10 % VAT / Transfer tax (developments)
  • 2 % Notary fees & sta

 (on resale)

  • 10 % VAT / Transfer tax (developments)
  • 2 % Notary fees & stamps.
  • 1 % Lawyers 
  • 1 – 3% Mortage costs

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