What are the costs in setting up a mortgage in Spain?

We are often asked about how much the costs are for setting up a mortgage?

First and foremost, it is important to distinguish between the costs involved with setting up a mortgage and the costs involved with buying a property.

Since the new mortgage legislation came into force in June 2019 the initial costs of setting up the mortgage are covered by the bank except for the valuation, the broker’s fee and the opening fee (when there is one).

The cost for buying the property are still covered by the buyer. There are several different costs involved and they can vary from region to region, but we always give a guide line of between 12 to 14% of the property value or price (depending on which is lower).