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Mortgage Guide: Finance and advice

Real Estate Cala d´Or with their experience will help you at all times to obtain the best conditions. We generally work closely with the most well known and important banks, but not only that, we also make sure our clients are aware of other entities offering more interesting conditions. Not all banks have the same conditions and not all clients have the same needs so we work to provide the best solution for each case.



Mortgages

Whether you are a resident in Spain or NOT, you can request a mortgage on your property. The only thing you need do is to let your agent know and he will search for the best solution. Sometimes properties that are for sale already have a mortgage which could be interesting for you to take over and hence save yourself the initial mortgage costs. Always ask if the property you are interested in already has a mortgage and with what conditions.

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Interests

What interests will be applied?

In Spain the principal official reference index of the market is thel EURIBOR . It changes monthly (consult up-date on http://www.euribor.com.en/ ). Generally banks apply the EURIBOR + 1,50% for a VARIABLE interest rate (changes yearly) . If you prefer a FIXED rate, that is to say the same rate for the duration of the mortgage, the interests will be higher. As this kind of interest is in constant fluctuation, we would recommend you check the rate at the time of making your decision. If you want to know exactly what your monthly payments for your mortgage will be you will find on this web, beside each property, a program that will help you calculate this. Just follow the instruction.

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Costs

The mortgage costs are extra costs which you will have to add to the purchase/sale costs which we have explained previously.
These extra costs are:

a. Valuation: Prior to conceding a mortgage the bank will make a MORTGAGE VALUATION on the property to know exactly what is the value of the property that you wish to buy and will apply over this the percentage that you will need which is normally 70% . This % depends on the bank in which you request the mortgage and could be for more or for less. The cost of this is normally between 300 and 500 euros.

b. I.T.P. Impuestos de Trasmisiones Patrimoniales (Transfer Tax): Is 1% on top of the sum of the mortgage.

c. Legal and notary fees: They are fixed by the administration. Ranging between 0.5% and 1% .

d. Property Registry: The same as the Notary approximately between 0,5% and 1%.

e. Tramitación Gestoría/Paperwork: Between 300.-€ and 400.-€

f. House insurance: he bank obliges you to take out house insurance. Inmobiliaria Cala D’Or has good contact with various companies and will advise you well on this matter. Please consult with us.

g. Opening Commissions: These are fees for the paperwork and the conceding of the mortgage and they are charged only once at the time the mortgage is conceded. They come to between 1% and 1,5%.

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