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SpanishTips and information on mortgages
Find all of the information and tips you need about mortgages here: FAQs, articles with tips, glossary and much more.
Management, notary services and survey
Banco Santander offers financing for up to 80% of the sale price or appraisal value, but we do not finance any additional expenses.
You can do either: you can request a survey through the bank at a competitive price, or provide us with a survey done less than six months earlier and we validate it free of charge.
The management company is assigned by Banco Santander. It is not at the customer's discretion.
Yes. The customer must choose the notary's office where the deed will be signed.
After the change to the Spanish Mortgage Law in 2019, you have to go to the notary's office twice: first to receive advice from the notary public on the mortgage's characteristics. You can visit the office as often as necessary for advice. Second, you need to visit the notary's office to sign the mortgage deed. You must go in person with the seller, the management company's proxy and the notary public.
The bank may handle the request for the "nota simple" and the survey. However, we always recommend that the request for the "nota simple" be filed before paying the reserve or deposit and processing the mortgage so that you can make sure that the property is not encumbered in such a way that may affect the purchase and mortgage.
On average, three to five days after the visit to the property.
No, the survey costs are always borne by the customer.
Self-build
To process a self-build mortgage origination, the land must be unencumbered, be in your name and suitable for development.
Yes, providing it does not exceed 80% of the survey value on the hypothesis of the completed building.
No, your funds must come from your savings or donated by a family member.
Yes, by law you must take out a self-build insurance policy covering at least 100% of the financed sum for the construction period.
At the moment, we do not offer the ten-year insurance covering civil liability while the property is built.
Financing
The maximum financed sum is 90% of the sale price providing this sum is within 80% of the appraisal value.
Yes, you can perform a novation on your current mortgage.
You can request an analysis on 90% of the appraisal value providing it does not exceed 80% of the sale value.
Ownership
No, both spouses have to be the holders of a mortgage loan under this regime.
Yes. However, if you are buying your primary residence, your spouse must consent to the transaction. Your spouse will not be liable for any financial or tax obligation. In all other cases, you can be listed as the sole holder.
No, the maximum number of parties is two, without accounting for the non-borrowing mortgagor, guarantors or consent-giving parties.
FAQs from users
Bank guarantee
A bank guarantee is a guarantee from the bank to the applicant to handle a payment obligation to third parties.
How to request a land registry certificate?
A copy of records is a document with different circumstances of a property's legal situation.
Can I get mortgage relief in my tax return?
If you bought a house before 1 January 2013, you can deduct your mortgage from your tax return.
What is the APR of a mortgage?
APR or annual percentage rate is an indicator, in the form of an annual percentage, of the mortgage's effective cost, including the interest rate, expenses and bank charges.
What is mortgage novation?
Mortgage novation is any change to the loan's terms before signing.