What is the cost of setting up a Mortgage?The buyer is only obliged to pay the bank’s set up fee and the cost of the valuation. 

Valuation (Tasacion): 

Approximately 0,1% of the property value with a minimum fee of around €500

By law, the bank must accept any valuation report that was written by a surveyor who is registered with the Bank of Spain. Typically it’s cheapest to go with the bank’s recommended surveyor (who must be independent) the report will be delivered to the bank for convenience however it belongs to you so if you choose to go to a different lender, there should be no need to pay for a second valuation.

Bank Set Up fees: 

The set up fees are charged by the bank and are typically 1-2% of the mortgage value. If you are introduced to the bank by an estate agent then the fees are likely to be at the higher end as the estate agent is likely to receive an introduction fee. 

Copies of Notarised Documents: 

You may want to keep a notarized copy of the mortgage deed (Escritura de Préstamo Hipotecario). If so this will cost anything from about 20-70 euros depending on the length of the deed. It’s unlikely that you are going to need it unless you are seeking to make a change in the future and the bank may provide you with a photocopy for free.

The notary’s office will digitise the deed and keep the original copy in their archives. You can return to the notary with identification at any time in the future and request an official copy. You may find however that the notary provides you with a copy (and adds it to their bill) as part of their service.