The cost of buying in Spain
Spanish banks charge arrangement fees for your Spanish Mortgage. You will also need to pay valuation fees, Land registry fees, Notary and mortgage and mortgage deed tax.
Costs are based on valuation or the amount you borrow, To find out how much it would cost you for a mortgage in Spain contact us now for a free written quotation. All costs apart from valuation fees are taken at completion, getting an approval for lending will save you time and cost nothing.
In total when buying a Spanish property as a general guide you should allow 12% of purchase price to cover all purchase, legal and finance costs on top of the net purchase price you have agreed.
In August 2012, the Spanish Government reduced the IVA from 8% to 4% (the Spanish VAT equivalent) on new properties until the end of the 2011.
Update January 2012
The new Spanish Government under Rajoy, has extended this reduction in VAT from 8% to 4% for brand new properties until the end of 2012.