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When you decide to apply for a mortgage to buy a house, whether it's your primary residence or a second home, it's important to bear in mind that you will have to pay certain costs when you complete the transaction.
With our mortgage cost calculator you can quickly find out the amount you will have to pay as tax as well as for notary, registration, management and appraisal fees. These costs will depend on the purchase price, the size and duration of the mortgage, the city or province where the property is located, whether it's a new build or second-hand, and whether it's your primary residence or a second home.
The purchase of the property and the arrangement of the mortgage are two separate transactions and they therefore generate separate costs, even though they are usually formalised at the same time.
Purchase and sale costs: These are paid by the buyer and the seller.
Mortgage arrangement costs: Mortgage arrangement costs:
A brief explanation of these costs follows.
Stamp duty (known by in Spain by the initials IAJD): This tax is calculated according to the price of the property and depends on the autonomous region of Spain where it is located.
VAT or Asset Transfer Tax (known in Spain by the initials ITP): VAT is charged if the property is a new-build and ITP if it is second-hand.
Notary: The transaction must be performed before a notary, whether the property is a new-build or second-hand.
Registration: This refers to registering the property deeds with the land registry. You will have signed the deeds before the notary and they are registered to grant them full validity.
Management costs: The management agency prepares all the necessary documents and takes care of the paper work related to the mortgage.
Appraisal: The appraisal is a mandatory step of the mortgage application procedure. The Bank uses the appraisal value to calculate the maximum amount it will finance. This will usually be 80% of the purchase price or the appraisal value, whichever is lowest.
Other costs: Like the purchase transaction, the mortgage arrangement entails taxes and notary, management and registration costs, but these are usually paid by the financial institution.
1. Who is the data controller?
The data controller is Bankinter, S.A. (hereafter to be referred to as 'Bankinter') with CIF A28157360 registered office at Paseo de la Castellana, 29. (28046 Madrid).
2. For what purposes do we process your data?
The data you provide us with will be processed to receive information about the corresponding request and, as applicable, formally enter into a contract for the product of interest to you.
3. What are the legitimate bases for processing your data?
The legal basis for fulfilling the purpose set out in the above section will be the processing of the request for information. Therefore, any refusal to supply the personal data requested, or the submission of inaccurate or incomplete data, could therefore render it impossible to provide you with the service. Customers are responsible for ensuring the truthfulness of the data provided, and for notifying Bankinter of any modification thereof.
4. Who will receive your data?
Unless legally obliged to do so, the data provided will not be transferred to third parties.
5. For how long will we process your data?
Unless you have stated otherwise, we will keep your data for a period of six months. As soon as they are no longer necessary for the purposes described above, the data will be blocked for the period for which they may be required for carrying out, or defending, administrative or legal actions, and they may only be unblocked and processed again for this purpose. Once this period has elapsed, the data will be cancelled definitively.
6. What are your rights in relation to the processing of your data?
You may exercise your rights at any time to access, rectification, erasure, opposition, restriction of processing and portability of the data in the circumstances and scope established by the applicable legislation currently in force. To exercise your rights, please contact us by writing to the following address: Bankinter, S.A. Operaciones- Protecci�n de Datos. Calle Pico San Pedro, 1. Tres Cantos. Madrid. 28760, enclosing a copy of your national ID or any other identifying document. Please note that you also have the right to lodge a claim with the Spanish Data Protection Agency.
7. Where can I obtain further information about data processing?
You can get further information about how Bankinter processes your data at this link.
