Every euro of buying, added up

1. 1

   The home

   What it is on the market for, and whether anyone has lived in it.

   Asking price €

   New or lived in?

   Resale home Transfer tax 7% New build VAT 10% + stamp duty

   Budget for an independent lawyer About 1% of the price plus IVA. Leave it off if a lawyer is already acting for you.

   Good to know How purchase tax works

   Buying from a previous owner? Andalucía charges transfer tax (ITP) at 7% of the price. Buying new from the developer? You pay VAT (IVA) at 10% and stamp duty (AJD) at 1.2% instead. If the Cadastre values the home above its price, the tax is worked out on the Cadastre figure instead.

   Good to know What the fixed fees pay for

   The notary witnesses the deed, the land registry records you as the owner and a gestoría files the tax returns. Their charges are set by official tariffs that level off, so a dearer home adds little to them. A lawyer is optional but checks what nobody else does: debts on the property, its planning status and the contract.

2. 2

   You

   Where you pay tax and how old you are decide what a bank will lend.

   Where do you pay tax?

   Outside Spain Up to 70% loan In Spain Up to 80% loan

   Your age optional Banks expect the last payment before age 75, so your age may trim the term.

   Good to know Why residency changes the loan

   Banks in Spain cap the loan at 70% of the price if you pay tax abroad and at 80% if you pay it here. On homes under €300,000, add another 10% of the price to the deposit, whichever group you are in.

   Good to know How your age shapes the term

   Term caps: 25 years if you pay tax abroad, 35 if you pay it in Spain. Fill in your age and the term must also end by 75.

3. 3

   Paying for it

   Outright, or a deposit now and the rest over the years.

   How will you pay?

   With a mortgage Deposit now, the rest monthly In cash No loan and no bank fees

   Deposit

   €150,000, 30% of the price

   30% 100%

   30% minimum 40% 50%

   Length of the loan

   25 years

   5 years 25 years

   Rate and repayment type

   Interest rate Market average (IRPH), 3.10% Euribor, 12 months, 2.40%

   Repayment Pay it off as you go Interest only (few banks offer it)

   Good to know The loan pays for the home, not the fees

   No bank finances the taxes or the fees: they come from your savings, on top of the deposit. And if the bank's valuer puts the home below its price, the loan shrinks to match and you cover the shortfall.

   Good to know Which interest rate this uses

   IRPH (3.10%) is an average of the rates Spanish banks have recently charged on home loans. Euribor (2.40%) is the index most variable loans track; every bank adds a margin to it, so read that figure as the lowest you might see.

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