{"id":3121,"date":"2026-04-12T11:00:36","date_gmt":"2026-04-12T10:00:36","guid":{"rendered":"https:\/\/ucranianos.es\/?p=3121"},"modified":"2026-06-11T15:36:38","modified_gmt":"2026-06-11T14:36:38","slug":"ipoteka-v-ispaniyi","status":"publish","type":"post","link":"https:\/\/ucranianos.es\/en\/ipoteka-v-ispaniyi\/","title":{"rendered":"Mortgage in Spain: our history and step-by-step guide"},"content":{"rendered":"

We successfully obtained a mortgage for an apartment in Spain (at 2% per annum) and are now paying for our own housing, not for a rented apartment.\u00a0<\/em><\/p>\n\n\n\n

At the time of receiving the mortgage, I had only worked as an autonomous (entrepreneur) in Spain for 1 year and no one in the family had a \u00abpermanent employment contract\u00bb, which is often mentioned as \u00abthe basis for giving a mortgage\u00bb. Additionally, we opened an autonomous for my wife at that time and put a small amount there to show that she had also started working officially. We succeeded, everything is real, you just need to follow certain steps, prepare to \u00abplease the bank\u00bb, as we did, and be ready for the Spanish real estate realities.<\/p>\n\n\n\n

In this article, I will share our experience of getting a mortgage in Spain, all the steps we went through, and tell the story of finding our own home, in which we have already renovated, and even had a problem with the notorious "squatters", and many other interesting things.<\/p>\n\n\n\n

But before we begin, let's get to know each other. We are the Brych family, Mykhailo (www.instagram.com\/miguel_brych\/<\/a>) and Olesya (www.instagram.com\/olesia_brych\/<\/a>). Many already know us from the popular article "\u00abHow to clear customs for a car in Spain<\/a>\u00bb". It is thanks to her that many thousands of Ukrainians cleared their cars through customs independently and without unnecessary expenses. There is also a popular article "\u00abI work as a freelancer in Spain.<\/a>\u00bb", where I fully described all the nuances of working as a self-employed person (FOP) in Spain. By the way, the first reason why I started working here officially was the possibility of getting a mortgage, which I already mentioned there. But more on that later.<\/p>\n\n\n\n

Follow our page on Telegram https:\/\/t.me\/ucranianos_spain<\/a> so as not to miss anything interesting, new articles and innovations on our website www.ucranianos.es.<\/p>\n\n\n\n

Well, let's go.<\/em><\/strong><\/p>\n\n\n\n

The topic of buying your own home in Spain is very relevant now, and it is clear why. Many have been living here for several years, and paying rent all the time is somehow illogical, and you don\u2019t want to. Maybe it\u2019s our mentality and we want to have \u00abour own corner\u00bb, to be \u00abthe master of our own house\u00bb. And when it is not as difficult to do as it sometimes seems, then you should definitely try.<\/p>\n\n\n\n

Having lived in Spain for a little over 3 years, having moved 4 times (I also talked about this once), we thought about buying an apartment. At first, there were many thoughts like \u00abdo we really want to live here forever?\u00bb, \u00abor maybe we will move to another country or return to Ukraine someday.\u00bb But in any case, we understood that our own apartment is a very smart investment, and looking at this crazy growth in real estate prices in Spain, a decision was made \u2013 we have to buy it.<\/p>\n\n\n\n

At this stage, preparation began, information search, apartment search (the longest stage), negotiations with the bank, and later registration. I will try to describe all these points in as much detail as possible and divide them into steps that we went through ourselves and, I think, will be a useful "cheat sheet" for you.<\/p>\n\n\n\n

Step 1. Preparation and search for information<\/h2>\n\n\n\n

We arrived in Spain 6 days before the start of the full-scale war in Ukraine, which means that we, like hundreds of thousands of Ukrainians, are currently on TK (temporary protection or, as they say, temporary residence). It is important to understand that we did not have any kind of long-term residence (residence permit), and that the mortgage was confirmed for us even with such documents. Of course, from the very beginning there were some doubts whether the bank would be interested in doing business with us. But after studying this issue and talking to some bank tellers, we realized that there were chances. To be honest, we just went to the center of Oviedo (Asturias), where we lived at the time, went into the first branch we found, and in our somewhat Spanish way, we simply started asking \u00abwhat do we need to get a mortgage?\u00bb It was expected that the most important condition was official income. It is important for the bank to understand that you will be able to somehow repay the debt when they lend us a hundred or several hundred thousand euros. It is interesting that in some branches they said that the income may not necessarily be in Spain, the main thing is that the income must be in currency (dollars, euros). That is, if there is a contract with a foreign company from which we receive income in currency, then it is not even necessary to draw up a Spanish autonomo or have an employment contract. They said that they gave mortgages to foreigners without any problems who did not even have any residence in Spain. But in recent years the conditions have been tightening, so this needs to be clarified separately.  <\/p>\n\n\n\n

In my case, at that time I only had a Ukrainian FOP and most of my income was in hryvnia. Therefore, it was decided to close the FOP in Ukraine and open an autonomous one in Spain in order to have official income here. I found a good Ukrainian-speaking hestor who explained all the nuances to me and told me how to do it all correctly. All this is described in detail in the article \u00abI work as an autonomous one\u00bb. So, from the beginning of 2024, I began to officially work in Spain and pay taxes. <\/p>\n\n\n\n

Another very important thing for the bank was the presence of an annual tax declaration \u00abRenta\u00bb. This declaration is submitted once a year, and, in simple terms, shows your earnings for the past year. This is what is important for the bank to see \u2013 how much you earned last year. Often, banks ask for declarations even for the past two years to see if the income is stable.<\/p>\n\n\n\n

I understood that working officially in Spain from the beginning of 2024, I would receive my \u201cRenta\u201d only in 2025. I didn\u2019t want to wait and waste time, so a very interesting move was made \u2013 together with Hestor, I filed a \u201cRenta\u201d in Spain for Ukrainian income of an individual entrepreneur for 2023. I have already talked about this here (https:\/\/www.instagram.com\/reels\/DShmiiJCLEC\/). With this \u00abrent\u00bb, our chances of getting a mortgage were much higher, and, looking ahead, I will say that it was decisive. It was on the basis of this annual declaration, and stable income for several months of working as an autonomous in Spain, that we were approved for a mortgage, without even waiting for the \u201cRenta\u201d for 2024. <\/p>\n\n\n\n

Well, no less important for the bank was the issue of having deferred savings (own funds) for the first installment. Therefore, having more or less dealt with the questions about the necessary documents, declarations and the presence of official income, it was logical to understand and calculate "What should that official income be" and "How much money do you need for the first installment?". All about this in the next step.<\/p>\n\n\n\n

Step 2. Income and funds for the first payment<\/h2>\n\n\n\n

First installment rule 30%<\/h3>\n\n\n\n

Usually, the bank immediately warns that in total you need to have about 30% of the value of the property you want to buy in your account. In simpler words, when you want to buy a property (house, apartment) with a price of 200,000 euros, you must have 30% * 200,000 = 60,000 euros of savings in your account. This is what the bank will check and this will be a very important condition for confirming the mortgage. <\/p>\n\n\n\n

I will explain why 30%:<\/p>\n\n\n\n

    \n
  • 20% \u2013 this will be your first payment for housing, because usually banks only give 80% of the cost for a mortgage.<\/li>\n\n\n\n
  • 10% is various expenses: taxes upon purchase, notary services, etc.<\/li>\n<\/ul>\n\n\n\n

    Why is 20% the down payment, and the bank will only give 80% of the value? Because this is kind of a standard that is currently in place at all banks. As I understand it, they insure themselves with this in case the person stops paying and they have to take the apartment through the court and put it up for sale. As the cashier explained to us, the bank doesn't need the real estate, the main thing for them is to get their money back. And if they have to sell this housing quickly, and possibly cheaper than the market value, then this reserve of 20% guarantees that the bank will definitely take what it wants and will not be left in the red. In other words, they cover their risks in this way.<\/p>\n\n\n\n

    And one more important point: for the bank, these accumulated 20% (and this is usually a very decent amount) are your indicator of financial capacity and discipline. If the family was able to save such money, it means that you know how to plan a budget, do not waste every penny on nonsense, and you can be trusted with a large loan for 20-30 years. That is, you have already proven that you know how to handle finances.<\/p>\n\n\n\n

    What about those 10% for expenses? I'll say it right away - in practice, this amount often turns out to be somewhat less. The thing is that a larger part of this percentage is the tax on the purchase of real estate (Impuesto sobre Transmisiones Patrimoniales or Property Transfer Tax). But under certain conditions, this tax can be significantly reduced. <\/p>\n\n\n\n

    For example, in many provinces of Spain there is a reduced rate for young people (if the borrower is up to 35 years old). In this case, you pay not these 8-10% of tax on the cost of the apartment, but only 4% (the percentage may vary slightly depending on the region, family status). There may also be requirements: this must be your first own home, it must become your main place of residence, and not an object for rent, and the price of the property must not exceed the established limit (they also differ for different provinces). In this regard, it is better to look for information specifically for your province.<\/p>\n\n\n\n

    Even in these 10% expenses, the price for notary services and other payments is included:<\/p>\n\n\n\n

      \n
    1. Notary (Notar\u00eda) and Property Registry (Registro de la Propiedad). This is the execution of the purchase and sale agreement itself, the mortgage agreement, and then the official registration of you as the new owner in the state registry. The prices for these services are regulated by the state and depend on the cost of the housing and the number of pages in the agreement. Usually, this costs a total of about 1000-2000 euros.<\/li>\n\n\n\n
    2. Gestor\u00eda services. When you take out a mortgage, the bank will not entrust you with taking the documents to the registry or tax office on your own. They use the services of their trusted Gestor\u00eda, who will arrange everything, pay taxes and register it. And we pay for their work, and it is approximately 400-600 euros.<\/li>\n\n\n\n
    3. Property valuation (Tasaci\u00f3n). Before giving you money, the bank has to make sure that the apartment is really worth that much and that it is liquid. To do this, an independent expert comes and makes an official property valuation. It costs somewhere around 300-500 euros, but very often the bank will then return these funds if the property valuation was done by their expert and the mortgage will be issued by them.<\/li>\n<\/ol>\n\n\n\n

      Here I would like to mention another point that you may have already heard or read about in the news - a mortgage for 90% or even 100% of the cost of housing. We are talking about a recent government program, where the state supposedly acts as your guarantor for those 20% of the first payment. It sounds just perfect. This initiative is designed specifically for young people under the age of 35, inclusive, as well as for families with minor children. The idea is that you only need to save up about 10% for taxes and expenses, and the bank will give the rest under the state guarantee. But the Spanish realities are such that you still have to fight hard for this. In my own opinion, without good connections at the bank or a very insightful mortgage broker, it is almost impossible to get such conditions now. Our friends specifically tried to find out about this program, went to different branches, and in the end nothing happened. Someone says that they don't have clear instructions "from above" yet, etc. Of course, you should try to ask your bank, maybe you'll be lucky. But, still, ideally, count on standard 30% of your own funds and prepare for everything in advance.<\/p>\n\n\n\n

      Next, let's move on to the next very important topic with income.<\/p>\n\n\n\n

      Solvency Rule (30-35%)<\/h3>\n\n\n\n

      The bank needs to be sure that the mortgage won\u2019t turn your life into a paycheck-to-paycheck survival. They want to see that after paying off the loan, you have money left over for food, utilities, clothes, kids\u2019 clubs, and a normal life. That\u2019s why in Spain there is a golden rule: your monthly mortgage payment cannot exceed 30-35% of your net family income (after all taxes are deducted). Now I\u2019ll explain it more clearly.<\/p>\n\n\n\n

      Let's take a very simple example. <\/p>\n\n\n\n

      Let's imagine a family where a husband and wife work and together earn 3,000 euros net per month. <\/p>\n\n\n\n

      We take 30% from this amount: 3000 * 0.30 = 900 euros. This is like your maximum limit for all loan payments (but often 35% is missed)<\/p>\n\n\n\n

      Now let's estimate what the payment will be for an apartment worth 200,000 euros. In the previous paragraph, I already wrote that the bank gives only 80% of the value of the property. So, the amount of the mortgage (loan) itself will be 160,000 euros (this is how much the bank will lend you). If you take this amount for 30 years at an average interest rate, say, 3% per annum, then your monthly payment will be approximately 675 euros. <\/p>\n\n\n\n

      So, 675 euros fits perfectly into your limit of 900 euros. Your income level is comfortable and the bank will approve such a mortgage for you without any problems.<\/p>\n\n\n\n

      But there is one huge caveat here \u2013 your current loans!<\/p>\n\n\n\n

      The bank looks not only at the future mortgage, but also at your overall credit load. If you have any other loans and you pay a certain amount on them every month, the bank will see this, or at least ask about it. <\/p>\n\n\n\n

      Let's go back to our example: <\/p>\n\n\n\n

      Your total limit from the bank is 900 euros.<\/p>\n\n\n\n

      Let's say you have a car loan for which you pay 200 euros per month.<\/p>\n\n\n\n

      And you took out a MacBook or a TV in installments and pay 50 euros every month.<\/p>\n\n\n\n

      Now let's calculate your real mortgage limit: <\/p>\n\n\n\n

      900 \u2013 200 (car) \u2013 50 (equipment) = 650 euros.<\/p>\n\n\n\n

      Now the bank will calculate the mortgage amount so that your payment is no more than 650 euros. If you choose the same apartment for 200 thousand, where the payment should be 675 euros, the bank may refuse you due to insufficient solvency, because you \u201cdo not have enough\u201d of these 25 euros of reserve. Although the amount in the example is not significant and, most likely, the bank would have approved the mortgage anyway. When there is a much larger difference, the bank may offer a way out of the situation: make a much larger down payment from your savings to reduce the loan amount itself (and, accordingly, the monthly payment).<\/p>\n\n\n\n

      That is why mortgage brokers and mortgage brokers often advise: before going to the bank for a mortgage, try to close all small credit cards, installment loans, and car loans as much as possible. The cleaner your credit history is at the time of submitting documents and the fewer extra payments you have, the more money the bank will be able to entrust you with for housing.<\/p>\n\n\n\n

      I hope that with these calculations everything fell into place and the overall picture is now clear. So that you don't rack your brains over formulas, don't calculate percentages on your phone calculator and understand your chances precisely, in a special section of this article \u00ab"A section for your own"\u00bb<\/strong> I have prepared a convenient interactive MEGA CALCULATOR mortgage<\/strong>. <\/p>\n\n\n\n

      There you can enter your own numbers (income, price of the desired apartment, current loans), and the system itself will give you a ready result in a second: what is your payment limit, what is the maximum cost of housing you can expect, and how much cash you need to have in your account to start. It will also describe the projected monthly mortgage payments and many other useful things. And by opening the "Section for your friends", you support our service and give inspiration to continue to do such guides. Let's go!<\/p>\n\n\n\n

      Step 3. Types of mortgages: fixed, variable or mixed?<\/h2>\n\n\n\n

      Once you have sorted out your finances and are sure that the bank is ready to talk to you further, the next important question arises. Which mortgage should you choose? There are three main types of mortgage rates in Spain, and your choice will determine how much money you will pay back to the bank over the next 20-30 years. <\/p>\n\n\n\n

      1. Fixed rate (hipoteca fija)<\/h3>\n\n\n\n

      This is an option for those who love peace and stability. You agree with the bank on a certain percentage (for example, 2.5% or 3% per annum), and it remains unchanged for the entire term of the loan. Regardless of what is happening in the world, whether there is a crisis or inflation - your monthly payment will always be the same. <\/p>\n\n\n\n

      This is exactly the fixed rate we have, at 2% per annum. <\/strong>We know for sure that in 5 and 15 years we will be paying our 500 euros, because looking at what is happening in the world now, it is better to understand this.<\/p>\n\n\n\n

      There are two other types of mortgages, which I will describe in a bit, but I definitely would not recommend agreeing to them.<\/p>\n\n\n\n

      2. Variable rate (hipoteca variable)<\/h3>\n\n\n\n

      Here, your payment may change over the years and directly depend on an indicator such as Euribor (this is the average interest rate at which European banks lend money to each other). <\/p>\n\n\n\n

      I won't write the calculation formulas because I didn't fully understand it. I think you can read about it on the Internet in many places. But I know that if there is a crisis in the world and these indicators jump sharply, then your payment can increase by 200-300 euros in one month. <\/p>\n\n\n\n

      3. Mixed mortgage (hipoteca mixta)<\/h3>\n\n\n\n

      For the first few years (3 to 10), you have a fixed rate and pay a stable amount, as described in the first option. And after this period, the mortgage automatically becomes variable and begins to depend on the same indicators. Now Spanish banks are very actively promoting this type of mortgage, offering quite attractive interest rates for the first years. <\/p>\n\n\n\n

      I think the best option is option 1 \u2013 a fixed rate. You took it and sleep peacefully. But the choice is yours. <\/p>\n\n\n\n

      After determining the type of mortgage, it would be good to talk about the interest rate (tipo de inter\u00e9s), which will be the most important indicator and criterion for choosing a bank.<\/p>\n\n\n\n

      Step 4. Mortgage interest, bank tricks and how to choose the best conditions<\/h2>\n\n\n\n

      What is this \u00abmortgage interest\u00bb? Simply put, it is the price you pay to the bank for using their money. Let\u2019s break down what these 3% per annum actually mean. Because many people mistakenly think \u00abYeah, I take 160,000 euros, 3% of that is 4,800 euros of overpayment to the bank. Not that much!\u00bb But it\u2019s not that simple.<\/p>\n\n\n\n

      3% is the APR on the balance of your debt. <\/p>\n\n\n\n

      Let's take our previous example: the apartment costs 200,000 euros, the bank gave you a 160,000 euro mortgage for 30 years with a fixed 3%. <\/p>\n\n\n\n

      Your monthly payment under these conditions will be approximately 675 euros (calculated using a special mathematical formula)<\/p>\n\n\n\n

      You will pay this amount every month for 30 years (which is 360 months). <\/p>\n\n\n\n

      360 months * 675 euros = 243,000 euros. <\/p>\n\n\n\n

      That is, you borrowed 160,000 euros from the bank, and in 30 years you will give them 243,000 euros. Your net overpayment will be 83,000 euros. This is the bank's main income.<\/p>\n\n\n\n

      It is also worth knowing that Spain has the so-called \u201cFrench system\u201d of loan repayment. This means that the bank calculates interest not on the initial loan amount each time, but on the debt that you have left for a given month. But there is a nuance here \u2013 the bank is cunning, and at first it takes as much of its earnings as possible. Now I will explain.<\/p>\n\n\n\n

      How the bank writes off money and how your mortgage payment is distributed  <\/h3>\n\n\n\n

      First month of mortgage<\/h4>\n\n\n\n

      Your debt to the bank: 160,000 euros. <\/strong><\/p>\n\n\n\n

      The bank takes this amount and calculates its 3% annual interest: <\/p>\n\n\n\n

      160000 * 3% (or 0.03) = 4800 euros. This is the amount of interest the bank wants to receive for this first year of using the entire amount.<\/p>\n\n\n\n

      But since we pay the mortgage monthly, the bank simply divides this annual interest amount by 12 months: 4800 \/ 12 = 400 euros<\/p>\n\n\n\n

      Therefore, from your total payment of 675 euros, the bank immediately takes these 400 euros purely as its earnings (interest), and only the remaining 275 euros goes to the actual repayment of the cost of the apartment itself (the "body" of the loan).<\/p>\n\n\n\n

      Second month of mortgage<\/h4>\n\n\n\n

      Your debt balance has decreased slightly: 160,000 \u2013 275 = 159,725 euros.<\/strong><\/p>\n\n\n\n

      Now the bank does the same procedure, but with a new amount:<\/p>\n\n\n\n

      (159725 * 3%) \/ 12 months = 399.31 euros.<\/p>\n\n\n\n

      So, in the second month, the bank will take 399 euros in interest from your 675 euros, and 276 euros will go towards paying off the apartment.<\/p>\n\n\n\n

      See the logic? For the first 10-15 years of a mortgage, most of your monthly payment goes straight to the bank's profit. Only towards the end of the term, when your remaining debt is small, will most of the money go towards paying for the apartment itself, and the interest will be a pittance. <\/p>\n\n\n\n

      I hope the percentages are clear. Next, let's look at what banks will offer you and how they will want to "play a game with you," the rules of which you need to know in order to choose the best conditions.<\/p>\n\n\n\n

      Interest rates from banks and conditions for obtaining them<\/h3>\n\n\n\n

      After your first visits to the bank, and after they are familiar with your situation, you will start to be offered different conditions and lured with beautiful figures. For example, they will tell you: \u201cWe give you a rate of only 2% per annum\u201d. It sounds very good. But then the game begins and you will be offered the so-called \u201cbonificaciones\u201d (bonuses) with which you can keep such a good percentage.<\/p>\n\n\n\n

      Most often, the bank offers the following:<\/p>\n\n\n\n

      \u2013 Transfer your salary or income autonomously to their account (N\u00f3mina).<\/p>\n\n\n\n

      \u2013 Take out life insurance (Seguro de vida) through them.<\/p>\n\n\n\n

      - Take out insurance for the apartment itself (Seguro de hogar).<\/p>\n\n\n\n

      \u2013 Sometimes they even force you to take their credit card or even install an expensive alarm system from your partners.<\/p>\n\n\n\n

      Each of these bonuses lowers the initial percentage (base rate) of the mortgage by a certain amount. Usually in practice it looks something like this: -0.5% for transferring salary or income autonomously (N\u00f3mina), -0.20% for life insurance, -0.20% for real estate (housing) insurance, sometimes -0.10% for active use of their credit card, and so on. The conditions in different banks may differ. The only rule for all is that the maximum rate reduction by bonuses is only 1%.<\/p>\n\n\n\n

      Now about the main trick of those services from the bank. Their insurance is usually many times more expensive than if you bought it directly from a normal insurance company. And if you tell the bank \u201cI don\u2019t need your insurance, just give me a mortgage,\u201d your interest rate automatically increases. <\/p>\n\n\n\n

      It is also necessary to remember that some of the services when applying for a mortgage are mandatory. For example, home insurance (real estate) and often life insurance. Without them, the bank may refuse a mortgage, because it wants to be sure that you or the property is insured in various situations.<\/p>\n\n\n\n

      For us, the most important task at this stage is to find out what that initial base rate will be. This is the percentage you will have even if you cancel all of their services (either immediately or in the future). But you don\u2019t need to cancel right away. You need to calculate all the numbers and understand which terms are better.<\/p>\n\n\n\n

      An example of how bank bonuses \u201cbonificaciones\u201d work:<\/h4>\n\n\n\n
        \n
      • 3% (base)<\/strong><\/li>\n\n\n\n
      • Minus 0.5% (you transferred your earnings to their account)<\/li>\n\n\n\n
      • Minus 0.2% (they took out their life insurance)<\/li>\n\n\n\n
      • Minus 0.2% (we took out insurance for the apartment)<\/li>\n\n\n\n
      • Minus 0.1% (took a credit card)<\/li>\n\n\n\n
      • We get 2% per annum <\/strong><\/li>\n<\/ul>\n\n\n\n

        This is how your rate from 3% turns into the dream 2% (as was the case in our case). But our situation was generally very interesting. The bank made it clear to us that if we immediately refuse their additional services and insurance at the signing stage, then our rate will not simply rise to 1% (i.e. from the conditional 2% to 3%, as it should be according to the logic of bonuses). We were told that the base rate will immediately soar to 4% and higher. That is, the bank is actually giving an ultimatum: either take our \u201cpackage\u201d, or the conditions will be unprofitable at all. But we have the opportunity to refuse their services (insurance and alarm system) 3 years after signing the contract, and then we will definitely keep our base rate.<\/p>\n\n\n\n

        Often, if you compare the monthly mortgage payment with bank services (taking into account the bonus rate, such as 2%), it is not so different from the monthly payment without their services (when you take out third-party insurance, but the bank's percentage becomes higher, such as 3%). Now I will explain in simpler words and with specific figures.<\/p>\n\n\n\n

        Let's take our mortgage for 160,000 euros again.<\/p>\n\n\n\n

        Option 1: Mortgage with all bank bonuses (at 2% per annum)<\/h5>\n\n\n\n

        Your monthly payment for the apartment itself is about 590 euros. But we also pay separately for two insurance policies from the bank (life and home) and possibly some other services, which is another 100 euros per month.<\/p>\n\n\n\n

        Let's calculate the total expenses: 590 euros + 100 euros = 690 euros per month.<\/strong><\/p>\n\n\n\n

        Option 2: You refused bank insurance and bonuses, and the rate rose to 3% per annum<\/h5>\n\n\n\n

        Due to the higher interest rate, your payment for the apartment automatically increased to 675 euros per month. That is, you now pay 85 euros more for the apartment itself. But you closed expensive bank insurance and took them out through an agent at a third-party company, where the same policies cost about 30 euros per month.<\/p>\n\n\n\n

        Let's calculate the total costs here: 675 euros + 30 euros = 705 euros per month.<\/strong><\/p>\n\n\n\n

        Option 3: \u00abGolden mean\u00bb (the most effective way)<\/h5>\n\n\n\n

        It is most reasonable to refuse expensive bank insurance, but leave the basic bonus for transferring salary (N\u00f3mina) or income from autonomous activities. For this, the bank usually gives the biggest discount \u2013 minus 0.5%. And I have seen such a bonus in many banks.<\/p>\n\n\n\n

        So, our rate now becomes 2.5% per year (3% base minus 0.5% for salary).<\/p>\n\n\n\n

        The mortgage payment at 2.5% will be around 632 euros.<\/p>\n\n\n\n

        We add our adequate third-party insurance for 30 euros per month.<\/p>\n\n\n\n

        Let's calculate the total expenses: 632 euros + 30 euros = 662 euros per month!<\/strong><\/p>\n\n\n\n

        I think it's clear now that you should first find out the exact cost of insurance and services, calculate the monthly payments, and compare the final amounts. After that, you will understand which conditions suit you best.<\/p>\n\n\n\n

        In the special section of this article, "Section for your loved ones," in the mortgage calculator, you will be able to calculate everything as clearly as possible and immediately see the exact numbers in front of you. <\/strong><\/p>\n\n\n\n

        Which bank to choose and what did we choose?<\/h3>\n\n\n\n

        The main rule is to never go to just one bank. Go to at least 5-6 different institutions (BBVA, CaixaBank, Santander, Unicaja, Sabadell, etc.). When you have a preliminary offer from one bank, you can go to another with it and say, \u201cThey\u2019re giving us a mortgage for 3.5%, what can you offer better?\u201d You can \u201cbargain\u201d with banks. They fight for good customers, so they are often ready to revise the terms, lower rates, or make exceptions.<\/p>\n\n\n\n

        We tell you about the bank we chose in <\/em>\u00ab"Chapters for your own"\u00bb<\/em><\/strong>. We were not offered better conditions than here. As I already wrote, our rate is 2%. We ourselves did not understand how this happened, and even the bank teller himself was shocked when he opened the decision on our request (which is approved somewhere up there, in the head office). Seeing 2%, he said \u201cEst\u00e1is en pasta\u201d. This, as he explained to us then, is a kind of Spanish slang (the word \u201cpasta\u201d means money), which in our opinion translates as \u201cWell, you are with grandmas!\u201d or \u201cYou are in chocolate\u201d. <\/em><\/p>\n\n\n\n

        The terms were steep and completely atypical for the current market. At that time, other banks were giving an average of 3.5%+, and that was with all the bonuses included. Of course, we also tried to go to another bank with this offer, which is quite popular in the north \u2013 CajaRural. Seeing our percentage, the manager simply threw up his hands and said: \u201cDon\u2019t even think about it, no one will offer you anything better now.\u201d.<\/em><\/p>\n\n\n\n

        By the way, I recently went to banks with my friends to help them with their choice and figure out the numbers. I was simply shocked by how differently banks present it all and how cunningly they \u201cblink their eyes\u201d just to lure the client with beautiful numbers. The situation was at Santander Bank: there, managers tried to convince us to take out a mortgage without even announcing the final base rate! They came in from the other side, saying: \u201cYou will have 3.2% right away, and after 6 months the conditions will be reviewed. If you fulfill our wishes by taking out insurance and other services with us, then this percentage will remain.\u201d That\u2019s it, period. They didn\u2019t say a word more. And I had to extract information from them so that they finally admitted \u2013 the real base rate is as much as 4.2%. This is a lot, and I understand perfectly well why they chose this particular way of presenting information. So be very careful. <\/em><\/p>\n\n\n\n

        Bank internal rating<\/h3>\n\n\n\n

        Another small detail that can work in your favor. Banks have their own internal customer ratings. It is influenced not only by your income and credit history, but also by other things: how long have you had an account here, whether there are any receipts on it, whether you use their products, whether you have paid any minimum loans already. Therefore, a useful tip for the future: if you are planning a mortgage, open an account in the bank where you are going to take it, in advance, and transfer your income or income from autonomous work there. Even if the mortgage is still far away - this \u201chistory of relations with the bank\u201d can later improve both the chances of approval and the conditions. I immediately thought about this and specifically opened a separate account for autonomous work at our bank long before getting a mortgage.<\/em><\/p>\n\n\n\n

        With numbers, calculations and percentages, I think everything is clear. But all these formulas lack the most important thing \u2013 the real estate itself and its price. Therefore, we move on to the most interesting, most emotional (and often the longest) stage \u2013 the search for that very ideal apartment.<\/p>\n\n\n\n

        Step 5. Search and selection of housing as well as modern realities of Spain<\/h2>\n\n\n\n

        I'll say right away - we looked for our apartment for quite a long time. About 6 months of searching in the province of Asturias yielded almost nothing. We looked at more than 40 apartments. Once we visited the province of Cantabria and a miracle happened - in two days we found what we wanted. Of course, before arriving, we searched and left applications for various objects, set times for viewing, etc. The Spaniards are certainly not very quick to rise, and it felt like they were not even interested in selling these apartments and looking for customers, because the market is currently so overheated that real estate is sold in 2-3 days, realistically. But let's take it one step at a time.<\/p>\n\n\n\n

        Where to look for property in Spain?<\/h3>\n\n\n\n

        A very interesting way, through which we even looked at some apartments, is to walk the streets and look for \u201cSe Vende\u201d signs. Maybe it doesn\u2019t work that way anymore, but there are definitely many Spaniards who don\u2019t want to look for real estate agents, pay them interest or put their property up for sale online themselves. So, if there is a certain area where you would like to buy an apartment\/house, you can walk around and look for such signs. But, whatever one may say, most of the market is now online. <\/p>\n\n\n\n

        Main resources where it is really worth looking for accommodation in Spain<\/h4>\n\n\n\n
          \n
        1. idealista.com is, so to speak, the \u201cbase\u201d and the market monopolist. The sound signals from this application will become your \u201cnight terror\u201d. At least that was the case with us. 90% of all normal apartments appear here.<\/li>\n\n\n\n
        2. fotocasa.es is the second most popular site. Sometimes there are options here that are not on Idealist.<\/li>\n\n\n\n
        3. pisos.com, habitaclia.com, milanuncios.com are secondary sites, but for the overall picture, you can monitor them as well.<\/li>\n<\/ol>\n\n\n\n

          There is another specific way - bank real estate. You can ask the manager of your bank what apartments they own (those that they took for debts). A huge plus is that banks often give mortgages up to 100% for such objects. But the reality is that the choice there is usually meager, the apartments are often in bad areas or in a completely "killed" condition. But it's worth asking, maybe you'll get lucky.<\/p>\n\n\n\n

          Apartment reviews: what to look for?<\/h3>\n\n\n\n

          When you start going to viewings, you need to pay attention to all the details. Real estate agents (inmobiliarias) can talk a lot, but you have to live there. Pay attention to the following things:<\/p>\n\n\n\n

            \n
          1. Square meters. In Spain, the area in advertisements is often stated as \u201ctotal\u201d (metros construidos) including walls, corridors and a portion of the entrance or balcony. The actual living area (metros \u00fatiles) can be 20-30% less. <\/li>\n\n\n\n
          2. Dampness and mold. Look carefully at the corners, window sills, and ceilings. If there is a strong smell of mold, it is better to clarify everything, understand whether it can be fixed, etc. Very often during viewings we heard a strong smell of air fresheners, which were used to try to hide the smell of dampness. <\/li>\n\n\n\n
          3. Condition of the house (Comunidad). Be sure to ask if there are any major repairs planned for the house (for example, replacing the elevator or roof). In Spain this is called \u201cderrama\u201d. For example, if the neighbors voted to repair the roof for 50,000 euros, then after the purchase this expense will partly fall on your shoulders. Therefore, the contract should state that all work that was planned before the purchase of the property must be paid for by the seller.<\/li>\n<\/ol>\n\n\n\n

            Additionally, besides the obvious, don't be lazy to check the "technical" details:<\/p>\n\n\n\n

              \n
            1. Water and sewerage. Turn on the taps in the kitchen and bathrooms - check the water pressure and how the drain is working. Smell for a sewage smell. Inspect the condition of the plumbing and pipes (where visible).<\/li>\n\n\n\n
            2. Soundproofing.<\/strong> Close the windows and listen to what you can hear: cars, planes, neighbors. Old houses often have very poor soundproofing, and new ones do too.<\/li>\n\n\n\n
            3. The house from the inside and outside. Don't immediately take the elevator (if there is one) - walk up and down the stairs, inspect the entrance. Also walk around the house from the outside and pay attention to the facade, balconies, and the condition of the common areas.<\/li>\n\n\n\n
            4. Ask the owner or realtor questions. When was the last time the pipes in the house were changed, when was the roof done, what kind of electrical wiring is there, how much does heating\/cooling cost in winter and summer? A competent seller will answer these questions.<\/li>\n<\/ol>\n\n\n\n

              Checking legal purity and paperwork<\/h3>\n\n\n\n

              Found what you were looking for? Great. Now you need to make sure that everything is clean with her so that after signing the contract, other people's debts don't come up. Usually, all these checks are done by a real estate agency, but you should clearly know what to ask from them:<\/p>\n\n\n\n

              1. Nota Simple (extract from the property\/real estate register)<\/h4>\n\n\n\n

              This is the most important document! You can request it yourself online, but usually a real estate agent does it and sends it to you. This piece of paper shows:<\/p>\n\n\n\n

                \n
              • Who is the real owner?.<\/li>\n\n\n\n
              • Are there any debts, arrests, or other people's mortgages on the apartment?.<\/li>\n\n\n\n
              • What is the purpose of the facility (is it definitely a residential building and not a converted commercial warehouse?).<\/li>\n<\/ul>\n\n\n\n

                2. Residence and energy efficiency documents<\/h4>\n\n\n\n
                  \n
                • We need to clarify about the C\u00e9dula de habitabilidad (certificate of suitability for habitation) or Licencia de primera ocupaci\u00f3n (first occupation permit). We did not request these documents ourselves, I think the bank received them in some other way.<\/li>\n\n\n\n
                • Certificado energ\u00e9tico (energy certificate) is often a mandatory document when purchasing.<\/li>\n<\/ul>\n\n\n\n

                  3. Financial tails (debts of previous owners)<\/h4>\n\n\n\n

                  You must make sure that the seller has paid for everything to the last penny:<\/p>\n\n\n\n

                    \n
                  • IBI is an annual state tax on real estate.<\/li>\n\n\n\n
                  • Comunidad - monthly payments for the maintenance of the house (ask for a certificate from the house administrator that there are no debts). It is also important to ask about the amount of this payment, because in the future you will be the one who will pay each month for Comunidad. It is usually 50-150 euros. But it can be much more.<\/li>\n\n\n\n
                  • Basura (garbage collection) and recent water, gas, and electricity bills. These will be important for signing contracts with these utility companies.<\/li>\n<\/ul>\n\n\n\n

                    4. Check for VPO status (social housing) <\/h4>\n\n\n\n

                    There is another very important nuance that is often forgotten. VPO (Vivienda de Protecci\u00f3n Oficial) is social housing that was once built with state subsidies for families with limited incomes. Even if the house is already 40-50 years old, it can still have this status (the term of such restrictions is from 10 to 50 years). We even looked at some almost new buildings that are 5-10 years old, and the apartments in them had this status. Why is this important? Because VPO has serious restrictions: the maximum sale price is strictly set by law (the seller cannot ask for more), and you as a buyer must meet certain requirements (it must be your first home, income below a certain threshold, etc.). Plus, such an apartment cannot be rented out, it must only be your main place of residence. Usually, the VPO status is indicated in the Nota Simple. But this is not a 100% guarantee - there are cases when it is not visible there, and only the notary at the final stage finds this information. Keep in mind that some crafty realtors may keep quiet about VPO status because they know how much trouble it can cause. So always ask directly: \u201cDoes this property have VPO status?\u201d.<\/p>\n\n\n\n

                    Bargain, it's normal here.<\/h3>\n\n\n\n

                    Never be afraid to lower the price. This is Spain, and it works here as it should. You can almost always knock off a few thousand euros. If the apartment has any shortcomings (old wiring, inconvenient layout) - use this as an argument. Also at this stage, clearly and preferably in writing record what exactly is left in the apartment (what furniture and appliances), because the Spaniards sometimes like to take everything out.<\/p>\n\n\n\n

                    Once the price and all the details are agreed upon, it is time to back up your intentions with money and sign a reservation agreement (Contrato de Arras). And therein lies the great danger for those who buy a home with a mortgage. We will talk about this in the next step.<\/p>\n\n\n\n

                    Step 6. Reservation Agreement (Contrato de Arras)<\/h2>\n\n\n\n

                    After you have found your dream apartment or house, negotiated and the seller has agreed to your price, so that the property is removed from sale and no longer shown to anyone, you need to sign a reservation agreement - Contrato de Arras. <\/p>\n\n\n\n

                    Reservation usually works like this: you sign the papers and transfer a deposit to the seller's or agency's account. The amount can vary: sometimes they ask for a fixed 3,000-5,000 euros (this is exactly what happened to us), and sometimes they immediately demand 10% of the cost of the accommodation. <\/p>\n\n\n\n

                    Spanish law is very clear regarding this contract:<\/p>\n\n\n\n

                      \n
                    • If you (the buyer) change your mind after signing, your money is lost and remains with the seller (i.e. you lose your deposit).<\/li>\n\n\n\n
                    • If the seller changes his mind (for example, he finds someone who pays more or changes his mind about selling) - he is obliged to return your deposit in double amount.<\/li>\n<\/ul>\n\n\n\n

                      It all sounds good and fair. But you need to be very careful and understand the important nuance of signing this contract.<\/p>\n\n\n\n

                      Imagine the situation: you signed a standard Contrato de Arras agreement, paid a deposit of 10,000 euros and went to the bank. And the bank, having checked the apartment or your solvency, a few days later says: \u201cSorry, we are refusing you a mortgage\u201d. And you are forced to cancel the deal. The seller throws up his hands, says \u201cI\u2019m sorry\u201d and completely legally keeps your 10,000 euros for himself. <\/p>\n\n\n\n

                      How to protect yourself when signing a Contrato de Arras?<\/h3>\n\n\n\n

                      It is necessary to insist that the real estate agency or the seller add one specific clause (the so-called cl\u00e1ussula de salvaguarda) to the Arras contract. This clause should clearly state: \u00abIn the event that the bank officially refuses to grant the buyer a mortgage loan, this contract is annulled and the entire amount of the deposit is returned to the buyer in full without any penalties.\u00bb. <\/p>\n\n\n\n


                      There was such a clause in our contract. They also explained to us that it is often necessary to have a refusal from 2-3 banks for this clause to be valid and for you to get your money back if you are not approved for a mortgage. But some Spanish agencies may say that \u201cwe never write such a thing\u201d or \u201cthe seller will not agree to it\u201d. You have to stand your ground, because it is not worth risking such money. Normal and adequate sellers always agree to this condition if they are provided with an official letter of refusal from the bank.<\/p>\n\n\n\n

                      Of course, if you have already been to the bank several times, have managed to provide documents for the property, the price, and the bank has already pre-approved the mortgage - there are no problems. But there is still a risk, and we will talk about it in the next step.<\/p>\n\n\n\n

                      Property valuation (tasaci\u00f3n)<\/h3>\n\n\n\n

                      The next stage, immediately after signing the Arras, comes the time for the \u201creal estate appraisal\u201d. The bank sends its independent expert (tasador) to inspect the apartment and tell it its real market value. And here is an important rule of banks: they give 80% mortgages from the smallest amount (either from the purchase price or from the expert\u2019s appraisal price).<\/p>\n\n\n\n

                      Let's consider our example:<\/h4>\n\n\n\n

                      You have agreed to buy an apartment for 200,000 euros. You expect the bank to give you 80%, or 160,000 euros, and you will pay 40,000 euros from your own funds. <\/p>\n\n\n\n

                      But an expert comes, looks at the apartment and says: \u201cIts price is 180,000 euros.\u201d. <\/p>\n\n\n\n

                      What does the bank do? It takes the smallest amount (180,000) and counts 80% from it. This gives you 144,000 euros. That is, the bank will no longer give a mortgage for 160,000, but only for 144,000. And now, to buy an apartment for 200,000 euros, you need to add 56,000 euros from your savings instead of 40,000. If you don\u2019t have this money, the bank will not approve a mortgage for you.

                      This rarely happens, and the property is mostly valued at the same level, or even higher. By the way, the \u201cappraiser\u201d does not necessarily have to be from the bank. Often, realtors give their all and assure that \u201ceverything will be valued as it should be\u201d. Well, you get the idea. <\/p>\n\n\n\n

                      Once you have reached this point, the most important moment comes next - preparing all the documents, visiting the notary, and signing the purchase and sale agreement. <\/p>\n\n\n\n

                      Step 7. Final documents, bank decision (FEIN) and meeting with the notary<\/h2>\n\n\n\n

                      We are now at the final approval stage. The bank must give its final \u201cYes\u201d. To do this, your manager creates a complete package of documents and sends it to the head office (somewhere higher up, like the risk department) for approval. <\/p>\n\n\n\n

                      What documents does the bank usually require at this stage?<\/h3>\n\n\n\n

                      Personal and general: <\/h4>\n\n\n\n
                        \n
                      • Your NIE\/TIE (resident cards) and passports <\/li>\n\n\n\n
                      • Certificado de empadronamiento (registration certificate) <\/li>\n\n\n\n
                      • Vida Laboral (social security statement about your work history in Spain)<\/li>\n\n\n\n
                      • Nota Simple (extract from the real estate register) \u2013 must be provided by the realtor or owner <\/li>\n\n\n\n
                      • The reservation contract (Contrato de Arras) that you have already signed and the deposit transfer receipt<\/li>\n<\/ul>\n\n\n\n

                        Financial:<\/h4>\n\n\n\n
                          \n
                        • Renta income declaration (which I already talked about)<\/li>\n\n\n\n
                        • Latest quarterly declarations: Modelo 130 (IRPF) and Modelo 303 (IVA)<\/li>\n\n\n\n
                        • Receipts for payment of autonomous tax (cuota de aut\u00f3nomo) and an extract from Seguridad Social showing payment of contributions<\/li>\n\n\n\n
                        • Your bank statements for the last 3-6 months (so the bank can see your cash flow)<\/li>\n\n\n\n
                        • Certificates of no debts to Hacienda and Seguridad Social<\/li>\n<\/ul>\n\n\n\n

                          In our case, let me remind you, there was no full Renta for the year of work in Spain as a self-employed person, so the decisive factors were the quarterly declarations plus the submitted \u201crenta\u201d for the Ukrainian FOP for 2023. <\/em><\/p>\n\n\n\n

                          More about the situation with our apartment. Here, the documents were even tougher. The apartment we bought was owned by a Spanish \u201cbank\u201d called Sareb. Why \u00abbank\u00bb? Because it\u2019s not exactly a bank. It\u2019s the so-called \u201cbad bank\u201d (in Spanish, it\u2019s called banco malo), which was once created by the state during the great financial crisis. Its goal was very simple: to buy up all the problematic apartments, confiscated property, and toxic debts from other Spanish banks that were going bankrupt en masse at the time. That is, in essence, it\u2019s a huge state agency for selling off confiscated property. And when you buy a home from Sareb, get ready for real bureaucracy. Let\u2019s just say we had a few more \u00abrings of hell\u00bb than usual. They checked us like under a microscope. We had to prove the origin of almost every euro from our down payment. One day they asked to show them an invoice (bill) for every money received into my autonomous account. Whether it was 1000 euros or 50 euros. It was necessary to prove that it was absolutely "clean" money. Another problem is that they do everything mega slowly. Therefore, if you see that the owner of the apartment is Sareb - be prepared. Of course, you can get good prices there, so everything has its advantages.<\/em><\/p>\n\n\n\n

                          FEIN document \u2013 guarantee of offer from the bank<\/h3>\n\n\n\n

                          If the bank's head office is satisfied with everything, they will issue you a document called FEIN (Ficha Europea de Informaci\u00f3n Normalizada). In simple terms, it is an official, legally binding offer from the bank. It is here, in the FEIN document, that all your final terms will be spelled out: the loan amount, your % annual interest, all bonuses, terms and penalties for early repayment. <\/p>\n\n\n\n

                          When the bank's accountant calls or lets you know that a FEIN document has already been generated for you, you can rest assured. The bank has already confirmed the mortgage for sure. From the moment the FEIN is issued, the bank no longer has the right to change the conditions for the worse. This document is valid for at least 10 days (in some provinces it may be longer). This is the period given to you by law so that you can calmly reread the conditions, consult with lawyers and make a decision without pressure from the bank. You will need to study everything clearly, review all the nuances and figures. <\/p>\n\n\n\n

                          Somewhere at this step, you will be offered to choose a notary who will handle your documents and prepare you for signing the purchase and sale contract.<\/p>\n\n\n\n

                          Notary, why do you have to go there twice?<\/h3>\n\n\n\n

                          According to Spanish law, the buyer (i.e. you) has the full right to choose a notary yourself. The bank cannot impose \u201ctheir\u201d person on you. Often, a realtor can recommend someone, or you can search for reviews or ask your friends. It is important to find a good notary who often deals with similar matters. And it is important that the notary is located in the city where the housing is being purchased, or somewhere nearby. Because on \u201cday X\u201d the seller, realtor, bank representative and you must come there.<\/p>\n\n\n\n

                          Our notary was recommended to us by a realtor. And we were very satisfied. According to the reviews on Google, it was clear that the office is serious, there should be no pitfalls. <\/p>\n\n\n\n

                          It is important to remember that the mortgage application process involves two, so to speak, "official" visits to the notary, and one more when you simply go to arrange for notary services. We made an agreement online, over the phone.<\/em>

                          You don't need to take any documents to the notary yourself. Once you know your notary for sure, you should inform the bank or realtor about it (they may ask for his email or contacts). They usually organize everything themselves between them. The bank sends the FEIN documents to a special Spanish online service. The bank or realtor will give the notary access to these documents (that's exactly what happened in our case<\/em>). They may ask you too, but as I understand it, it will be a special code that you will simply have to give to the notary. Then he will download everything himself. <\/p>\n\n\n\n

                          Very often, banks and agencies know all the most popular notaries, since working in the same city, they are already well acquainted and communication between them will be fast.

                          Well, let's get back to those "two official visits" to the notary.<\/p>\n\n\n\n

                          First visit to the notary \u2013 Acta previa<\/h4>\n\n\n\n

                          Once all the documents have been reviewed by the notary, they will contact you and schedule the first visit. It takes place a few days before the transaction. You go to this meeting yourself, without any bank or seller representatives. The notary sits down with you, takes your FEIN document, and explains each line in plain language: how much you will pay, what insurance you have, what will happen if you stop paying. After that, you take a kind of small \u201ctest\u201d (answer questions) so that the notary can make sure that you really understand what you are signing for the next 20-30 years. This visit is absolutely free. They often bring a translator with them, but I think you can do without one. The main thing is to study the documents yourself before the visit. If you feel that Spanish is difficult, then it is better to take one. But it also happens that some notaries require the presence of an official translator, and not just a friend who knows Spanish, or a translator on the phone. So, make sure to check this. And it's important not to forget your documents (TIE, NIE cards) and passports so they can verify all the data. Our notary explained everything very calmly and slowly so that we understood exactly what he was saying, and we did without translators.<\/em><\/p>\n\n\n\n

                          I will put the next visit in a separate section, since this will be the \u201cX-day\u201d when you will be handed the keys to your new home.<\/p>\n\n\n\n

                          Step 8. Final visit to the notary, firma, keys \u2013 day X<\/h2>\n\n\n\n

                          I'll start this section right away with our story, because this particular day has been postponed 4 times for us. We were really looking forward to Monday, April 28, 2025 \u2013 the day when we were supposed to be ceremonially handed the keys to our long-awaited apartment in Spain. On Sunday, April 27, a bank teller called us and said: \u201cWe have to move the date to Tuesday, because the bank representative won't be able to be there tomorrow.\u201d Okay, as it is. They decided everything among themselves on the same day, Sunday, which was very strange for the Spaniards. On Monday, April 28, we were walking around in anticipation of tomorrow, and then all over Spain\u2026 the lights go out! This day is remembered by everyone who was in the country at that time. The electricity grid completely stopped working throughout the entire territory. Traffic lights, banks, shops did not work (payment by card was impossible), there was no Internet or phone signal at all. Everything was completely paralyzed. You can read a lot about this blackout on the Internet. Some people have already thought about nuclear war or the end of the world. But what kind of end of the world would it be if we had to go buy an apartment tomorrow? We hoped that everything would work in a couple of hours. And so it happened - in the evening the power grid was turned on, and everything gradually began to return to its place. The key word in the previous sentence is \u201cgradually\u201d. The very next day, while driving from Asturias to Cantabria, the notary calls us and says: \u201cWe won\u2019t be able to sign today, some online system for checking cadastral numbers is not working after a failure\u201d, it is only being restored. It turned out that without this system the notary could not conclude the transaction. There were hopes that it would be lifted within a few hours, but no. We thought about returning home, but there was a chance that the system would work on Wednesday, so we stayed overnight with friends in Cantabria. As I think you have already guessed - nothing worked. The next day was scheduled for Thursday, but within minutes we were informed that Thursday was May 1st, an official holiday throughout Spain. And the finale: Friday, May 2, 2025. Day X had finally arrived! <\/em><\/p>\n\n\n\n

                          As I already wrote, on this day everyone gathers in the notary's office: you, the seller, your bank representative (apoderado), the realtor, and the notary himself. <\/p>\n\n\n\n

                          Two huge documents are being signed here at once: <\/p>\n\n\n\n

                          1. Purchase and sale agreement between you and the seller (Escritura de compraventa).<\/p>\n\n\n\n

                          2. Mortgage agreement between you and the bank (Escritura de pr\u00e9stamo hipotecario).<\/p>\n\n\n\n

                          You transfer the balance of your own funds (the same 20% minus the amount of the Arras deposit), and the bank representative gives the seller a bank check (cheque bancario) for the mortgage amount (the same 80%). By the way, some notaries sometimes ask that your balance be in the form of a bank check, but often you can just make a regular transfer and show the statement - it is better to clarify this in advance. In our case, the option was exactly the one where all the funds were transferred by bank check, which we ourselves picked up an hour before signing. The cashier of our bank asked for this, since he was in one province, and the signature was in another, and they somehow agreed with another office there. But this is our case, so clarify all these points.<\/em><\/p>\n\n\n\n

                          Then congratulations are heard, everyone shakes hands, and you are finally given the keys you've been dreaming of! Our notary, by the way, was also a funny guy. After everything, he said: \u201cOh, we didn\u2019t take a photo when you signed!\u201d And we sat down again, made serious faces and, as it were, signed the documents, and at that moment he took pictures of the process with my phone. Then we all took a picture together and that was it. <\/em>We have the keys.<\/em><\/strong><\/p>\n\n\n\n

                          But after that point, there are a few more important things to remember to do everything right.<\/p>\n\n\n\n

                          After buying an apartment: first steps<\/h3>\n\n\n\n

                          1. Lock replacement<\/h4>\n\n\n\n

                          This is the very first thing you need to do. Of course, you already have the keys, but we are in Spain, and no one has canceled the rules regarding squatters, which we do not fully understand.<\/p>\n\n\n\n

                          2. Obtaining a copy of the contract (Copia Simple)<\/h4>\n\n\n\n

                          It is important to get a simplified copy of the main contract (Copia simple) as soon as possible. You will either receive it immediately or in 2-3 days. You will receive the original contract (a huge book with seals) only in a few months, when it has passed all state registrations. We were given a copy of the contract on the day of signing.<\/em><\/p>\n\n\n\n

                          3. Registration and removal of old owners<\/h4>\n\n\n\n

                          The next step should be to go to the town hall (Ayuntamiento). There you will register in your new home (do empadronamiento). Be sure to check if the old owners have deregistered. Buying a home does not automatically deregister them. <\/p>\n\n\n\n

                          4. Communal and Comunidad<\/h4>\n\n\n\n

                          Then, with this copy of the deed and the residence permit, you can go (or call) the utility companies (electricity, water, gas, internet) and renew the contracts in your name. Also, be sure to find the president of your building or administrator (Comunidad de vecinos), show them the contract and give them your account number so that they can debit the monthly maintenance fee.<\/p>\n\n\n\n

                          5. Refund of money (provision of funds)<\/h4>\n\n\n\n

                          In a few months, you will receive a bonus - a refund of part of the money. Remember those 10% for taxes and notary services? Before signing the mortgage, the bank writes off the amount from your account with a margin, because the exact costs are not immediately known. After the hestoria counts everything, the balance will be returned to your account. We were refunded 365 euros to our account. <\/em><\/p>\n\n\n\n

                          6. Letter from Catastro<\/h4>\n\n\n\n

                          After some time, an important letter from the Gerencia Regional del Catastro will arrive in your mailbox titled \u201cAcuerdo de alteraci\u00f3n de titularidad.\u201d This is official confirmation that the state registers have been updated and the country officially sees you as the sole owners of the home.<\/p>\n\n\n\n

                          What happens if you stop paying your mortgage?<\/h3>\n\n\n\n

                          Of course, the apartment will not be taken away after a couple of missed payments - the law sets clear thresholds. In the first half of the mortgage term, the bank can demand early repayment of the entire loan only if the delay is about 12 months, in the second half - from 15 months, and before that it is obliged to send an official demand and give time for payment. To be clearer, when you stop paying the bank for the mortgage, after 12 months the bank can ask to repay the entire amount at once. It is better not to play such games.<\/p>\n\n\n\n

                          Even one day late on a regular payment is a fine (it is better to check the amount with the bank). <\/p>\n\n\n\n

                          If it comes to the point that the bank takes your home and sells it due to non-payment, and the proceeds are not enough to cover the debt, the balance can theoretically be levied against your other personal property.<\/p>\n\n\n\n

                          I hope no one will have this, but you need to understand the seriousness of a mortgage.<\/p>\n\n\n\n

                          A small dictionary of Spanish terms<\/h3>\n\n\n\n

                          To make it easier for you to navigate, I have collected in one place all the terms that appear in the article and in the process itself:<\/p>\n\n\n\n

                            \n
                          • NIE \/ TIE<\/strong> \u2012 identification number and foreigner's card<\/li>\n\n\n\n
                          • Autonomous<\/strong> - self-employed person (analogous to our sole proprietorship)<\/li>\n\n\n\n
                          • Rent<\/strong> - annual income tax return<\/li>\n\n\n\n
                          • Model 130 \/ 303<\/strong> \u2012 quarterly declarations of autonomous (IRPF and IVA)<\/li>\n\n\n\n
                          • Labor Life<\/strong> - an extract from your work history in Spain<\/li>\n\n\n\n
                          • Note Simple<\/strong> - extract from the real estate register (owner, debts, encumbrances)<\/li>\n\n\n\n
                          • Appraisal<\/strong> - official assessment of the value of housing<\/li>\n\n\n\n
                          • Arras Contract<\/strong> \u2012 reservation agreement with deposit<\/li>\n\n\n\n
                          • Safeguard clause<\/strong> \u2012 protective clause in the contract (return of the deposit in case of bank refusal)<\/li>\n\n\n\n
                          • FEIN<\/strong> \u2012 an official legally binding offer from the bank with all the conditions<\/li>\n\n\n\n
                          • Bonuses<\/strong> \u2012 discounts on rates for connected bank products<\/li>\n\n\n\n
                          • Management<\/strong> - an office that processes documents, taxes, and registration<\/li>\n\n\n\n
                          • IBI<\/strong> \u2012 annual property tax<\/li>\n\n\n\n
                          • ITP<\/strong> \u2012 tax on the purchase of secondary housing<\/li>\n\n\n\n
                          • Community (of owners)<\/strong> \u2012 residents' fund and monthly maintenance fee<\/li>\n\n\n\n
                          • Dermarama<\/strong> - separate additional fee for major home repairs<\/li>\n\n\n\n
                          • VPO<\/strong> \u2012 social housing with price and sales restrictions<\/li>\n\n\n\n
                          • Habitability certificate<\/strong> \u2012 certificate of suitability for residence<\/li>\n\n\n\n
                          • Registration<\/strong> \u2012 registration at the city hall at the place of residence<\/li>\n\n\n\n
                          • Writing<\/strong> \u2012 notarial deed (purchase and sale and mortgage)<\/li>\n\n\n\n
                          • Provision of funds<\/strong> - the amount that the bank blocks in advance for taxes and processing (the balance is then returned)<\/li>\n<\/ul>\n\n\n\n

                            Final + "Chapter for my family"\u00ab<\/h2>\n\n\n\n

                            When we first started, it seemed to us that a mortgage in Spain was something not for Ukrainians on temporary protection, without an \u00abindefinite contract\u00bb and with a year of autonomous experience. But it turned out that everything is real and not so difficult. You just need to prepare a little, not be afraid to ask, go around several banks and not be carried away by the first offers at once. If we could do it, you can too.<\/p>\n\n\n\n

                            We really hope that this article will be an impetus for someone, after which you will finally go to that first bank and calmly ask: \u00abWhat do I need for a mortgage?\u00bb And that one day you will also receive the keys to your own apartment.<\/p>\n\n\n\n

                            If you already have your own experience, share it in the comments. Your story can be very useful for someone, and perhaps provide answers that were missing. Ask if something is unclear - I will try to answer. And if the article was useful, forward it to those who need it now, and subscribe to us and follow the updates. And be sure to check out the "Section for your friends.".<\/p>\n\n\n\n

                            Well, that's all... almost all. The article turned out to be quite long, and the topic itself is not that simple, and I wanted to explain everything as clearly as possible and show "how it was for us." But what follows is even more interesting and useful.<\/p>\n\n\n\n

                            A section for your friends: our exact figures, calculations, payments and MEGA CALCULATOR mortgages<\/h3>\n\n\n\n

                            To help you get the most out of this article and avoid racking your brains over formulas and calculations, we have prepared a bonus section. <\/p>\n\n\n\n

                            Below we will show all the exact figures and calculations of our mortgage: what is the price of the apartment, how much money we had, how much we paid when buying, how much we are paying now and (most importantly) how we are repaying the debt much faster and cheaper (without bank interest). I will also tell the story of how our rate was raised for a few months and what was the reason.<\/p>\n\n\n\n

                            And most importantly, you will receive my unique MEGA CALCULATOR mortgage<\/strong>! It will calculate your chances in just a second, sort out all payments, overpayments and show a lot of useful information. You can use it during initial calculations, preparing for the purchase of real estate or even directly during negotiations with the manager in the branch. Believe me, this tool is really worth your attention. If we had something similar at the beginning of our journey - everything would be much simpler and easier. <\/p>\n\n\n\n

                            And another important thing: by opening the "Section for your friends", you don't just get all these numbers and a calculator. You support our service and our inspiration to continue making such guides. Thank you for being with us!<\/strong><\/p>","protected":false},"excerpt":{"rendered":"

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