12/02/2020
Comprar una vivienda es probablemente el mayor gasto que haga una persona a lo largo de su vida. Por ello, es normal que asalten muchas dudas y preguntas y que queramos conocer al detalle. Es por eso que en Oliver Mateu te invitamos a que salgas de esas incógnitas y detalles que debes tomar en cuenta.
How much money do I need to apply for a mortgage?
Purchasing a property is probably the biggest expense anyone will face in his or her lifetime. Therefore, it is logical that many doubts and queries will arise. We at Oliver Mateu would like to help you solve these questions and point out details you need to pay attention to.
The initial disbursement of acquiring a home is one of the biggest inconveniences that the buyer finds when deciding whether to buy or rent. Since the entities usually grant a maximum of 80% of the appraisal and / or sale price of the property, the majority of clients must have a financial cushion of at least 30% of the value of the property. Plus, in addition to that 20% that the bank does not lend, they must also face a series of initial expenses and taxes. These include:
• Notary:
.The cost of the notary will vary depending on the amount of the loan, but is usually between 0.1% and 0.5%, in addition to the price of the deed.
• Agency:
This expense is between approximately 300 and 400 euros. Appraisal expenses The appraisal will also depend on the value of the property, so it can be around 300 euros for a property of 150,000 euros. • Property registry:
It is around 0.2%. Mortgage opening commission. It will vary depending on the bank with which the loan is contracted, ranging from approximately 0% to 1.5%.
• Taxes:
Following the Government's decision to transfer the IAJD (Documented Legal Act) tax to the bank, buyers must only pay VAT on the purchase of the property (for newbuild only), which in 2018 is set at 10% Therefore, for a property with a value of 150,000 euros, the buyer must have at least 30,000 euros to reach up to 100% of the value of the mortgage. If, in addition, the opening costs and the payment of other taxes are added, the client must have saved a further 15,000 euros, that is, in total about 45,000 euros to apply for a mortgage loan.
If the property were second-hand:
Second-hand housing taxes ITP (Property Transfer Tax): Alternative to VAT in the case of second-hand homes. In the Balearic Islands it is between 8% and 11% depending on the amount of the purchase. There are also reduced rates for some cases (VPO, large families, young people ...) mor detailed detail info at: https://www.olivermateu.com/es/blog/post/impuesto-vivienda-mallorca
In conclusion, for a property valued at 150,000 euros, the buyer must have at least 30,000 euros to reach 100% of the value of the mortgage. If, in addition, the opening costs and the payment of other taxes are added, the client must have savings of 15,000 euros, which means, a total of about 45,000 euros are needed to apply for a mortgage loan.