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Bankinter fact sheets
Steps for buying your first home
Buying a home is one of the most important steps you will take in life. It's not just the financial outlay you'll have to cope with, but all the emotions, the doubts about whether you're making the right choice, and of course the process itself. On this page you'll find guidance for every step of the process as well as tips so you don't get lost along the way.
- With practical tips.
- With legal advice.
- With tools to make life easier.
Need more information? We're here to help.
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Before you start looking
Before you even start looking for a house, it's important that you stop and think about how much money you have and what your needs are.
Set a budget
It's the first step when you start looking, so you're not disappointed in the future. Ideally, you should not have to allocate more than 30%–40% of your monthly income to your mortgage payment.Think about what the mortgage won't cover
In the vast majority of cases, banks will not finance more than 80% of the appraisal value of the home. When you are working out your finances, remember to take into account the 20% you will have to provide, as well as all the related costs and taxes. The taxes vary from one region of Spain to another and according to whether the home is a new build or second hand, but will usually represent between 8% and 10% of the purchase value.Take a hard look at your life style
You are not looking for a house, but your house. In other words, it must meet your needs today as well your needs in the near future, so think about the area, transport, shops, schools and so on. Be clear about what you really needFinding it difficult to work out your budget?
If you're finding it difficult to work out how the price of a house will translate into monthly instalments, here's a trick: run a mortgage calculation. Enter different amounts in the price of the house until you find the instalment you can afford.
Before you make up your mind
The excitement of having found your future home, the nerves... they all make bad advisers. Before you say yes, we recommend you follow these tips. They're easy.
Visit the property again
Avoid any surprises
Get help from a professional
Have you already made up your mind? Get it all in writing.
The moment of truth is approaching. No doubt, you've discussed numerous details with the seller that you don't want to be forgotten or misinterpreted. It's not a question of mistrust, merely of clarity.
What the price includes
In second-hand homes in particular, it's common practice for the seller to leave certain items of furniture or electrical appliances. If this is your case, to avoid surprises we recommend making an inventory of the items included in the price and getting it signed.The residents' association
As well as checking that the seller is up-to-date with payments to the residents' association, it's important to obtain the amount of the monthly association charge in writing and find out whether there are any pending surcharges or renovation works to be carried out.The deposit agreement
This is a very important document. As well as the price of the property, it should state the time frame for the purchase and the penalties for any breach of the agreement by either of the parties. In addition, it must state the sum of the down payment, which must be between 5% and 15% and for which we always recommend using a banker's draft.If it's the house of your dreams,
don't make the mortgage a nightmare.
Now it's time for the next step: choose your mortgage.
Relax. Ok, it's true, arranging a mortgage can be a fairly long process, but it isn't a difficult one. Yes, there are many steps involved, but one follows the other, and at Bankinter we're here to help, right by your side.
- Begin by choosing the mortgage that suits your needs.
- Then use our calculator to work out your instalments.
Want to fixed instalment that never changes?
Want to take advantage of any interest rate cuts?
Want it all?
Who pays what?
All the related costs are paid as a one-off lump sum, but it's important that you bear them in mind. In this section we describe all the costs and tell you who is responsible for paying them. You'll also find a calculator so you can work them out by following a few easy steps.
Costs related to the purchase
Notary
Buyer
Management fees
Buyer
Registration, if copies are required
Buyer
Property transfer tax or VAT
Buyer
Constitution of the deed of purchase
Seller
Capital Gain
Seller
Charges, liens, mortgage, etc., if any
Seller
Costs related to the mortgage
Notary
Bank
Constitution of the mortgage agreement
Bank
Registration
Bank
Management fees
Bank
Stamp duty
Bank
Appraisal
Customer
Expenses calculator
Other products, more ideas:
Building your own house?
If you're thinking of building your own home, Bankinter offers a special loan that will accompany you from start to finish: Credichalet.Protect your mortgage payments
A one-off instalment to guarantee your mortgage payments for five years. Five years of peace of mind.Real estate portal: 100% financing
At Bankinter we have a portfolio of more than 1,000 properties. Choose one of them and you could get up to 100% financing.
FAQs with clear answers.
In our FAQs section you'll find the answers to all your queries about mortgages.