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.
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 budgetIt'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 coverIn 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 styleYou 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 need
Finding 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.
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 paymentsA one-off instalment to guarantee your mortgage payments for five years. Five years of peace of mind.
Real estate portal: 100% financingAt 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.