One of the aspects that generates the most among those who want Buy a home It is knowing how much money you need to contribute as an entry to access a mortgage. In Spain, This amount varies depending on the buyer's profile, the financial institution and the value of the property. If you are thinking of financing an apartment in Torrevieja or in any area of the Costa Blanca, In this article we explain what is the minimum entry necessary, What expenses you should take into account and how to prepare your purchase with guarantees.
What is the down payment when buying an apartment?
The Prohibited It is the part of the total price of the home that the buyer must contribute with their own savings. In other words, is the amount that does not cover the mortgage.
In most cases, banks in Spain finance up to 80% of the purchase and sale value or appraisal of the property. This means that the buyer must cover the 20% remainder as input, in addition to the sale expenses, which usually range between a 10% and a 12% additional.
What is the minimum down payment to finance an apartment?
So you can see it more clearly, let's give an example:
- Apartment price: 150.000 €
- Maximum funding: 80% → 120.000 €
- Minimum entry (20%) → 30.000 €
- Approximate expenses (notary, taxes, management, record): 10% → 15.000 €
👉 Total needed to purchase: some 45.000 € between entry and expenses.
This calculation may vary if the bank finances a higher percentage (For example, he 90%) or if the property is new construction o second hand, since taxes change.
What factors influence the amount you can finance??
Banks evaluate several aspects before approving a mortgage:
- Stable income and debt level of the buyer.
- Previous savings available to cover the entry and expenses.
- Type of property: some banks offer better conditions for habitual residence.
- Appraisal value of the property.
If you are thinking of buying a Apartment in Torrevieja, From Mayrasa we advise you on the best options for your profile, Whether you are looking for financing for bungalows, attached or even fond.
Can you finance the 100% of the apartment?
Although it is not the most common, Yes it is possible in some cases:
- If you are a civil servant or have a very stable income.
- If the home comes from the bank itself (foreclosed assets).
- If you provide another additional guarantee (another property or guarantor).
- If you have excellent credit history.
In any case, It is advisable to have at least he 30% of the value of the property, adding income and expenses, to have greater room for negotiation with the banking entity.
Tips before requesting financing
- Calculate your real monthly savings capacity and make sure that the mortgage payment does not exceed the 35-40% of your income.
- Consult with a real estate advisor before signing anything. A Mayrasa, our team real estate consultancy can help you prepare all the documentation and resolve your doubts.
- Request one TASSATION OF THE PROPERTY to know what is the reference value that the bank will take into account.
- Find out possible aid or bonuses according to your profile (youths, large family, etc.).
- Value the type of property: There are tax differences between buying a property new construction and a second hand one.
What expenses should you take into account in addition to the entrance fee??
Regardless of the ticket price, you must consider the following expenses:
- Taxes: IVA (10%) in new construction or ITP (6–10%) second hand.
- Notary and registration: around 1–2% of the value of the home.
- Management and appraisal: expenses linked to the processing of the mortgage.
- Opening Commission: if the bank applies it.
Adding all these amounts, The total that you will need to have saved usually ranges between 30% and a 35% of the total price of the property.
Is it better to contribute more input than the minimum?
Contributing a larger income can translate into:
Better mortgage conditions (lowest interest rate).
More comfortable monthly installments and lower debt.
Lower exposure to variable risk.
Greater negotiation power with the bank.
In many cases, who They sell their flat in Torrevieja to buy another, They use part of the money from the sale as entry into their new mortgage, an operation that at Mayrasa we help plan to optimize the transition.
Why count on Mayrasa in your purchase?
In Mayrasa We not only help you find the ideal apartment. We accompany you throughout the entire process:
- Personalized selection of homes: Mayrase selection.
- Services of home staging to increase the value of the property.
- Marketing y tour virtual.
- Post-sales processing and monitoring: Property post -sales.
- Professional support from the first visit to the signing of the deed.
Whether you buy or want to sell, You can check all the available options in our section sale or directly contact our team from here.
Conclusion
He Minimum entrance value to finance an apartment in Spain Ronda the 20% of the price of the property, although the ideal is to have at least one 30% including expenses. With good planning and proper advice, the path to your new home can be much clearer and safer.
If you are interested in purchasing a home in Torrevieja or surrounding areas, visit our properties in second hand, new construction or know more about us here. You can also explore new career opportunities at Work with us.
