The mortgage application, valuation (tasacion) and notary steps

Terms used

• FEIN — The FEIN is the standard European information sheet a bank must give you, setting out the terms and costs of your mortgage.
• Tasación — The tasación is the official valuation of the home, done by an accredited valuer, which the bank uses to set the loan.
• AJD — AJD is stamp duty on legal documents, which applies to deeds such as a mortgage or a purchase.
• Gestoría — A gestoría is an administrative agency that handles paperwork such as taxing and registering the deed.

Key rules

• Reading time: You must have the FEIN, warnings sheet and draft contract at least 10 calendar days before signing.
• Notary visit: Visit the notary at least one working day before signing, for a free explanation and a signed record.
• Valuation cost: You pay the valuation, even if the loan is refused.
• Mortgage deed costs: The bank pays the stamp duty, registry fees and gestoría fees on the mortgage.
• Valuer choice: The bank cannot impose its own valuer on you.

The order of events

The bank must give you time to read everything before you sign. You must receive the FEIN, the warnings sheet and the draft contract at least 10 calendar days before signing. The steps below follow the order in the process below.

1. You ask for a pre-approval or feasibility study.
2. You submit the formal application with your documents.
3. The bank orders the valuation (tasación).
4. The bank approves the loan.
5. You receive the FEIN, the warnings sheet and the binding offer.
6. You use your waiting time, then visit the notary.
7. You sign the deed.

The FEIN and the binding offer

The FEIN is the bank's standard information sheet for your loan. Read it closely. It shows the lender, loan amount and term, the type of rate, the TIN and TAE, the payment schedule, fees, insurance and linked products, early repayment conditions, and the risks if rates change or the loan is in a foreign currency.

The warnings sheet flags the clauses that matter most. The draft contract shows the exact wording you would sign.

The bank's binding offer must stay valid for at least 10 calendar days from the day you receive it. Use that time to compare it with other banks and to ask questions. Do not let anyone rush you into signing earlier.

The valuation (tasación)

The bank needs an independent valuation of the home before it lends. It must come from an officially accredited valuation firm.

• Who chooses: The bank cannot force a particular valuer on you. It must accept a valid valuation from any firm registered with the Bank of Spain. It can still reject a valuation for a justified reason, such as a technical defect.
• Who pays: You pay. This is true even if the bank then refuses the loan. A standard home typically costs 250 to 600 euros, depending on size and value. Some banks refund it or waive it as a promotion, so ask before you order.
• Why it matters: The bank lends a percentage of the lower of the price and the valuation. If the valuation comes in below the price, the loan is smaller and you must cover the gap from your savings. The usual loan limits are set out in the page on how much you can borrow. See also the "What if" box below.

The notary visit

You must visit the notary at least one working day before signing. The explanation is free. The notary checks that you understand the documents, and you sign a record confirming it. Without that record, the notary cannot authorise the deed.

Book the visit early. Bring the FEIN, the warnings sheet, the draft contract and your ID. Ask anything you do not understand, especially about the rate, fees, insurance and early repayment.

Signing and afterwards

You sign the mortgage deed before a notary. The funds are usually released at signing, often by bank cheque or transfer to the seller in the same act. After that, the deed is taxed and registered at the Property Registry. The bank's gestoría normally handles this. Ask the bank to confirm it in writing.

Who pays what

• Stamp duty (AJD) on the mortgage deed: the bank pays. You may still owe AJD on the purchase deed itself, if the purchase is subject to it.
• Registry fees for the mortgage and the gestoría: the bank pays.
• Notary fees: the bank pays for the mortgage deed and you pay for the purchase deed.
• Copies: the bank pays for the first copy of the deed. You pay for any other copies you ask for.
• Valuation: you pay, as above.

For the documents the bank will ask for, see the document list below.

Mortgage steps from pre-approval to signing

• Get a pre-approval or feasibility study from the bank: Before you sign any reservation or arras contract

• Submit the formal application with all documents: As early as you can; the whole process usually takes 4 to 8 weeks from application to signing

• Bank orders the valuation (tasación) from an accredited valuer: Right after your application is complete

• Bank reviews your file and approves the loan: Usually 1 to 3 weeks after the valuation

• Receive the FEIN, the warnings sheet and the draft contract, along with the bank's binding offer: At least 10 calendar days before signing; the binding offer stays valid for at least 10 calendar days from delivery

• Sign the mortgage deed before the notary: After the 10 calendar days and the notary visit; funds are normally released at signing, often by bank cheque or transfer to the seller

• Deed is taxed and registered at the Property Registry: After signing; usually handled by the bank's gestoría (admin agent)

• If documents are missing or the valuation is slow: Expect delays; send missing papers quickly, since these are the most common causes of a late signing

Documents Spanish banks ask for in a mortgage application

• Your passport or ID and your NIE (foreigner identification number). Notaries and the land registry require the NIE to sign, and banks usually ask for it at or before formal approval.

• If you are employed: your last 3 payslips, your employment contract or a work-history report (vida laboral), your latest annual income tax return (IRPF) and the tax agency's income certificate.

• If you are self-employed: the last 2-3 years of IRPF returns (modelo 100), quarterly VAT and tax filings (modelos 303 and 130 or 131), proof you are up to date with the tax agency and social security, and your RETA (self-employed registration) or contributions certificate. Company owners also add company accounts and corporate tax filings.

• 6-12 months of personal bank statements, plus a list of any existing loans.

• If you earn abroad: your last 3 payslips, an employment contract or employer letter, and 1-2 years of tax returns or tax assessments from your country of residence. Self-employed non-residents give 2-3 years of accounts and tax returns. Some banks also ask for a credit report from your home country.

• Foreign payslips, tax returns and bank statements are usually accepted in Spanish or English as they are. A foreign company certificate, power of attorney, marriage or divorce certificate or foreign deed may need an apostille (for Hague Convention countries) and a sworn translation by a traductor jurado.

• For the property: the reservation or private purchase contract (contrato de arras), a recent nota simple from the Land Registry showing owner and charges, the IBI property tax receipt and a community fees certificate. Banks often also want the energy performance certificate and cadastral reference. For a new build, add the building licence and the developer's guarantees.

• For your deposit: 3 to 6 months of bank statements showing your savings, evidence of where larger sums came from (sale of a property, inheritance, savings history), and proof of the deposit paid to the seller.

• If part of the deposit is a family gift: a signed gift letter from the donor, with their ID and proof of the transfer.

Checklist

• Read the FEIN for the rate type, the payment schedule, fees, insurance and linked products, early repayment conditions and the risks of rate changes.

• Take the documents to the notary, use the free explanation to ask your questions, and sign the record confirming it.

What to watch out for

• The valuation comes in below the price: The bank lends a percentage of the lower of the purchase price and the valuation. If the valuation is lower, your loan is smaller and you must cover the gap from your savings. Keep spare savings beyond your planned deposit, and ask the bank for the valuation figure before you commit to the purchase.

• The bank pushes its own valuer: The bank may not impose a specific valuer. You may end up paying for a valuation you did not need to choose that way. Use any independent valuation company registered with the Bank of Spain, and ask the bank to confirm it will accept the report before you order it.

• A valuation can be rejected: The bank can reject a valuation for a justified reason, such as a technical defect, and you still pay the valuer. Ask the valuer to check the report for errors before you send it to the bank.

• Signing without the full set of documents: The FEIN sets out the fees, rate risks and linked products you are agreeing to. If you sign without time to read it, you can miss costs or conditions. Do not sign until you have had the documents for 10 calendar days and have been through them with the notary.

What if the bank's valuation is lower than the price?

If the bank values the home below the price, the loan shrinks and you cover the difference from your own money. The bank lends a percentage of the lower of the price and the valuation, never of the price alone. The limits are set out in the section on how much a bank will lend. For a resident's main home they are typically 80%, and for non-residents 60-70%.

Here is an example. You agree to pay €300,000 and the bank values the home at €280,000. At 80%, the loan is €224,000, not €240,000. You now need €76,000 of your own money instead of €60,000. The seller still expects the full €300,000.

Your options

1. Pay the gap from savings. This is the most common route. Check that you can afford it before you decide, because the extra comes on top of taxes and fees.
2. Renegotiate the price. Show the seller the valuation and ask for a lower price. A valuation done by an accredited firm is a strong argument, and a lower price shrinks or removes the gap.
3. Contest the valuation. Ask the bank to review it. You can also commission a second valuation from a different accredited firm, and the bank must consider it. This costs money and takes time, and the result may not change.
4. Try another bank. Each bank accepts different valuations. A new bank will need its own valuation, which is an extra cost.
5. Withdraw. You can only walk away safely if your reservation or deposit contract says the purchase depends on getting a mortgage. Without that condition, you risk losing the deposit.

Protect yourself before you sign

Ask for a mortgage condition in the reservation or deposit contract before you sign it. Set a deadline for the bank's answer, and state that you get your deposit back if the loan is refused or comes in too low. Once you have signed without it, withdrawing is much harder.

Frequently asked questions

Who pays for the valuation if the bank refuses my loan?

You still pay the valuer if the loan is not granted, because the valuation is a cost you carry before the contract. For a standard home it typically ran about 250 to 600 euros in 2025, depending on size and value.

Can I choose my own valuer for the tasación?

Yes, you can in practice, because the bank may not impose a specific valuer. It must accept a valuation from any independent valuation company registered with the Bank of Spain, as long as the valuation is valid.

Who pays the stamp duty (AJD) on the mortgage deed?

The bank pays the stamp duty (AJD, a tax on legal documents) on the mortgage deed.

Who pays the notary, registry and gestoría for the mortgage?

The bank pays the registry fees and the gestoría (the agent who handles the paperwork) for the mortgage. The bank pays the notary for the mortgage deed and the first copy of it, while you pay the notary for the purchase deed and any extra copies you request.