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Indicative Outline of Fees Payable on a Lifetime Mortgage
| Lender's Completion Fee - 2% of loan value |
Lender's Legal Fees/Conveyancing Fees:
| loans from
€ 35,000 to
€ 99,999 |
€ 1,500 |
| loans from
€ 100,00 to
€ 199,999 |
€ 2,000 |
| loans in excess of
€ 200,00 |
€ 2,500 |
|
| Stamp Duty/Transfer Tax = 1% of property valuation* |
Notary Fees based on loan amount according to Real Decreto 1426/1989, of 17th November**
| On the first € 6,010.12 |
€ 90.16 cents |
| On the next € 6,010.13 to € 30,050.61 |
€ 4.50 cents per € 1,000 |
| On the next € 30,050.62 to € 60,101.21 |
€ 1.50 cents per € 1,000 |
| On the next € 60,101.22 to
€ 150,253.03 |
€ 1.00 cents per € 1,000 |
| On the next € 150,253.04 to € 601,012.10 |
€ 0.50 cents per € 1,000 |
| On € 601,012.10 |
€ 0.30 cents per € 1,000 |
N.B The Official Public Notary Fees quoted above will be reduced by 25% in the case of the Notary carrying out mortgage work. It is also current market practice to negotiate reduced fees with Public Notaries based on the volume of transactions engaged with the relevant Notary. |
Land Registary Fees set out in Act 41/2007**
| On the first € 6,010.12 |
€ 30.05 cents |
| On the next € 6,010.13 to € 30,050.61 |
0.175% or € 42.07 cents max |
| On the next € 30,050.62 to € 60,101.21 |
0.125% or € 37.56 cents max |
| On the next € 60,101.22 to
€ 150,253.03 |
0.075% or € 67.61 centa max |
| On the next € 150,253.04 to € 601,012.10 |
0.03% or € 104.92 cents max |
| On € 601,012.10 |
0.02% |
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* For Tax Residents of Spain aged 65+ Stamp Duty has been abolished on Lifetime Mortgages.
** Tax Residents of Spain aged 65+ recieve a 90% reduction in both the Land Registry and Public Notary Fees quoted above. In case of a joint application from Tax Residents where one applicant is aged over 65 and one aged under 65, reduced fees and abolition of Stamp Duty will only apply to the applicant aged 65+.
Full details of all fees and taxes payable will be confirmed in the "Offer of a Mortgage" document prior to completion.
All of the above fees can be deduced from the cash lump-sum being advanced.
Brokers completion commision 2% (minimum € 1,000) payable only after completion.
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