One of the biggest questions for those looking to buy a home is how much money they need to put down as a deposit to get a mortgage. In Spain, this amount varies depending on the buyer’s profile, the financial institution, and the property's value. If you’re thinking about financing an apartment in Torrevieja or anywhere on the Costa Blanca, in this article we explain the minimum down payment required, what costs you should keep in mind, and how to prepare your purchase with confidence.
What is the down payment when buying an apartment?
The down payment is the portion of the total price of the property that the buyer must provide from their own savings. In other words, it is the amount that the mortgage does not cover.
In most cases, banks in Spain finance up to 80% of the sale price or appraisal value of the property. This means the buyer must cover the remaining 20% as a down payment, as well as the purchase costs, which usually range between an additional 10% and 12%.
What is the minimum down payment value to finance an apartment?
To make it clearer, here’s an example:
- Apartment price: €150,000
- Maximum financing: 80% → €120,000
- Minimum down payment (20%) → €30,000
- Approximate costs (notary, taxes, management, registration): 10% → €15,000
👉 Total amount needed to buy: approximately €45,000 including down payment and costs.
This calculation may vary if the bank finances a higher percentage (for example, 90%) or if the property is new build or second hand, as the taxes differ.
What factors affect how much you can finance?
Banks consider several aspects before approving a mortgage:
- Stable income and the buyer's debt level.
- Available prior savings to cover the down payment and costs.
- Type of property: some banks offer better terms for primary residences.
- Appraisal value of the property.
If you are thinking of buying an apartment in Torrevieja, at Mayrasa we advise you on the best options for your profile, whether you are seeking financing for bungalows, terraced houses, or even duplexes.
Is it possible to finance 100% of the apartment?
Although it is not common, it is possible in some cases:
- If you are a civil servant or have very stable income.
- If the property comes directly from the bank (repossessed assets).
- If you provide additional collateral (another property or guarantor).
- If you have an excellent credit history.
In any case, it is advisable to have at least 30% of the property’s value, including down payment and costs, to have greater negotiation leverage with the bank.
Tips before applying for financing
- Calculate your real monthly savings capacity and make sure your mortgage payments don’t exceed 35-40% of your income.
- Consult a real estate advisor before signing anything. At Mayrasa, our real estate advisory team can help you prepare all the documentation and clear any doubts.
- Request a property appraisal to know the reference value the bank will consider.
- Find out about possible aids or discounts based on your profile (young buyers, large families, etc.).
- Consider the type of property: there are tax differences between buying a new build and a second-hand property.
What costs should you consider besides the down payment?
Aside from the down payment amount, you should consider the following costs:
- Taxes: VAT (10%) on new builds or Transfer Tax (6–10%) on second-hand properties.
- Notary and registration fees: around 1–2% of the property value.
- Management and appraisal fees: costs linked to mortgage processing.
- Opening commission: if the bank applies it.
Adding all these amounts together, the total you will typically need saved ranges between 30% and 35% of the property’s total price.
Is it better to put down more than the minimum down payment?
Putting down a larger down payment can result in:
Better mortgage conditions (lower interest rates).
More affordable monthly payments and less debt.
Less exposure to variable interest rate risk.
Greater negotiation power with the bank.
Many who sell their apartment in Torrevieja to buy another use some of the sale proceeds as a down payment on their new mortgage, a process that Mayrasa helps plan to optimize the transition.
Why count on Mayrasa for your purchase?
At Mayrasa, we not only help you find the ideal apartment but also accompany you throughout the entire process:
- Personalized property selection: Mayrasa selection.
- Home staging services to increase property value.
- Marketing and virtual tours.
- Processing and post-sale follow-up: property after-sales service.
- Professional support from the first visit to signing the deed.
Whether you are buying or selling, you can explore all available options in our sales section or contact our team directly from here.
Conclusion
The minimum down payment value to finance an apartment in Spain is around 20% of the property price, although ideally you should have at least 30% including costs. With good planning and proper advice, the path to your new home can be much clearer and more secure.
If you are interested in acquiring a property in Torrevieja or nearby, visit our listings for second-hand properties, new builds, or learn more about us here. You can also explore new professional opportunities at work with us.
