Autopromotor Mortgage

Yes, you can pay off your mortgage early in part (minimum €300) or in full. In addition to the amount you want to repay, you will have to pay accrued interest and an amount as compensation for the early full or partial repayment, which may be:

• In the first 5 years: up to 0.15% of the capital repaid early, without exceeding the amount of the financial loss which the bank may suffer, if applicable.
• After the first 5 years: 0% of the principal repaid in advance.

During 2023, variable-rate loans for individuals and home guarantees are exempt from paying a repayment fee, in accordance with Royal Decree Law 19/2022.

Remember that before making repayment, you have to read the information we will provide you, which details the consequences of each of the payments so that you can evaluate each of the options. You have to request the information 30 days in advance at your BBVA branch.

The costs associated with an autopromoter detached house mortgage are, for the most part, the same as for other mortgages:

Expenses paid by the customer:

• Appraisal

Expenses that the bank pays:

• Notary
• Administrative agency
• Record-keeping
• Stamp duty.

The autopromoter mortgage works differently from other types of mortgages. Although it will also cover up to 80% of the value of the property, the money is not paid out all at once, but in installments (based on the pace at which the home is built), in three stages:

• Land: approximately 50% of the money is received in the initial stage of the project.
• Certifications: approximately 20-30% of the money is received at this 'halfway point', subject to certification by an architect of the progress made (the amount will depend on them).
• End of work: 20% and 30% of the money remaining is received at the end of the project (and when the habitability certificate is obtained).