Can I take my appraisal from one bank to another?

If you were about to sign your mortgage and the bank does not grant it, what happens to that appraisal? We explain in detail.

Is one bank's appraisal valid for another?

Yes, you can take the appraisal from one bank to another at no extra cost:

1. By law, banks must accept any valid appraisal signed by a company approved by the Bank of Spain. This is set out in Law 2/1981, amended by Law 41/2007 and Law 1/2013.
2. Appraisals for mortgage purposes must be issued under Order ECO/805/2003.
3. Law 5/2019, art. 14.1.e).i, establishes that "appraisal costs shall be borne by the borrower and agency costs by the lender". The bank cannot pass on to you the cost of its own checks.

Important points

The appraisal is valid as long as:

• It is signed by a company approved by the Bank of Spain.
• It is still valid (6 months from its issue).
• You have the report and can submit it to the bank. You are entitled to receive it and the invoice.

When ordering your appraisal

1. You are free to choose the appraisal company.
2. You can negotiate with as many banks as you like.
3. You can request a review of the report if you consider it necessary.

We are an appraisal company approved by the Bank of Spain and carry out mortgage appraisals throughout Spain.