How long is a mortgage appraisal valid?

When you apply for a mortgage-backed loan, it is important to know the maximum validity period of the appraisal. We explain how long you have and what your options are if it expires.

The appraisal expires, but how long can you use it?

The mortgage appraisal is regulated by Ministerial Order ECO/805/2003, which sets a validity of 6 months from its issue date.

While it is valid, you can submit it to a bank to apply for a loan, mortgage a home you own or refinance an existing loan. The report must be issued by a company approved by the Bank of Spain.

What if the validity period runs out?

Most people request it to apply for a mortgage. The bank requests it after a favourable financial assessment. As long as it has not expired, you can use the same appraisal with other banks.

Updating the previous appraisal

If it expires, you do not necessarily need a new one. You can request an update from the same company that issued the previous one, under Order ECO/805/2003. Requirements:

• Request it before 2 years have passed since it was issued.
• From the same company that issued the previous one.
• A registry certificate or registry note issued in the last 3 months.
• The visit date cannot be more than 2 months before the issue date.

Tasvalor is an appraisal company approved by the Bank of Spain. If you need an update, contact us.