Mortgage Costs in Uruguay by Bank (2026)

INGAR · · Financing

Mortgage Costs in Uruguay by Bank (2026)

Editorial and data review: August 23, 2026. We checked this guide against official product sheets, fee schedules and documents from BHU, Santander, Itaú, BBVA, Scotiabank, HSBC/BTG, ANV, BCU, DGR, AEU and Caja Notarial.

The cost depends on the bank and how it charges you

Buying with a mortgage adds costs that do not exist in a cash purchase: appraisal, application or origination, mortgage legal review, insurance or property-protection funds, and regulatory debits. The basic idea is simple; the way those costs are collected is not.

The same item may be paid upfront, deducted from the money disbursed by the bank, added to the financed principal, or debited over the life of the loan. It is therefore incorrect to say that every closing cost must be available in cash on signing day.

The Central Bank of Uruguay recommends comparing the total cost—including fees, insurance and all other payments—not just the advertised APR or installment.

First, separate two different sets of costs

Purchase costs exist even when there is no bank: transfer tax (ITP), notary fees, real-estate commission where applicable, certificates, stamps and registration of the purchase. We explain them in closing costs when buying property in Uruguay.

Loan costs arise from financing: appraisal, application or administration fees, creation and legal review of the mortgage, registration, life insurance, fire insurance or an equivalent mechanism, and statutory charges passed on by certain institutions.

Do not count the same item twice. If the bank adds a cost to the principal, you do not pay it in cash at closing, but you do repay it through the loan and it accrues interest.

Initial costs by bank: published terms as of August 23, 2026

This table summarizes home-purchase products. Your particular terms, promotions, customer profile, property location and loan type may change the outcome.

InstitutionAppraisalApplication or originationMortgage / notarial review
BHU Optional preliminary appraisal: 2,500 UI, VAT included. It is credited against the fee if you apply for a loan on that property within 90 days. Travel costs may apply outside the published area. No origination commission. It charges 3,700 UI, VAT included, to review the documents submitted with the application. If it must update its analysis for reasons outside the bank's control: 1,200 UI. The customer's notary acts in the transaction. BHU withholds the notary's mortgage fee from the loan: up to 2.562% of the loan, with a minimum of 14.64 UR, depending on the case.
Santander For a primary residence, the bank advertises the appraisal as part of the installment/financed-principal structure. 1.5% of financed principal for loans of USD 30,000 or more, capped at USD 1,500; 2.5% for smaller amounts. The bank states that this cost may be incorporated into a primary-residence loan. The current fee manual publishes the same formula for the mortgage or pledge review on a home loan. Ask for an itemized written statement and avoid counting the same charge twice.
Itaú Free for the published amortizing mortgage in UI. 1.5% + VAT on the loan, with a minimum of USD 150 + VAT and a maximum of USD 500 + VAT. 0.45% + VAT on the loan, with a minimum of USD 500 + VAT. If the transaction does not close because of the customer's decision, the product sheet provides for 50% of the fee.
BBVA Performed by an external appraisal company appointed by the bank. For eligible salary or professional-income customers, the promotion in force through September 30, 2026 refunds up to UYU 10,000. The current pre-contractual product sheet leaves the percentage to be completed in the customer's individual quotation; it does not publish a single rate for everyone. 0.5% of the mortgage value + VAT, with a minimum of 2,050 UI + VAT and a maximum of 8,800 UI + VAT.
Scotiabank The customer pays it and the bank refunds the cost if the loan is granted. The published real-estate loan sheet sets a one-time charge of 2% + VAT on the amount borrowed; it is added to the financed principal. 0.5% of the loan + VAT, with a minimum of 12 UR + VAT.
HSBC/BTG Pactual Uruguay USD 150 + VAT; travel costs may apply depending on distance. The public mortgage product sheet does not set a separate general origination fee. Mortgage review: 0.8% of the loan + VAT, with a minimum of 12 UR + VAT.

Note on HSBC/BTG: the BCU reports that HSBC Bank (Uruguay) S.A. is in the process of changing its name to Banco BTG Pactual Uruguay S.A. The share transfer was reported on July 10, 2026. While the documentation transition is completed, the available mortgage product sheet remains published under the HSBC brand; confirm that it is still current when requesting a quotation.

Mortgage registration: UYU 2,530, not USD 200–500

The General Registry Directorate publishes a current charge of UYU 2,530 to file a mortgage with the Real Property Registry.

That is the registry filing charge, not the full notarial bill. A priority reservation, certificates, stamps, copies, administrative work and professional fees may be added. The right way to budget is to separate each item, rather than label a bundled dollar estimate as “registration.”

Insurance and recurring charges: there is no single rule here either

InstitutionLife / outstanding balancePropertyOther published debits
BHU Mandatory BSE insurance for the full term. It is paid upfront and deducted at origination; where the transaction allows it, BHU may finance it at the same term and interest rate. Property Protection Fund (FPI): a monthly contribution equal to one twelfth of 0.35% of the original amount borrowed. Specification ES.CRE.03 does not present the regulatory control charge and complementary levy as separate debits. Use the official simulation for your case.
Santander Basic: 0.65‰ per month on the balance. Plus: 1.4‰ per month and includes loss-of-income coverage subject to its terms. An additional premium may apply. Fire insurance for the full term; it may be incorporated into the loan. An external policy must meet the requirements, be assigned to the bank and be paid for the full period. Regulatory Control Charge (TCR) of 0.10% per year + complementary levy of 0.345% per year on the balance: 0.445% per year combined.
Itaú 1‰ per month on outstanding principal, covering death and permanent disability. Fire insurance for the full loan term. The full amount is charged upfront; it may be debited from the account or deducted from the loan. TCR of 0.095% per year + complementary levy of 0.345% per year: 0.44% per year combined.
BBVA 1‰ per month on the outstanding balance, subject to the policy. 0.4‰ per year on the civil-works reconstruction value. The policy is issued for the full term and paid in advance. TCR of 0.10% per year + complementary levy of 0.345% per year: 0.445% per year.
Scotiabank Up to 1‰ per month on the balance. The product sheet permits an equivalent external policy, paid for the full term and naming the bank as beneficiary. Fire insurance for the full period, paid upfront; the cost may be financed. The product sheet allows regulatory and statutory charges to be passed through, but the linked real-estate form does not state the rates. Ask for the current amount in writing.
HSBC/BTG Pactual Uruguay 0.75% per year on the outstanding balance, included in the monthly installment according to the available product sheet. Fire insurance prepaid for the full term: construction value × premium × term. TCR of 0.10% per year + complementary levy of 0.345% per year on the balance.

There is no generic monthly fire-insurance cost of USD 10–30. Several institutions publish an upfront payment for the full term; BHU uses the FPI. Nor is there a general life-insurance premium of 0.03%–0.08% per month: Itaú and BBVA publish 1‰ per month, Scotia up to 1‰, Santander 0.65‰ or 1.4‰, and HSBC/BTG 0.75% per year.

Coverage and exclusions depend on the policy. Death and total permanent disability appear in several products, but there is no universal list of exclusions. Santander, for example, offers a Plus option with unemployment or loss-of-income coverage subject to specific terms. Before signing, request the full policy and review covered risks, exclusions, health declarations, additional premiums, cancellation terms and any refund on early repayment.

You may consider alternatives from licensed insurers, but the policy must meet the lender's requirements, cover the required term and amount, and be assigned to or name the bank as beneficiary where applicable. Do not assume that any policy will be accepted.

The costly omission: the 0.345% complementary levy

Santander, Itaú, BBVA and HSBC/BTG publish a complementary levy of 0.345% per year on the balance, debited monthly. In several cases, a Regulatory Control Charge of about 0.10% per year is added.

On a balance equivalent to USD 120,000, the approximate first-month amounts are:

  • Complementary levy: USD 34.50 equivalent.
  • TCR of 0.10%: USD 10 equivalent.
  • Initial total: USD 44.50 equivalent.

The amount falls with the balance. Dollar equivalents are used here solely for comparison: the loan is usually denominated in UI and these figures must not be read as a series of constant nominal dollar payments.

The appraisal can change your down payment, but there is no “usual” discount

The bank must verify the property's value and suitability as collateral. The appraisal is performed by a professional or firm accepted or appointed by the institution. It is not accurate to state as a general rule that the appraiser must be “licensed,” or that the result is almost always 10%–20% below the price.

Methods differ. BHU determines a cash value and a quick-conversion value. Itaú publishes financing based on market value. BBVA may lend against the purchase price, subject to limits tied to the quick-sale value. Ask the bank to identify in writing:

  • which value it uses as the basis;
  • what percentage it applies to that basis;
  • what happens if price and appraisal differ;
  • how much money it will actually disburse at closing.

Hypothetical example: if a product finances 80% of appraised value and a home priced at USD 150,000 is appraised at USD 130,000, the loan would be USD 104,000 and the buyer would contribute USD 46,000 toward the price. This calculation illustrates a possible risk; it does not prove that appraisals are normally 13% below price or describe every product.

FGCH: up to 95%, with no universal cap of 1,000,000 UI

The ANV states that the FGCH may finance between 75% and 95% of the home's value, with prior savings of 5%–25%, subject to credit approval. It is for a single home, net household income may not exceed 100 UR, and the installment must be below 35% of income.

The participating banks published by ANV are BBVA, BHU, HSBC, Santander and Scotiabank. Price caps depend on the type, location and features of the home; there is no single figure of “approximately 1,000,000 UI” that applies to all cases.

The Fund receives a guarantee premium, but do not describe it as a universal “initial commission plus monthly buyer premium.” Ask the participating institution whether it passes on any cost, the amount and frequency, and whether it adds it to principal or the installment.

Corrected example: a loan equivalent to USD 120,000

To show the order of magnitude without pretending that every bank is the same, assume initial principal equivalent to USD 120,000, an effective annual rate of 4.5%, 25 years and 300 installments. Using the equivalent monthly rate, the financial installment is approximately USD 660.87 equivalent, and interest totals about USD 78,260 equivalent in the same unit of account.

On the opening balance, some published charges would be:

Published itemFirst month, in equivalents
Life insurance at 1‰ per monthUSD 120
Santander Basic life insurance at 0.65‰ per monthUSD 78
Santander Plus life insurance at 1.4‰ per monthUSD 168
HSBC/BTG life insurance at 0.75% per yearUSD 75
Complementary levy + TCR of 0.10%USD 44.50
BHU FPI at 0.35% per year of original principalUSD 35

Do not add the entire table: each row belongs to a different structure. Do not add monthly fire insurance if the product charges it upfront, or a monthly life premium when the policy was paid at the outset or financed within principal.

As a mathematical check, if a life premium remained exactly 1‰ per month on the amortizing balance of that loan for 25 years, it would total about USD 21,300 equivalent in the opening unit of account. This is not a quotation or a sum of future nominal dollars; it shows why a generic range of USD 5,000–15,000 could be too low.

How much cash do you really need?

There is no serious answer until you choose a bank, product, property and collection method. Use this identity:

Cash at closing = the unfinanced portion of the price + purchase costs payable at closing + loan costs paid at closing or deducted from the disbursement.

For a USD 150,000 home with a USD 120,000 loan, the unfinanced portion is USD 30,000. Add the general transaction costs and only those bank costs that must be paid or are deducted from the disbursement. If the bank adds a commission or insurance cost to principal, it increases the debt and installment but not necessarily the cash needed on signing day.

It is therefore wrong to conclude that USD 50,000 in savings only lets you search for a USD 120,000–125,000 property. The maximum price depends on the financing percentage and basis, the appraisal, general purchase costs and which items are capitalized.

There are not always “two different notaries”

Every purchase requires independent notarial advice to review title, check the transaction and execute the deed. The bank must also create and review its mortgage security.

The arrangement differs by institution. Itaú publishes fees for its notaries; BBVA, Scotia and HSBC/BTG publish legal-control or review charges. BHU states that the customer's notary acts and that the mortgage fee is withheld from the loan. Do not present “two notaries” as a universal rule or use a generic USD 500–1,500 range.

For the purchase, the reference notarial fee is 3% on the applicable basis, plus VAT and the notarial social-security contribution. Caja Notarial publishes a 19% contribution rate for 2026. The resulting 4.23% can be used as an arithmetic estimate, but bases, minimums, caps and reductions exist: request a written quotation from your notary.

Before reserving: protect the deposit properly

Obtaining an appraisal before committing is good advice, but an informal sentence does not protect you by itself. If the purchase depends on financing, ask your notary to draft the reservation or preliminary agreement with clear conditions covering:

  • credit approval;
  • a minimum financing amount;
  • the appraisal result;
  • the deadline for obtaining a decision;
  • return of the deposit if the condition is not met.

The actual wording controls. Have it reviewed before transferring money.

Checklist for comparing two banks correctly

  1. Ask for the approved amount, the amount the seller will receive and the total principal you will owe.
  2. Separate the financial installment from the total initial debit.
  3. Ask which costs are paid upfront, deducted or added to principal.
  4. Request the appraisal basis and maximum percentage applied to it.
  5. Require separate figures for origination, document review and notarial control.
  6. Ask for the life-insurance rate, basis, coverage, exclusions and additional premiums.
  7. Confirm whether fire insurance is paid monthly or for the full term, and what happens on early repayment.
  8. Check the TCR, complementary levy, account maintenance and any other debit.
  9. Ask about the cost and restrictions of partial or full early repayment.
  10. If you use the FGCH, request the applicable caps and treatment of the guarantee premium.
  11. Separate the registry charge from certificates, stamps, administrative work and professional fees.
  12. Compare the pre-contractual information and a dated simulation, not just advertising.

Official sources consulted

General information reviewed on August 23, 2026. Commercial terms, insurance, promotions and rates may change. Before reserving or signing, ask the bank for its pre-contractual product sheet and a dated simulation, and review the transaction with your notary.

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