Mortgages in Uruguay: The Public Notary's Role in Mortgage Loans
To obtain a mortgage loan in Uruguay, whether from BROU (Banco República), Santander, Itaú, HSBC, Scotiabank, BBVA, Banco Hipotecario del Uruguay (BHU), or another financial institution, the public notary must conduct the title search of the property and draft the mortgage deed that is signed in the presence of the bank and the parties.
Banks in Uruguay that offer mortgages
The main banks and financial institutions offering mortgage loans for home purchases in Uruguay are:
- BROU (Banco de la República Oriental del Uruguay) – the state bank with the most competitive rates in the market.
- Santander Uruguay – mortgage loans in pesos and UI (Indexed Units).
- Itaú Uruguay – mortgage loans with different terms and conditions.
- HSBC Uruguay – financing for property purchases.
- Scotiabank Uruguay – housing loans with flexible conditions.
- BBVA Uruguay – mortgage loans for purchases and construction.
- Banco Hipotecario del Uruguay (BHU) – specialized in housing credit.
- Heritage, Citibank – private banking with real estate financing.
- FUCAC and ACAC – credit unions with mortgage lines.
Essential documents for a mortgage deed
- Credit approval from the bank (BROU, Santander, Itaú, HSBC, etc.).
- Registry certificates free of existing liens.
- Approved survey plan.
- Property title deed.
- Updated cadastral certificate.
- Summary and cover sheet for the Property Registry.
The step-by-step process
- Application and approval of the loan with the bank.
- Designation of the public notary by the parties or the bank.
- Title search for the last 30 years.
- Request for registry and cadastral certificates.
- Drafting of the mortgage deed.
- Signing the deed at the bank or at the notary office.
- Registration of the mortgage with the Property Registry.
Associated costs
In addition to the public notary's fees and professional stamps, banks typically charge management fees, property appraisal, and mandatory insurance. The notarial costs of a mortgage deed include fees, contributions to the Notary Association, and registry registration.
Related articles
- Real estate transactions in Uruguay
- Deeds with banks in Uruguay: BROU, Santander, Itaú, and more
- Trusts in Uruguay