Top 12 Leading Mortgage Brokers in Spain

You’ve just decided to buy property in Spain - congratulations! You can already feel the Mediterranean breeze, as you lounge on the porch of your beachfront house on Costa del Sol. 

But before you settle into that dream, one important step is securing the right mortgage. Navigating Spain’s mortgage market can be tricky for international buyers, especially getting a mortgage as a foreigner, which is why working with a trusted mortgage broker is key. In this guide, we’ve rounded up the top 12 leading mortgage brokers in Spain to help you find the perfect fit for your home-buying adventure.

A List of Mortgage Brokers in Spain

With a significant rise in housing prices—up by 8.72% in Q3 of 2023—Spain's largest cities have become prime locations for property buying. To make use of this upward momentum, here’s our top pick of brokers who can help you. All of our recommendations are licensed and registered with the Bank of Spain, as per the 2019 law. 

Top Mortgage Brokers in Marbella

Fluent Finance Abroad focuses on helping international buyers secure the best rates with personalized, expert guidance. There’s also Mortgage Matters Spain, which simplifies the process for both expats and locals, offering tailored advice and support from start to finish.

Finally, Habeno combines innovative technology with personal service, making it easy for clients to compare mortgage options, calculate mortgages and secure financing quickly. Check out the table below for more specific info.

Top Mortgage Brokers in Madrid

Mortgage Direct SL and Brokers Finance stand out as premier mortgage brokers in Madrid, known for their tailored services and deep market knowledge. Operating since 2006, Mortgage Direct provides mortgage advice across Spain, achieving an impressive 98% approval rate for their clients. Their mortgage solutions cater to both expats and local clients. 

Brokers Finance is celebrated for their comprehensive support and efficiency, with the clients highlighting the agents’ empathetic and personable approach. Their strong relationships with leading Spanish banks allow them to offer exclusive deals, making them a go-to for potential homeowners. This table below provides an overview of their services, industry reputation, and licensing.

Top Mortgage Brokers in Barcelona 

Spain’s capital boasts Spectrum International Mortgages, which comes highly recommended for international clients. Their personalized approach and strong network of lenders ensure competitive rates and smooth transactions. 

Meanwhile, aFinance is recognized for its deep local expertise and streamlined processes, offering clients a fast and efficient mortgage experience with access to exclusive deals from top Spanish banks. They guarantee free assessment in 24 hours, and even a 100% mortgage. 

Another option for expats is Hipotecas Plus, highlighted for its exceptional customer service and detailed approach to each individual situation. They offer tailored advice in English, and their agents will also accompany you to the notaries if needed. The table below features further info on these brokers.

Top Mortgage Brokers in Valencia

When it comes to Hipoteken International Mortgages, their understanding of the Valencia property market, combined with strong relationships with top lenders, allows them to secure competitive rates and tailor solutions to each client’s financial situation. They have a reputation for reliability, transparency and exceptional customer support.

Colibid is another Valencia-based startup that offers comprehensive mortgage services. Since its launch in 2022, its platform connected over 100,000 clients with 17 local banks. Find out what kind of mortgages they offer and find links to their sites in the table below.

Top Mortgage Brokers in Palma

Lionsgate is celebrated for its innovative approach and deep understanding of the real estate market, which enable it to offer customized financing solutions that perfectly align with the client’s needs. 

On the other hand, Mallorca Mortgage Consultancy is revered for its personalized service and in-depth local knowledge. Both brokers leverage their strong relationships with banks to secure the best terms, ensuring a seamless and successful mortgage process for their clients.

Let’s see which services they offer and how they rank among the competition.

Why Getting a Mortgage Broker in Spain Is a Good Idea

Using a mortgage broker in Spain is a smart choice, especially given the current state of Spain's real estate market, which continues to attract both local and foreign buyers. Property prices in popular areas like Madrid, Barcelona, and the Costa del Sol have risen, and the market remains competitive. A broker’s access to a wide network of lenders allows you to compare rates and terms, ensuring you find the best deal despite the market's fluctuations.

With rising demand, especially among international buyers, navigating Spain's property and mortgage processes can be complex. Brokers are well-versed in local regulations and specific requirements, such as obtaining a NIE for foreign buyers and dealing with taxes like the Impuesto de Actos Jurídicos Documentados (AJD) on mortgage deeds.

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What Type of Mortgages & Mortgage Brokers Can I Get in Spain?

When navigating the Spanish real estate market, understanding the various types of mortgages available is crucial for prospective buyers. From fixed-rate and variable-rate loans to specific options like interest-only mortgages, each type offers unique benefits and considerations.

Types of Mortgages in Spain

In Spain, you have several mortgage options, depending on your financial needs and long-term goals. There are 3 most common types: 

• With a fixed-rate mortgage, your interest rate stays the same for the entire duration of the loan. This gives you stability, as your monthly payments will never change, regardless of fluctuations in the market. It’s a good option for those who prefer predictability and long-term planning.

• Variable-rate mortgages are tied to the Euribor (Euro Interbank Offered Rate), meaning the interest rate can fluctuate throughout the loan term. While your monthly payments may go down when rates are low, they can also increase when rates rise. This option is better suited for those comfortable with a bit of risk.

• Finally, mixed mortgages combine both fixed and variable elements. For a set period (usually the first few years), the mortgage has a fixed rate, then switches to a variable rate for the remainder of the term. This option offers a balance of stability and flexibility.

Types of Mortgage Brokers in Spain 

Introduced in June 2019, the Real Estate Credit Law (Ley de Contratos de Crédito Inmobiliario) enhanced consumer protection, standardized mortgage contracts, and significantly impacted how mortgage brokers operate in general. Now, only entities registered and authorized by the Bank of Spain or another regulatory body can act as mortgage brokers.

These include:

• Lenders (banks and financial Institutions): Banks and other financial institutions that offer mortgage products directly to clients can also act as mortgage brokers, guiding clients through their in-house mortgage offerings.

• Appointed representatives: These are individuals or entities that represent a specific lender or group of lenders. They are authorized to offer mortgage products but can only promote and sell the mortgages of the lenders they are associated with, not a broad range of options from the market.

• Real estate credit brokers (independent brokers): These are fully independent mortgage brokers who work with multiple lenders.

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How Do I Apply for a Mortgage in Spain?

First and foremost, before diving into the mortgage application process in Spain, you'll need to gather a comprehensive set of documents. These are crucial for proving your financial standing and eligibility. Here's what you'll need of documentation:

• NIE Number (Número de Identificación de Extranjero)

• Proof of Income

• Proof of Existing Assets and Liabilities

• Credit Report

• Property Details

• Appraisal Report

Once you’ve checked all of the above off your list, it’s time to get into the process. Here are the steps you can expect to go through.

1. Get Pre-Approval

Pre-approval provides an estimate of how much you can borrow based on your income, financial situation, and creditworthiness. This step is crucial because it helps you set a realistic budget and strengthens your position as a serious buyer when negotiating for a property.

2. Choose the Right Mortgage 

Once pre-approved, the next step is to explore different mortgage options. Spain offers various types of mortgages, including fixed-rate, variable-rate, and mixed mortgages. 

Your broker or lender will explain the details and help you choose the option that best suits your financial goals, risk tolerance, and long-term plans. This is also the time to compare interest rates and terms from different lenders to ensure you get the best deal.

3. Submit Your Documentation 

These typically include proof of income (such as payslips or tax returns), proof of identity (passport or ID card), bank statements, and details of the property you wish to purchase. For non-residents, additional documents like a NIE (Número de Identificación de Extranjero) may be required.

4. Property Valuation 

The lender will arrange a property valuation to determine its market value. This step is essential because the loan amount will be based on either the sale price or the valuation, whichever is lower. The appraisal also ensures that the property is a sound investment for the lender.

5. Mortgage Approval and Signing

Once everything is in place, the lender will approve the mortgage and issue a formal offer. You’ll have a 10-day cooling-off period to review the contract before signing it. After signing, the notary will complete the legal formalities, and your mortgage will be finalized.

FAQ

Whether you're considering purchasing property or just exploring your options, these insights will help you understand how a mortgage broker can assist you in your journey. Let’s check out some of the more frequently asked questions.

What is the role of a mortgage broker in Spain?

The role of a mortgage broker in Spain is that of a middleman between you and various lenders, helping you find and secure the best mortgage for your needs. They compare offers from different banks and financial institutions, guide you through the paperwork, and ensure you meet all legal requirements, making the process smoother and more efficient.

Do I need a mortgage broker if I’m a non-resident buying property in Spain?

You don’t need a mortgage broker, but it comes highly recommended for non-residents. Brokers are experienced in navigating the specific challenges foreign buyers face.

What are the costs and fees associated with using a mortgage broker in Spain?

The cost of using a mortgage broker in Spain varies, but typically, brokers charge a fee that ranges between 0.5% to 1% of the mortgage amount. Some brokers are paid directly by the lender, so it's important to ask about fees upfront to understand what you’ll be paying for their services.

Start Your Spanish Mortgage Adventure with Kredium

Ready to take the next step in your Spanish property journey? At Kredium, we’re here to simplify the mortgage process, ensuring you have access to the best rates and expert guidance every step of the way. Also, if you are searching for the top developers in Spain, regarding your future off plan property, you're on the right place.

Feel free to take that siesta in peace, as our team of professionals works tirelessly to get you the best deals out there. Start your Spanish mortgage adventure with Kredium today, contact us and enjoy a smooth, hassle-free experience as you secure your dream property.

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