Why use a mortgage broker in Spain? What should you check when selecting a mortgage broker?

They say first impressions always count, but when choosing a reliable, trustworthy and professional mortgage broker in spain, you might just need to dig a little bit further. Here is some advice we can offer you.

  • Look for testimonials and service reviews – We live in the information area, where we can easily share our experiences with our mortgage broker with other clients, and new clients can benefit from our opinion. So, when choosing the professionals that will help you with your mortgage needs, it is always a good idea to check what their previous clients have to say about the service they received. Of course, every experience is different, but it is a great way to start! Please read what our clients say about us here.
  • Double check the offers – Sometimes, business will advertise exceptional conditions for a mortgage such as a lower than normal interest rate or a higher percentage of LTV to attract customers, but when reading the small print, these conditions may be subject to a certain financial criteria, or be available only when contracting more bank products that you might not need. At Hipoteken, we always work hard to get you the best deals, but we will always be honest about how much you can expect to borrow and the conditions that would apply. Please check our Mortgages section to read more about the different mortgages available for you depending on your circumstances.
  • Always find a registered broker – Since 2018, mortgage brokers in Spain are subject to a new regulation and they all must be registered with the Bank of Spain.

Working with a registered broker guarantees you protection. 

The Bank of Spain has a strict registration process, which ensures that all lenders and brokers have:

  1. Correct qualification and updates of it – a personal registration process has to be conducted by each broker or bank manager dealing with mortgages, and this also requires updates and continuous training.
  2. Insurance policy – registered mortgage brokers in the Bank of Spain are obliged to have an insurance policy which would have them covered in case significant damage to clients is caused.
  3. Code of conduct – the regulation requires a strict code of conduct in the broker’s work, ensuring brokers have the right communication with clients, transparent fees, independence, among other requirements.
  4. Processes for claims – registered brokers are obliged to have a customer service and claims process.
  5. Identification –  know who you are dealing with from minute 1.

 

👉 You can check all the information on our registration here.

 mortgage broker in spain

Mortgage broker in Spain or a bank? 

You might be considering going straight to a bank to apply for a mortgage and handling all the communications and paperwork yourself, In this case, we would like to remind you that:

  1. In Spain, not all bank branches or managers deal with mortgages – some do not deal with mortgages, especially non-resident mortgages. If you end up in the wrong branch or bank you could be stuck there wasting your precious time.
  2. It’s not necessarily going to be cheaper to go directly to a bank – brokers will be able to provide you with comparisons between bank’s offers, and many times provide you with deals bank branches do not offer directly. The banks know what deals are out there and they know brokers will be applying to several banks, so they make sure they provide you the best offer possible.
  3. Why try with one bank when you can try with 2 or 3 at the same time? Brokers will be able to apply to several banks at the same time, saving you time and maximising your chances of getting a good deal.
  4. Why not take advantage of the broker’s experience to advise you on the process? A mortgage is something some people will only sign once or twice in their lives.. At Hipoteken, we sign mortgages on a regular basis so we can offer you all our experience.
 

Is your estate agent or solicitor offering to organise your mortgage?

This can be the norm sometimes, or it was in the past. Now, and per the new Bank of Spain’s regulations, estate agents and solicitors would only be able to help in a very limited part of the process, maybe just by introducing your case to the bank. Generally, they will only try with one bank, and if this one just happens not to be the right one for you and your needs, you could be stuck in the process and waste some precious time and energy. 

Please contact us today to let us know about your specific circumstances and we will do our very best to get you the best deal.

 

Leave your mortgage application to us, we will take care of it all and make sure we try all possible options to get you the mortgage you need!

Überlassen Sie uns Ihren Hypothekenantrag, wir kümmern uns um alles und stellen sicher, dass wir alle möglichen Optionen ausprobieren, um Ihnen die Hypothek zu besorgen, die Sie brauchen!​

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