A mortgage broker represents your interests in the relationship with the bank
A mortgage broker represents your interests in the relationship with the bank

Why non-residents should use a mortgage broker in Spain

Navigating the market as a non-resident can be challenging, especially if you're not familiar with the local market dynamics. A mortgage broker can help make things faster and ensure you finish your mortgage on time.

Delia Mihuț
Written by Delia Mihuț
Published at 2024-02-28
Last updated on 2024-04-15
Readtime 3 minutes

Considering buying property in Spain but feeling overwhelmed navigating the mortgage process as a non-resident? You're not alone. 

International buyers often struggle with language barriers, complex regulations, and finding favorable mortgage rates. A mortgage broker can be an ally for non-residents.

Let's explore how a mortgage broker can simplify your property buying journey in Spain, turning what might seem like an overwhelming process into a smooth experience.

What is a mortgage broker, and how does it work in Spain?

A mortgage broker is a licensed and regulated financial professional who works on your behalf with several banks to find you the best mortgage for your needs. 

A mortgage broker clarifies everything you need to know about your mortgage and represents your interests in the relationship with the bank. On average, mortgage broker fees can range from 0.5% to 2% of the loan amount.

Mortgage broker options in Spain for non-residents

Fortunately, the market offers plenty of options. Whether you're seeking a mortgage broker with strong connections to top Spanish lenders, one who speaks your language, or specializes in a specific region, you'll find what you're looking for. 

The key is to identify the factors that are most important to you. 

Continue reading a handy guide on choosing your mortgage broker for financing in Spain when you are a non-resident buying from abroad.

Mortgage Direct

A mortgage broker with over a decade of experience

If having someone on your side with over a decade of experience brings you peace of mind, Mortgage Direct is a key name to consider in the Spanish mortgage industry. 

They have extensive experience managing non-resident mortgages, offering various solutions. However, looking at their website, you’ll see no mention of the banks they are partnered with.

An initial fee of 695 EUR is required to begin an application, and there is an approval fee of 0.6% of the mortgage amount, with a minimum of 1,000 EUR.


A mortgage broker with additional legal support

If you're interested in having someone who can offer legal support in addition to mortgage brokering, Foxes might be a choice worth considering. 

They assist international clients with property purchases in Spain and primarily work with Santander, Bankia, and Bankinter. 

They charge 1,500 EUR + VAT once you accept an offer, and upon completion of the binding paperwork, they charge 0.5% of the total mortgage amount + VAT.


A digital service with top Spanish bank partners

Although they entered the market in 2023, Homevest introduced a digital solution that simplifies the process for both customers and banks. They collaborate with top lenders in Spain, including Sabadell, UCI, Banca March, Bankinter, Santander, Cajasur, and Unicaja.

They provide a self-service platform to help you determine your eligibility for financing and build your mortgage file. They also offer a mortgage broker to guide you, ensuring your mortgage is completed on time and your case receives priority from the banks.

Homevest, along with Foxes and Mortgage Direct, serves non-residents interested in buying in various regions of Spain. 

If you're interested in exploring other options, read on to understand which mortgage brokers can assist you in purchasing property in Spain and learn how to compare the available credit offers.

Pros and cons of using a mortgage broker in Spain

  • having someone who speaks the language and knows the market can speed up the mortgage process
  • access to multiple Spanish lenders, and therefore more competitive offers
  • having someone to negotiate better terms on your behalf 
  • receiving guidance and explanations along the way
  • additional fees up to 2% of the mortgage loan
  • geographical limitations as a broker might not be familiar with the specific region where you’re buying

If you’re unsure about working with a mortgage broker, explore a guide comparing mortgage brokers vs banks for non-residents seeking finance in Spain, covering pros, cons, and tips.

Seeking the best mortgage deal? Use Homevest to increase your chances

Having someone on your side can be an excellent option for securing a mortgage in Spain, making the process less overwhelming.

Homevest can improve your mortgage experience by representing your interests in the relationship with the banks and negotiating the best deal for you.

Besides requesting and comparing mortgage offers from top Spanish banks, Homevest matches applicants with lenders that meet their specific needs, allowing them to receive multiple offers.

Thanks to Homevest, we secured favorable terms at Sabadell, even the notary pointed out that the loan conditions are good. Homevest deserves the compliments for this, they made all the difference in our Spanish property-buying journey, says Stefan, a German citizen who bought a holiday home in Costa Brava via Homevest

Why should you use a mortgage broker when accessing financing in Spain as a non-resident?

After weighing the pros and cons and exploring your options, it might become clear that having a mortgage broker by your side can ease the burden. 

Navigating the market as a non-resident can be challenging, especially if you're not familiar with the local market dynamics. Banks have different rules for foreigners and locals. A mortgage broker can help make things faster and ensure you finish your mortgage on time. 

Ultimately, the decision is yours — weigh the factors and choose the best option.


We recommend obtaining professional or specialist advice before taking or refraining from any action based on the content in this article. The information in this article does not constitute legal, tax, or other professional advice from Homevest Limited. Prior results do not guarantee a similar outcome. We make no representations, warranties, or guarantees, whether express or implied, that the content in this article is accurate, complete, or up to date.

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