Be prepared to travel to Spain at least once
Be prepared to travel to Spain at least once

Mortgage broker vs. bank: which leads to a better Spanish mortgage deal?

Securing the best mortgage deal as a non-resident in Spain can be complex, whether you're dealing directly with a bank or prefer to have someone handle your case. Compare the two options before deciding what's best for you.

Delia Mihuț
Written by: Delia Mihuț
Published at 2024-02-13
Last updated on 2024-06-11
Readtime 3 minutes

If you're researching how to secure a mortgage in Spain, you're likely wondering whether working with a mortgage broker or going directly to a bank will result in better deals.

Keep reading to compare the two options, exploring their pros, cons, and tips. 

We'll also introduce you to an excellent alternative for requesting and comparing mortgage offers from top Spanish banks — Homevest, a digital service that helps you get a great mortgage. 

Pros and cons of using a mortgage broker in Spain 


  • access to multiple options to find the best mortgage for your financial needs
  • collaboration with top Spanish banks to provide competitive mortgage options
  • multilingual support is often available, making the process more accessible for non-Spanish speakers
  • guidance throughout the application process, including paperwork and negotiations
  • assistance in understanding the terms and conditions of the loan agreement before signing


  • mortgage broker fees can range from 0.5% to 2% of the loan amount
  • not all brokers have access to every lender, limiting your options 

Pros and cons of directly contacting a Spanish bank for your mortgage 


  • direct access to the lender and possible faster responses 
  • possibility of negotiating directly with the bank for better terms on your mortgage
  • simplified process without involving a third party, which may result in reduced fees


  • you’ll need to take care of the communication and the processes between you and the bank
  • multilingual support may not be available if you’re a non-Spanish speaker
  • limited access to a variety of mortgage options compared to working with a mortgage broker  
  • the mortgage process could take longer if you choose to compare offers from different lenders by yourself

Tips for securing your best mortgage as a non-resident

Securing the best mortgage as a non-resident in Spain can be complex. 

Whether you're dealing directly with a bank or prefer to have someone handle your case, keep these tips in mind as you navigate the mortgage process:

1. Don't choose a bank solely based on the lowest interest rate

While a low interest rate may seem appealing, it's important to consider the overall terms of the mortgage, such as the repayment period, associated fees, and any penalties.

Banks in Spain are open to negotiating mortgage terms with qualified borrowers. A strong financial profile, including a high credit score, stable income, and favorable debt-to-income ratio, puts you in a better position to secure favorable mortgage rates.

2. Be clear about your preferred timeline and any potential deadlines

Defining your timeline for purchasing a property and securing a mortgage can help streamline the process and avoid unnecessary delays or complications.

3. Consider contracting a lawyer for comprehensive expertise and peace of mind

A lawyer can review the mortgage contract, explain any terms or conditions you're unsure about, and make sure the transaction complies with Spanish laws and regulations, providing peace of mind throughout the process.

4. Be prepared to travel to Spain at least once

While some aspects of the mortgage process can be handled remotely, such as initial inquiries and document submission, visiting Spain in person is necessary at least once to sign the mortgage contract at the notary.

5. Remember that not all properties are mortgageable

Some properties may be ineligible for mortgage financing due to their condition, location, or legal status. Research the property eligibility criteria and consult a mortgage advisor before making an offer.

Homevest will negotiate the best deal for you 

Homevest can enhance your mortgage experience by negotiating the best deal on your behalf.

With Homevest, you can request and compare mortgage offers from the top Spanish banks. 

Homevest matches applicants with banks that suit their needs, enabling them to receive multiple offers from lenders such as Santander, Sabadell, CaixaBank, Cajasur, UCI, or Unicaja.

You can also apply by yourself as a foreigner, but I would suggest asking for help if you want a smooth process.

Homevest guided me through the process and supported me in additional steps, such as applying for NIE, connecting me with the right company for valuation, double-checking the process, and most importantly, I always felt supported”, explains Petra, a Swiss resident who purchased a property in Murcia with Homevest’s help. Read about her journey in securing a mortgage and gain insights from Petra's experience navigating the Spanish market.

Homevest aims to simplify the often complex process of obtaining a mortgage in a foreign country by consolidating resources and providing options in one location.

When choosing a mortgage broker in Spain, consider their experience, reputation, lender network, customer service, fees, and seek recommendations and online reviews. Read a handy guide to help you choose your mortgage broker in Spain when you are a non-resident buying from abroad.


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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