Mortgage Information

Leading independent mortgage broker for Spain and Portugal
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As we mentioned in our June newsletter, the mortgage industry in Spain is now subject to regulations meaning that a company wanting to give mortgage advice to clients must hold an accreditation licence from the Bank of Spain and its advisers must complete the Creditos Inmobiliarios course (including a minimum of 65 hours study) and pass the Asesor en Préstamos Inmobiliaros exam by no later than June 2020.

Having completed the course, Mortgage Direct’s advisers recently went to Barcelona to sit the exam and we are now pleased to confirm that all 8 of us passed and we have also received our official certificates confirming our completion of the credit intermediary training programme. This is a huge feat for all concerned considering the fact we had so little time to prepare for such an intensive course.

What does this mean for you as a collaborator?

One of the main lending banks has given mortgage intermediaries a deadline of the end of September for at least one adviser to have passed the exam in order to continue advising clients. If the exam has not been passed, the mortgage intermediary will no longer be allowed to give advice and can only introduce the client and take no further part in the mortgage process.

In the case of an intermediary without the qualification, although they could introduce the client to the most suitable bank, they wouldn’t be able to guarantee that the bank would then offer the client the best deal for them. The client could be kept in the dark regarding the progress of the application and the introducer wouldn’t always be able to keep the collaborator updated. 

For qualified advisers, such as ourselves, the continued involvement of the adviser would mean a client’s application is more likely to be approved, since the adviser will present the case in the best possible way and can ask for additional supporting documents if required, whereas for a case dealt with by a non-qualified introducer, the bank may consider only what has been presented by the client and decline the application if it's not sufficient.

The exams are a major part of the application for the licence from the Bank of Spain and we now await the completion of the process. We expect it to be issued in the next couple of months and will keep you updated via our newsletters and on our website.
If you have a client needing finance, please don’t hesitate to contact us. We can continue to give the best advice as we always have done.

Mortgage enquiries

For any mortgage-related enquiries, please don’t hesitate to get in contact
with Katherine by calling her on +34 695 706 749
Mail Katherine for a mortgage enquiry

Maximum LTV

Up to 70 % for non-residents
Up to 80 % for residents

Variable interest rates

From Euribor + 1.35% = 1.35%  
Current Euribor -0.108%

Fixed interest rates

From 1.7% for the whole term (20 years). Terms up to 30 years

Useful information

Mortgage products & process

For further information on mortgage products, please refer to our website. Our step-by-step guide also helps clients understand how the process works.

Mortgage quote

To receive a mortgage quote with no obligation, please complete our online form or contact one of our qualified advisers - please rest assured that all information is treated as strictly private and confidential.

Required documents & charges

In terms of the documents required, we do not need these to provide an initial quote. Please refer to our charges page, which gives an example of the costs involved in a typical house purchase. Depending on the area of Spain, clients should allow between 12-15% of the declared price to cover all fees and taxes.
Copyright © 2019 Mortgage Direct SL, All rights reserved.

Our contact details are:
Phone: +34 963156011


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