If you require a mortgage in Spain it is important to use a Bank of Spain licensed mortgage intermediary to source the right mortgage product for you and ensure the terms are fully explained and the mortgage process is managed efficiently. If your mortgage intermediary is not licenced by the Bank of Spain they are unable to be active in the mortgage industry.
By using a mortgage intermediary you shall have access to all available competitive mortgage products and have your interests protected. When approaching a bank directly the best possible terms may not be offered as bank managers are instructed to maximize the profit of each application and this can result in higher interest rates.
Even if you have not located a property yet it is best to contact a mortgage intermediary to determine if you are eligible for lending.
You can obtain a financial approval before travelling to Spain to view properties, therefore your budget is defined and the lending process is underway.
This shall strengthen your position when negotiating with the vendors of the property you wish to purchase as it evidences both your seriousness and removes any uncertainty as to the mortgage viability, you can proceed straight to valuation.
At Independent Spanish Mortgages-Brokers SL we have no upfront fees. Our fee is only due once a financial approval has been obtained and you instruct the property valuation.