If you’re planning to buy property in Spain and need a mortgage, a specialist broker can help you access better rates, cut through red tape and avoid costly mistakes. Here’s how to find the right one.
Buying a home in Spain is exciting – but when it comes to securing a mortgage as a non-resident, the process can feel unfamiliar and time-consuming. Spanish lenders operate differently to UK banks, the paperwork is in another language and there’s no such thing as interest-only loans. That’s where a qualified Spanish mortgage broker becomes invaluable. From translating documents to navigating lender criteria, a good broker will be your go-between with Spanish banks and make sure you’re not left guessing about your budget or borrowing power.
In this guide, we’ll walk you through what a broker does, how to find a reputable one, what you’ll pay and why it’s worth getting advice early in your buying journey.
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Contents
- Why use a Spanish mortgage broker?
- How to find a reputable broker
- Dealing with the language barrier
- When to speak to a mortgage broker
- How the Spanish mortgage process works
- What will it cost?
- FAQs about Spanish mortgage brokers
Why use a Spanish mortgage broker?
As a non-resident buyer, working with a mortgage broker who specialises in Spanish property – and understands the cross-border market – offers serious advantages. They can:
- Source competitive rates from multiple lenders
- Translate complex documents and financial terms
- Guide you through the paperwork and legal requirements
- Help you understand how much you can realistically borrow
This means less stress, fewer surprises and more clarity when it comes to budgeting for your new home.
How to find a reputable broker
Not all brokers are created equal, especially when buying property overseas. A good Spanish mortgage broker will be:
- Fully licensed by the Bank of Spain (Inscrita en el Registro de Intermediaros del Credit Inmobiliario con el numero D395 Según Ley 5/2019 de 15 de Marzo)
- A qualified Spanish Mortgage Advisor (ACI)
- Experienced with international buyers
- Transparent about fees and services
If you’re UK-based, you might also prefer a broker with UK qualifications like the CII’s Certificate in Advanced Mortgage Advice, as it can give you extra peace of mind.
When looking for a mortgage broker, ask for referrals and always check reviews.
Find a reputable mortgage broker
| What to check | Why it matters | Where to verify |
|---|---|---|
| Bank of Spain registration | Legal requirement for operating in Spain | https://www.bde.es |
| Experience with non-residents | Ensures they understand foreign buyer challenges | Ask directly or check testimonials |
| Transparent fees | Avoid hidden costs or surprises | Request a fee breakdown upfront |
Dealing with the language barrier
Just because you’re buying in Spain doesn’t mean your broker has to be Spanish. Many brokers working in this space are international and fluent in English – and that’s key, because the mortgage application process will be entirely in Spanish.
A bilingual broker will help translate key terms, explain financial and legal documents clearly and ensure you fully understand your commitments before you sign. Avoid relying on apps like Google Translate – in finance, misinterpretation can be costly.
When to speak to a mortgage broker
The best time to speak to a mortgage broker? Before you even start browsing properties online.
That first conversation will help you set a realistic budget and understand what kind of loan you’re eligible for. Plus, having a Decision in Principle ready makes you more attractive to estate agents and sellers – showing them you’re a serious buyer.
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How the Spanish mortgage process works
Once you’ve chosen your broker, they’ll start by reviewing your finances and requesting a Decision in Principle from one or more lenders. This will be based on your income, debts and the lender’s own affordability criteria.
As a non-resident, you can usually borrow up to 70% of the property’s value. Note that buying costs – which typically add another 10-15% – aren’t included in the loan amount. And Spanish lenders do not generally offer interest-only mortgages on residential property.
A broker can also help if your finances have unusual circumstances. For example, if you were impacted by the pandemic or have income from multiple currencies, they can present your case more effectively than if you apply to the lender yourself, via an automated system.
Using a mortgage broker early in your buying journey is crucial to understanding your available budget. You don’t want to make an offer and pay a reservation deposit before checking affordability, as you risk losing both the property and your deposit if the mortgage falls through.
What will it cost?
Most Spanish mortgage brokers charge a fee of around 1% of the loan amount, payable upon completion. Others may work on a flat fee or receive a commission from the lender – but a good broker will always be upfront about costs.
Before agreeing to work with any broker, ask for a written quote detailing their fee structure, what’s included and what happens if your purchase falls through.
Looking for help navigating your mortgage options? Contact Your Overseas Home for free advice:
- [email protected]
- 0808 252 7870
FAQs about Spanish mortgage brokers
How do I know which mortgage broker to go with?
Start by checking they’re registered with the Bank of Spain and hold relevant qualifications like ACI. A good broker should have experience working with non-residents, offer bilingual support and be fully transparent about fees. Always ask for reviews, check testimonials and request a written quote before committing.
How much deposit do I need for a Spanish mortgage?
Most non-residents need at least 30% of the property price as a deposit. That’s because Spanish banks typically lend up to 70% of the property’s value. You’ll also need to budget an extra 10-15% for taxes, notary fees and legal costs, which can’t be covered by the mortgage.
How hard is it to get a Spanish mortgage?
It’s very achievable — especially with a broker who knows the system. As long as you have stable income, a clean credit history and your paperwork in order, many banks are happy to lend to overseas buyers. A broker will guide you through each step and help present your case clearly to lenders.
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