Navigating the Spanish Mortgage Market

9 January 2024 | Tags: , , , ,

Embarking on the journey of buying property in Spain, especially with the added dimension of securing a Spanish mortgage, demands a nuanced understanding of the local market. In a recent conversation with Marc Elliott, the founder of Fluent Finance Abroad, Alex Radford delved into the intricacies of the Spanish mortgage landscape. This informative article explores the key facets of their discussion, offering valuable insights into the process of acquiring property in Spain and the role of a seasoned mortgage expert.


Navigating the Spanish Mortgage Market: The Broker’s Role:

One of the central topics of the conversation was the pivotal role of a mortgage broker in the Spanish property acquisition process. Unlike the well-established role of mortgage brokers in the UK, the Spanish market is still adapting to this concept. Marc emphasised the significance of mortgage brokers as bridges between financial cultures, providing clients with access to funds from a spectrum of lenders.

Insights into the Mortgage Application Process:

The conversation touched upon the intricacies of the mortgage application process, shedding light on the discovery interview, pre-qualification, and the commitment fee. Marc highlighted the importance of clients reaching out to a mortgage broker before finalizing a property, underlining the potential pitfalls of leaving mortgage considerations until the last stage of the transaction.

Considerations for Property Buyers:

Navigating the Spanish property market involves a series of considerations, from negotiating clauses in contracts to understanding the costs involved. The article outlines the advice given regarding contacting a mortgage broker early in the process and the importance of having a clear understanding of the financial aspects before venturing into property transactions.

Factors Influencing Mortgage Approval:

Marc provided insights into the factors influencing mortgage approval, including loan-to-value ratios, considerations for non-residents, and the role of property surveys. The article emphasizes the importance of due diligence in understanding the actual loan-to-value and potential discrepancies in valuations.

Regulation and Professionalism:

Post-2019, the regulatory landscape in Spain underwent changes, and Marc highlighted the importance of working with licensed mortgage experts. The article discusses the professional liability and third-party liability insurance in place to ensure client protection.

Navigating Due Diligence:

Due diligence emerged as a critical aspect of the property acquisition process, particularly concerning property surveys and pre-desktop valuations. The article explores the importance of these steps in identifying potential issues early in the process.

As the interview concludes, it underscores the complexity of navigating the Spanish property market and the significance of informed decision-making. Navigating the Spanish property market requires a blend of expertise from both legal and financial perspectives.  Insights from Marc Elliott’s conversation with Alex Radford provide prospective buyers with valuable considerations, empowering them to approach property acquisition in Spain with confidence and awareness.


My Lawyer in Spain is a team of experienced British Solicitors and Spanish Abogados, with 15 offices spread across Spain. Our commitment is to deliver a unique, tailor-made service for all your legal needs. Contact us today to help with your move to Spain.

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