A mortgage is the largest expense many families make in their entire lives, and getting the lowest interest rate possible can save you thousands of dollars over the several decades it takes to pay off the loan. Traditionally in Spain the way to compare offers was to make a round of visits to bank offices to receive the offers and then run the numbers. But given the complexity of the process, the possibility of turning to a mortgage broker is gaining more and more weight. Traditional operators are being joined by digital platforms that have access to the vast majority of institutions operating in Spain and guarantee them the possibility of obtaining fixed rate mortgages of less than 2%.
“The average interest rate for fixed rate mortgages that are taken out in Spain is currently 2.85%. We receive them on average at 2.25%. It depends on the client profiles, the conditions and the type of operation. But at the moment the impact is 60 basis points less”, explains Ricard Garriga of Trioteca, one of the largest mortgage comparison and brokerage platforms in Spain.
To put these figures into context, according to data from the National Institute of Statistics (INE), the average amount of mortgages is 169,650 euros, and the average rate of fixed mortgages in the month of August was the aforementioned 2.85%. With these references, an average 25-year mortgage would have an installment of approximately 791 euros per month. If the average rate of 2.25% that intermediaries claim to reach were applied, the commission would drop to around 740 euros. The savings amount to approximately 51 euros per month, which means approximately 612 euros less in interest per year and 15,300 euros less for the entire duration of the loan. It’s a modest differential in tenths, but significant in your pocket.
“This is achieved thanks to the volume of business and agreements with the institutions. We know the lower limits of each bank and we negotiate with the client so that the operation is successful. We can also negotiate constraints or clauses such as amortization without penalty,” explains Ricardo Gulias, CEO of RN Tu Solution Hipotecaria, one of the large mortgage brokerage companies, which has been operating in the sector for 25 years.
Mortgage brokers or intermediaries have become increasingly common in the Spanish market. They act as a bridge between the customer looking for financing and the banks that grant the mortgages. In general, there are two models. On the one hand there are digital comparators, who operate mainly through online platforms, are paid based on the positive outcome (only when the customer takes out the mortgage) and do not charge commissions to the customer because it is the bank that remunerates their work. On the other hand, there are traditional intermediaries, generally specialized companies, which charge the client direct fees for the negotiation, the presentation of the operation and the accompaniment of the entire process until signature. These commissions can vary from 3,000 to 5,000 euros. Both models coexist and grow in a market which, until a few years ago, operated almost exclusively through bank branches.
The operation is similar in all cases. Once the customer contacts the intermediary, an initial phone call or a short test is made to find out the customer’s financial situation, the house he wishes to purchase and the type of mortgage he needs. This initial contact often serves to guide the customer on what house they can afford. Subsequently, the intermediary prepares a dossier which is sent to the financial institutions and the most suitable offers are selected. Once the customer accepts one, the data is verified and the European Standardized Information Sheet (FEIN) is issued, which constitutes the bank’s definitive offer. Finally, the appraisal is carried out and the signature is perfected in front of a notary.
“We have special offers because we work with a large volume of operations and, depending on the moment each entity is in, the banks give us certain criteria of profiles they are looking for. Sometimes a bank, depending on whether it needs to sign more operations, accepts a wider range of profiles and other times it is more restrictive and only looks for clients with a certain income level. We know this and we know how to direct each client towards the entity that will offer them the best offers according to their needs,” explains Laura Martínez, of iAhorro, another of the large digital comparison platforms. mortgage brokerage. According to data provided by the company, the average fixed rate at which mortgages were obtained in the third quarter was 2.1%.
According to the companies interviewed, the times have also significantly accelerated. From the moment the customer initiates the application to signature, an average of approximately 55 days normally passes, compared to the three months it would take to go to the bank offices independently.
In 2020, only 4% of mortgages were underwritten through intermediaries. In 2022 this figure had already risen to 12% and in 2024 it doubled to 24%, according to data provided by Trioteca. Forecasts indicate that it will reach 31% in 2025. And despite its growth, Spain remains far behind other countries where the figure of the mortgage broker is dominant. In the US 85% of mortgages are handled through intermediaries, in the UK 80%, in Australia 70% and in Germany 60%. Even in a market comparable to the Spanish one such as Italy the share is around 40%.
Of course, experts also warn that you need to be careful before turning to a mortgage brokerage firm. The first thing is to ensure that the company appears in the register of financial intermediaries in the credit market of the Bank of Spain. “This ensures that there is adequate training behind it, that the company has civil liability insurance and that it complies with the law, so that at least ethics and professionalism are intuited”, emphasizes Ricardo Gulias.
In recent weeks, banks have been withdrawing their positions in the mortgage market. Normally the last part of the year is a window of opportunity for those thinking about purchasing a house because institutions are waiting to close commercial objectives and the customer has more negotiating capacity. But in 2025, banks have already largely achieved these goals and are making their mortgages more expensive after many senior executives felt the market was reaching a point of irrationality. Bankinter has increased fixed mortgages from 3.3% APR to 3.346%. BBVA increased rates from 3.57% to 3.67%. Santander raised rates from 3.07% to 3.27% and Banca March, which offered the best conditions, from 2.91% to 3.01%.
