Obtaining the best mortgage in Spain
Unlike other countries whilst Spanish Banks issue guidelines on minimum terms and conditions for loans, to their branches, local management are left with discretion to alter these as long as they do not go below the minimum stipulated.
This practice means that what a direct mortgage applicant may get offered, if they walk into one branch of the same bank, may vary to what they would achieve if they selected anoher Branch.
Branch managers can and do increase the rates and insist on compulsory products not normally attached to the loan in order to enhance their overall profitibilty.
If a direct client happens to apply for a loan when that months targets have been met they may find a very unattractive home loan is offered on the basis the Branch only want the application if it is going to offer them an unuaslly high level of profit.
With no central control on what terms and conditions can be offered direct clients of the bank may not be getting the best deal possible.
An independent and experienced Spanish mortgage adviser will know what are the best rates possible within any Bank and will ensure their client gets underwritten with this in mind.
Clarity on the application process
Applicants who apply direct to Banks often believe due to staff feedback at the Bank that the application is further down the approval process than it is. Many clients think they have a mortgage offer when all they actually have is an acceptance to look at an application. A loan is Spain is never secure until the file has been sent to the central risk teams and a valuation has been undertaken.
Some Banks, if you apply direct inisit a valuation is undertaken before a risk assesment is made on the financial data so sometimes even after valuation has been paid for you cannot be certain your loan is secure.
Independent advice
Appointing an independent advice company to work on the buyers behalf at each stage helps avoid confusion, ensures the process is clear and quick and most importantly ensures the best `possible terms and conditions are secured.
Read the full article:- Mortgage brokers in Spain
