El 20% del negocio hipotecario llega al banco por un bróker

In Spain, approximately 20% of mortgage business now comes through brokers, according to high-ranking financial officials. These intermediaries earn commissions from financial entities, which range from 0.5% to 1% of the loan volume. The first mortgage brokers entered the Spanish market about eight years ago, quickly becoming a significant channel for business capture without large advertising campaigns.

Today, about one in four mortgages is processed through this channel, though the exact figure may be higher in major cities. People are increasingly turning to the internet for mortgage comparisons due to a lack of time to visit multiple bank branches, making digital brokers popular. The largest mortgage portal in Spain, Idealista, drives a substantial amount of traffic to these transactions.

The industry is dominated by a handful of entities, including iAhorro, Trioteca, and Idealista Hipotecas. These brokers collaborate closely with banks, using standardized procedures outlined in the 2019 mortgage law. Applicants register on the broker's website, submit necessary documentation, and within days, receive up to five non-binding offers from various banks.

This process then moves directly between the bank and the customer, with room for negotiation before reaching the notary. The brokers ensure the candidate's profile aligns with each bank's risk policies to maximize favorable offers. While brokers typically do not charge clients for their services, they earn commissions from banks, usually 0.5% to 1% of the loan amount, provided the transaction is closed.

The average mortgage loan in major Spanish cities is around 195,000 euros, a result of rising property prices. Despite the low margins, brokers play a crucial role in Spain's rapidly growing mortgage market, seeing potential for up to 50% of the business in the coming years. Although the commercial battle has softened, competitive offers remain available at 2.75%-2.80%. Spain has the cheapest mortgages in Europe, according to the banking association AEB.