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Mortgage Direct - a Spanish mortgage broker specialising in the provision of mortgages for expats - have confirmed they have secured their Spanish license.
The development comes in the wake of recent regulatory changes in the Spanish market that saw authorities tighten conditions in the industry.
Attaining a licence under the new regulations - Article 27, Law 5/2019 of the 15 March - required all potential brokers to sit and pass Accredited Real Estate Loan Assessors exams by a 15th July 2020 deadline.
The Bank of Spain’s list of those who are now licensed shows that Mortgage Direct are one of just a few international brokers in the whole of Spain to have achieved this.
"If you work with a mortgage broker who does not have the licence, they can only introduce clients to a bank. They cannot give advice and more importantly, they cannot receive any evaluation/comments from the bank during the mortgage process," says Katherine Walkerdine at Mortgage Direct.
"We recently met an agent who was collaborating with a broker on this basis and they said the introduction of one of their clients had been disastrous. They didn’t know if the mortgage had been approved or if the valuation had been instructed. If it had been carried out, was it suitable and when (if applicable) could the client complete? The agent – and hence the client - received no feedback whatsoever," adds Walkerdine.
If you would like a quote for your Spanish mortgage, please visit Mortgage Direct today.