Free mortgage broker in Mallorca

Our broker earns their commission directly from the banks, not from you. Banks pay brokers for bringing them qualified clients — it is a standard model in the financial industry. You pay nothing, not upfront, not at the end. There are no hidden fees, no success fees, no small print.

Non-resident buyers typically need a deposit of 30-40% of the purchase price. Spanish banks generally offer 60-70% financing for non-residents, compared to up to 80% for Spanish residents. The exact percentage depends on your financial profile, the property type, and the bank. On top of the deposit, budget approximately 10-13% for taxes and fees (transfer tax, notary, registry, legal fees).

You will typically need to provide:

• Valid passport (and NIE — see below)
• Proof of income — P60s or tax returns (last 2 years), employment contract or proof of self-employment
• Bank statements — 3-6 months from your main accounts
• Proof of deposit — showing the funds are available
• Credit report from your home country (some banks request this)
• Property details — the nota simple, purchase contract or reservation agreement

Our broker guides you through every document so nothing gets missed.

Non-resident mortgage rates are typically 0.3-0.5% higher than resident rates. As of 2026, fixed rates for non-residents range from approximately 2.8% to 3.8%, depending on the bank, the loan-to-value ratio, and your financial profile. Variable rates (linked to the Euribor) may start lower but carry the risk of future rate increases. Our broker negotiates the most competitive rate for your specific situation and compares both fixed and variable options from 20+ banks.

The typical timeline is:

• 48 hours — Pre-approval and comparison of offers
• 2-3 weeks — Full bank approval once documents are submitted
• 6-8 weeks total — From initial application to signing at the notary

This can vary depending on the bank's workload, the completeness of your documentation, and whether additional information is requested. Having all documents ready from the start speeds up the process considerably.

An NIE (Número de Identificación de Extranjero) is a tax identification number for foreigners in Spain. It is absolutely essential — you cannot buy property, sign a mortgage, open a Spanish bank account, or pay taxes without one.

You can obtain an NIE at a Spanish National Police station (with an appointment) or at a Spanish consulate in your home country. The process typically takes 1-3 weeks. Many buyers arrange this through a local lawyer or gestor (administrative agent) for convenience. Our broker can advise you on the best approach.

The main differences are:

• Loan-to-value — Residents can borrow up to 80%, non-residents typically 60-70%
• Interest rates — Non-resident rates are 0.3-0.5% higher on average
• Documentation — Banks require translated and sometimes apostilled documents from your home country
• Tied products — Non-residents often have fewer bonding requirements (direct debit of salary, insurance, etc.)
• Term — Maximum term is usually 20-25 years for non-residents (vs. 30 for residents)

Our broker specialises in non-resident mortgages and knows exactly which banks offer the most favourable terms for British, German, and Scandinavian buyers.

The broker compares offers from all major banks operating in the Balearic Islands: CaixaBank, BBVA, Santander, Sabadell, Bankinter, ING, Abanca, Kutxabank, Unicaja, Deutsche Bank, and more. They have access to wholesale conditions that are not available if you walk into a branch directly — meaning better rates and fewer fees.

Absolutely — in fact, that is the ideal situation. The broker takes your existing offer as a benchmark and works to beat it. In most cases, they manage to reduce the interest rate spread, eliminate fees, or improve the overall conditions.