In 2006 we, Katherine and Kevin, founded Mortgage Direct after having experienced the complexity of the Spanish mortgage and real estate market. With a combined 50 years of experience in the financial industry, we identified the need to provide international property buyers with transparent and quality mortgage advice.
Today we can proudly say that not only have we achieved that, we can also offer exclusive mortgage conditions not available at any branches due to the strong relationships we have established over the years with the banks.
We charge no fee for quotes
Mortgage Direct does not charge for initial quotes. We charge an initial fee (the Administration Fee) only once you decide to proceed with a formal application. All advice given until then is free of charge and there is no obligation to use our services.
Administration fee
The Administration Fee, starting from €695, is payable if you decide to proceed with a formal application. It has a money-back guarantee. and covers our services up until you actually purchase a property. It can cover multiple applications with different banks or for different properties. It does not have an expiry date; we only charge it once.
Initial approval fee
This fee is payable on the initial approval of the mortgage, prior to valuation. The standard amount starts from 0.6% of the mortgage amount (minimum €1,500). For larger mortgage amounts, this fee may be negotiable.
The fees quoted are for standard mortgage/loan transactions except in very specific cases, or for ‘specialist’ lending. We will always advise you in writing of the fee scale to be applied before proceeding with an application.
Money back guarantee
When you choose to proceed with payment and a formal mortgage quote with Mortgage Direct, you are protected under our money-back guarantee. If the mortgage is declined or the amount offered is lower than in our initial quotes and a client does not wish to proceed, we will refund our Administration Fee. We will set out the conditions of this guarantee at the time of requesting the initial payment.
Post payment procedure
Following receipt or proof of payment of the administration fee:
- Mortgage Direct will confirm the recommended bank (or banks) and either put you in contact with them directly or deal with them on your behalf to commence the process of formally applying for the mortgage.
- You will continue working with our advisers throughout the process, as well as being in direct contact with the bank. We will be at your disposal at all times until completion of the mortgage.
- On approval of the mortgage, the Initial approval fee is payable within 7 days.
