Investment approach
Mortgage broker or bank direct: how to choose and what to check
A broker widens the choice of banks, but the choice comes down to three questions: is it on the register, who does it work for and who pays it. The order of checks under Ley 5/2019.
A mortgage broker (intermediario de crédito inmobiliario) is an intermediary who finds a loan from banks and who by law must be listed in the register of the Banco de España or of the autonomous community (art. 27 and 28 Ley 5/2019, the law on real estate credit contracts). The choice between a broker and a bank comes down to three questions: how many offers the borrower will see, who pays the intermediary and who is answerable for the recommendation. In either case the bank issues the binding offer at least ten days before signing.
How a broker differs from a bank in law
A bank offers its own products; a broker puts the borrower in touch with lenders. Ley 5/2019 distinguishes two types of intermediary, and for the buyer the difference is fundamental.
An intermediary that is vinculado (tied) works with one or several specific banks and recommends products from their range. An intermediary that is no vinculado (not tied), when giving advice, must consider a sufficiently large number of the loans available on the market (art. 19.4 Ley 5/2019). Calling oneself an "independent adviser" is allowed only when separate requirements set by the government are met (art. 19.6).
| Criterion | Bank direct | Broker vinculado | Broker no vinculado |
|---|---|---|---|
| Which loans it considers | Only its own | Those of the banks it is tied to | A sufficiently wide range on the market |
| Who pays | The client pays the bank the fees under the contract | The bank and, possibly, the client | The client and, possibly, the bank |
| Disclosure of remuneration | Fees in the FEIN (the standardised information sheet) | Before work starts, in writing | Before work starts, in writing |
| Written recommendation | When advice is given | When advice is given | When advice is given |
Source: art. 19 and 35 Ley 5/2019.
How to check a broker before handing over documents
The check takes one conversation and one look at the register. The law obliges the intermediary to tell you key facts about itself in writing before work begins (art. 35.1 Ley 5/2019), so the questions below do not look like distrust.
- Register and number. Ask for the name of the register and the entry number, then look the intermediary up in the Banco de España register. The register is public and free (art. 31.2), and the Banco de España itself says it can be checked on the bank's website. An intermediary that works only with clients of one region is entered in the register of that autonomous community.
- Ties to banks. Whether it is vinculado or not, and if so, with which banks.
- Advice. Whether it provides an asesoramiento (advisory) service and whether that service is independent. It must say so in writing, in the positive or the negative (art. 19.2).
- Remuneration. How much the client pays, how much the bank pays, and whether one is deducted from the other (art. 35.1.e, g, h).
- Insurance. The intermediary must hold professional liability insurance or a bank guarantee to cover errors (art. 36); the insurer's details are in the register.
- Complaints. Where to take a complaint outside the courts.
If the answer to any of the six points is evasive, it is better not to hand over documents. A ready list of questions for the first meeting is collected in the article what questions to ask a mortgage broker.
Who pays the broker and how it shows in the numbers
The broker may be paid by the client, by the bank or by both. The law does not forbid any arrangement; it requires disclosure. If the intermediary charges the client, it tells the bank, and the charge enters the calculation of the TAE (the annual equivalent rate, Spain's APR) (art. 35.3). An intermediary no vinculado that receives commissions from banks must tell the client of the right to learn the types and amounts of commission of different lenders (art. 35.2).
The practical conclusion: compare offers by the TAE and the full cost, not by the rate and not by the formula "the broker is free". If under the advisory contract the service is free for the client, this must be written down expressly (art. 19.5).
What does not change with the route you choose
The bank assesses the borrower's solvency itself, with a broker or without (art. 11 Ley 5/2019). And in both cases the borrower receives, at least ten calendar days before signing, the FEIN, the FiAE (the standardised warnings sheet), the draft contract and, for a variable rate, a document with the payments under different scenarios (art. 14). How to read the variable-rate formula is covered in the article on Euríbor and the payment.
The mortgage remains a mass-market instrument: according to the notaries, 36,685 mortgage loans were signed in Spain in July 2026, and mortgages financed 56.1% of home purchases (Alimarket, 30 September 2026). Banks compete for the ordinary borrower; for a non-standard one the competition is weaker.
When a broker is not needed
A broker adds little if the borrower's profile is standard and the bank already has the history of their accounts: income in euros, an employment contract in Spain, a clear size of the down payment. Then it is reasonable to get the FEIN from two or three banks yourself and compare them by the TAE.
A broker is more useful with a non-standard profile: income from abroad, non-residency, a business of one's own, a purchase through a company. Banks assess such cases differently, and the choice of lender affects the outcome more. The specifics of a loan for a non-resident are covered in the article on a mortgage for a non-resident.
Questions and answers
Does a mortgage broker in Spain have to hold a licence?
It must be entered in the register of the Banco de España or of the body of the autonomous community and hold professional liability insurance or a bank guarantee. Without an entry in the register, acting as an intermediary in mortgage credit is not allowed.
How do I find out whom the broker works for?
Ask whether it is vinculado or not. The law obliges it to say in writing, before work begins, whether it is tied to specific banks and to which.
Is a broker more expensive than going to the bank direct?
Not necessarily. It may be paid by the bank, the client or both, and all of it is disclosed in advance. What should be compared is the final TAE of the offers, which includes the client's payment to the intermediary.
Can a broker guarantee that a mortgage will be approved?
No. The decision is taken by the bank after its own solvency assessment; the broker only prepares and submits the application.
Does a non-resident need a broker?
More often than a resident: banks look differently at income from abroad and at the currency of the income. But a non-resident too should check the broker in the register before handing over documents. Once the loan has been chosen, what remains is to check whether the purchase holds up against the full budget: this can be discussed with the DNPI team through the contact page.
