With mortgage interest rates in Spain (Euro-zone) so low in recent years, many if not most British people buying property in Spain have taken out a Spanish mortgage. It is impossible to predict what will happen in the long-term but for the time being it looks likely that UK mortgage rates will remain significantly higher than in the Euro-zone, and that most British buyers will continue to be better off taking out a Spanish mortgage. Some financial institutions in the UK are starting to offer Euro-mortgages but the conditions tend to be less attractive than is typical in Spain. However this situation may change with time and it is always worth considering this option.
Though an increasing number of Spanish banks (and foreign banks in Spain) are targeting British buyers with their mortgages, most British buyers will find it easier to work with a mortgage broker who can help them shop around for the best deal and manage the mortgage arrangement process in English.
Specialist brokers of Spanish mortgages are to be found in both Spain and the UK. They nearly always charge a fee for a successful mortgage, which may vary from 0.5% to 2%, and many also charge an upfront fee of around 250 Pounds to consider an application (variously called a study fee / application fee / administration fee).
Mortgage brokers can play a key role in the success of a purchase so it important to find an experienced, competent and efficient mortgage broker with access to the full range of mortgage lenders in Spain. Buyers should be aware that some brokers lack experience and charge relatively high fees whilst offering a limited range of mortgages. Therefore it is worth researching and comparing different brokers before committing to one. Generally speaking brokers based in Spain are in a better position to shop around on behalf of their clients than brokers based in the UK.