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How long does it take to get a Spanish mortgage?

How long do Spanish banks take to grant a mortgage? This is one of the most frequent questions asked by those who are in the process of buying a house and need financing in Spain, both for residents and non-residents applying for a mortgage in Spain. However, there is no single answer; it depends on each bank and the client's circumstances. We have the details on how long it takes to get a mortgage in Spain?

How long it takes to get a Spanish mortgage

Generally speaking, the actual granting of a mortgage in Spain does not usually take more than 2 weeks if everything goes smoothly and you are well organised. In order not to make the process take longer than necessary, it is advisable to have all the documents required by the bank to study the operation ready and waiting and find out if there are different ways to speed up the process.

For example, you should be clear about which institutions you are going to send applications to, whether you are going to apply for a mortgage in Spain online or go to a mortgage broker, an intermediary that helps clients to find the loan that best suits their needs.

We review the key points to bear in mind when applying for a mortgage in Spain:

The granting and signing of a Spanish mortgage

The first thing to bear in mind is that there are differences between the time needed to grant a mortgage and the time it takes to sign for one.

Mortgage granting period: this refers to the time it takes to receive an answer from the bank from the moment you send off your mortgage application; that is to say, from the moment you start the loan application process until you receive a response from the bank.
Signing of the mortgage: the signing of the mortgage is the act in which the contract is signed by which you then receive the money you need for the purchase of your new home. This is carried out after a much longer process than the simple application and usually takes about a month, although sometimes it can be considerably longer depending on the circumstances.

Mortgage studies in Spain

Once the first steps have been completed and all the documentation has been submitted to the bank, the process of examining the application for the granting of the mortgage begins, often known as a mortgage study. This is the phase in which the bank studies both the documentation that you have provided and your profile as a possible borrower in order to consider if you are a valid client or not. Take note that if you are a non-resident applying for a mortgage in Spain, this process may take longer as additional documents from your country of residence may be required.

How to speed up the mortgage process in Spain

There are several elements that will allow you to speed up the process of getting a mortgage in Spain:

Using a mortgage comparison tool: this will allow you to speed up the process of choosing the loan that best suits you and make a much quicker decision regarding which mortgage you are interested in.
Applying for a mortgage online: by applying for a mortgage online, you can speed up the process and, in addition, you avoid having to go to the bank's office.
Using the services of a mortgage broker: a mortgage broker is a professional who facilitates the process of contracting a mortgage and who takes care of all the work for you. Using a mortgage broker in Spain is the best option if to speed up and simplify the whole process.

Advantages of using a mortgage broker in Spain

Mortgage brokers act as intermediaries between the bank and those who want to take out a mortgage. To do so, they take into account the characteristics and needs of the client and select the mortgage products that best fit each profile.

Some of the main advantages of using a mortgage broker in Spain are the following:

Convenience: a mortgage broker will not only take care of the whole mortgage search process, but also of all the procedures that need to be carried out, so the client gains in convenience from the first day.
Compare different offers: a mortgage broker selects several offers according to the client's profile, so that they can choose the one that best suits their needs and preferences.
Personalised advice: in addition, a mortgage broker advises the client on which mortgage may be of most interest and which characteristics differentiate one product from another.
Better conditions: mortgage brokers usually get better conditions when they negotiate the mortgage with the bank than when the negotiation is done directly by the client.
Greater agility: finally, another of the advantages of using the services of a mortgage broker is that the whole process of applying for a mortgage in Spain tends to flow more easily, something which will shorten the time it takes to get a mortgage.

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