Costa Blanca Select Property Sales & Rentals
The Mortgage Direct Story:

In 2006 Katherine Walkerdine and Kevin Monger, 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.

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 many years with the Spanish Banking Community.

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​​Primary Residence Mortgage Products:

Primary residence mortgages are for those where the property in Spain will be their main residence and they already pay their income tax here, or in exceptional cases are about to start paying taxes here. For this type of mortgage, it is possible to secure mortgages up to 80% of the property purchase price with rates from 2.15% fixed & Euribor + 1.6%

Holiday Home Mortgage Products:

Holiday home mortgages are generally for non-resident property buyers who do not live in Spain The maximum borrowing amount is up to 70% of the property purchase price (or valuation if lower).

Lenders offer fixed, variable and, in some cases, mixed rates. For variable rate mortgages, the rates are based on the annual Euribor reference rate with a percentage margin added to this, for example, annual Euribor + 3%. We can currently offer mortgages with rates as low as annual Euribor + 1.35% or fixed rates from 2% for premium, non-resident clients (please enquire to see if you would qualify). Typically, for other clients, the rates will be a little higher than this (from Euribor + 1.9% and 2.05% fixed) but still lower than publicised rates or if you go directly to the banks.

Construction Mortgage Products:

For this type of mortgage, the best products are where the banks will offer a loan against the plot of land (up to 50% of the cost, or value of lower) and also for the construction works (up to 70% of the cost, or value of the project, if lower).

In all cases, applicants must own the plot of land outright before any bank will lend. It is possible to purchase the land and sign for the mortgage at the same time, but most clients buy the land first. With the best products, the banks will pay up to 50% of the cost of the plot (or value if lower) as the first installment, but usually only once the works have started.

It is necessary to have all the paperwork relating to the construction project ready at the start of the formal mortgage application process. This will include the architect’s plans for the project (stamped by the College of Architects), building license and detailed quotes from the construction companies that will carry out the works. A specialist valuer will assess the project as a whole and the banks will base their lending on the valuer’s report.

We have arranged many construction mortgages over the years and can offer expert guidance on the process. If you are interested in this type of mortgage, we would advise that you contact us as soon as possible.

Company Culture:

We have fostered a company culture that values the ability to adapt, freedom of choice and strong relationships with space for diverse personalities and forward-thinking staff members.

The ability to adapt is the key to success in the Spanish mortgage market, as conditions can change from one day to the next. This is also the case for our company; we are an international team with headquarters in Spain but often on the road with a need to communicate with both clients, collaborators and each other in different time zones and languages.

We strongly believe in freedom of choice for every individual and every property buyer. We consider all our bank contacts and approach several lenders every time a mortgage quote is requested. Likewise, every member of our team chooses their working hours, their working location and their schedule.

Fostering strong relationships is crucial as a mortgage broker and in the modern society. We are in daily contact with property buyers, estate agents, lawyers and lenders. While we are fully independent, we acknowledge that every participant has their unique needs, each of which we listen to and strive to fulfil. We also practice strong relationships within the team and meet up regularly. We trust each other in spite of geographical and cultural differences.

​Important: If you would like to ask us any questions regarding obtaining a Spanish mortgage please contact us using the form opposite, it doesn't matter if you have decided on any particular property at this time, we will be happy to discuss your future plans with you.