How a Spanish Mortgage Broker's Fee Actually Works
Many UK buyers ask the same question before calling a broker: what happens if I don't end up buying? With Colibrí Finances, the comparison across more than 20 Spanish banks and the initial study commit you to nothing: you only pay if you sign the mortgage we get for you, with terms agreed in writing beforehand.
Who is behind this page. Colibrí Finances is the mortgage brand of PISOK NUEVO HOGAR, S.L., a credit intermediary registered with the Bank of Spain (code E480). We compare more than 20 Spanish banks for people who live abroad. The study comes with no obligation; our fees are agreed in writing beforehand, and we support you all the way to signing. We answer in English.
Why a no-obligation study is not a marketing trick
Readers in the United Kingdom sometimes assume that 'no obligation' is the opening line of a sales pitch, and it is a fair instinct to have. With a Spanish mortgage broker, though, the no-obligation study is a legal structure, not a courtesy: Colibrí Finances is a credit intermediary registered with the Bank of Spain, code E480, under Spanish Law 5/2019, and that law shapes how and when a fee can ever be charged.
This piece sets out exactly what the no-obligation comparison covers, when a fee can start to apply, and what a British buyer typically needs to prepare along the way — including the currency and tax questions that come up specifically because you are buying from outside the eurozone.
As a credit intermediary registered with the Bank of Spain under code E480, Colibrí Finances must put any fee in writing before you sign anything — the law does not allow a hidden or verbal fee.
What “without obligation” actually covers
Buyers writing to us from the United Kingdom often assume that any professional help with a Spanish mortgage must come with a hidden cost. In practice, the first stage is a genuine study: we review your income, your existing commitments and your plans for the property, then compare what more than 20 Spanish banks would be willing to offer someone in your position. None of that commits you to anything, and you are free to walk away at any point without paying a fee or owing an explanation.
This is not a promotional gesture. Spanish Law 5/2019, which governs credit intermediaries like Colibrí Finances, requires that any fee charged to the client be set out clearly before the client commits to anything. We are registered with the Bank of Spain under code E480, and that registration is what allows us to work across Spanish banks on your behalf rather than representing a single lender.
If the study shows that a Spanish mortgage is not realistic for your situation, we tell you plainly — a study that ends with 'no' still commits you to nothing.
When a fee applies — and when it doesn't
A fee from Colibrí Finances only becomes due if you decide to proceed and sign a mortgage arranged through us. Before that moment, the exact amount and how it is calculated are put in writing, so you know precisely what you would pay and when, with no surprises added later at the notary or afterwards.
If you choose not to buy, if the bank's conditions do not suit you, or if you simply change your mind, there is no fee to pay — the comparison and the preliminary work commit you to nothing. This is different from some arrangements abroad, where a broker may charge simply for producing a report or a shortlist of lenders regardless of the outcome.
NIE
A tax number first
Before any Spanish bank will quote you, you need a Spanish tax identification number (NIE) and a Spanish bank account; securing both is a necessary step before any Spanish bank will quote you, and our team can point you to the right process.
90/180
How long you can stay without a visa
As the United Kingdom is no longer an EU member, British citizens can stay in Spain for up to 90 days in any 180-day period without a visa; longer stays require a visa or residence permit, separate from the mortgage process.
3 %
What happens if you later sell
When a non-resident sells Spanish property, the buyer withholds 3% of the price on account of the seller's tax — a detail worth knowing even while you are still buying, since it affects future planning.
The documents a UK buyer typically prepares
Because you are applying from outside Spain, the bank needs to see your financial life translated into terms it can assess. For buyers from the United Kingdom, this usually means a recent P60 and payslips, your last filed Self Assessment tax return, bank statements covering the last three to six months, details of any existing loans or mortgage commitments, and a valid passport or UK national identity document.
Spanish banks generally ask non-residents for a larger deposit than they would ask a Spanish resident; the exact share depends on the bank, your country and your profile, so we do not quote a fixed figure until your study is complete. Preparing this file correctly the first time is part of what the no-obligation study includes, and it is also where translation — sworn where required — tends to matter most.
| Stage | Typical duration | Who pays |
|---|---|---|
| Initial study | a few days | No obligation |
| Comparison across banks | one to two weeks | No obligation |
| File preparation and submission | several weeks | No obligation unless you sign |
| Signing at the notary | on completion | Fee agreed in writing beforehand |
- A written agreement setting out the fee before you sign anything, as required by Law 5/2019
- No charge for the initial comparison across more than 20 Spanish banks
- No charge if you decide not to proceed with a mortgage
- A single fee, agreed in advance, only once you sign
- Ongoing guidance through to the notary, included once the fee applies
Currency, HMRC and the questions beyond the fee
Because the United Kingdom uses the pound sterling rather than the euro, buyers should factor exchange-rate movements and currency conversion costs into their budget when transferring funds to Spain, separately from any broker fee. Spain and the United Kingdom have a double taxation agreement in place, but a local tax adviser should confirm how rental income or gains from a Spanish property must be declared to HMRC.
The Spanish Golden Visa programme ended on 3 April 2025 and is no longer a route into residency through property investment; a Spanish mortgage and a visa are, in any case, separate matters, and our fee structure applies only to the mortgage arrangement, not to immigration advice.
If you live in the United Kingdom
Spain is a relatively short flight away from most UK airports, making regular visits to a Spanish property straightforward for owners based in Britain. Many British buyers are drawn to Spain for its climate, coastal lifestyle and established expatriate communities. One practical point to bear in mind is that Spanish inheritance law differs from UK rules, so it is worth taking specific advice on how it may affect the property and one's estate. Currency movements between sterling and the euro can also affect the overall cost of purchase and ongoing expenses.
What a Spanish bank will usually ask you for
- Proof of income: recent P60 and payslips
- Last filed UK tax return (Self Assessment)
- Bank statements from the last three to six months
- Evidence of existing loans or mortgage commitments
- Valid passport or UK national identity document
Tax at home and in Spain
Spain and the United Kingdom have a double taxation agreement in place, and a local tax adviser should confirm how rental income or gains from Spanish property must be declared and reported to HMRC.
Staying in Spain
As the United Kingdom is no longer an EU member state, British citizens may stay in Spain for up to 90 days in any 180-day period without a visa, and must apply for a visa or residence permit for longer stays.
Since the United Kingdom uses the pound sterling (GBP) rather than the euro, buyers should factor in exchange-rate movements and currency conversion costs when paying for a property or transferring funds to Spain.
Frequently asked questions
Do I pay anything for the first conversation or document review?
No. The initial conversation, the review of your income and existing debts, and the comparison across more than 20 Spanish banks are all part of the no-obligation study. You only see a fee if you decide to sign a mortgage arranged through us, and that figure is agreed in writing before you commit to anything.
What happens if the bank's terms don't suit me and I walk away?
Nothing is owed. If the terms a Spanish bank offers do not work for you, or you simply decide a Spanish mortgage isn't right at this time, you can end the process at any stage without paying Colibrí Finances a fee. The written agreement only applies once you choose to sign a mortgage through us.
How is the fee calculated once I do decide to sign?
The exact fee depends on your file and is confirmed in writing before you sign, as required by Spanish Law 5/2019. There is no fixed figure we can quote in advance, because it reflects the work involved in your specific case across the banks approached on your behalf.
Does the fee include help with transferring money from the UK?
Our fee covers the mortgage arrangement — comparing banks, preparing your file and guiding you to the notary. Converting pounds sterling into euros is handled separately, usually through your own bank or a currency provider, and exchange-rate movements should be budgeted for independently of our fee.
Is Colibrí Finances regulated, and does that affect how the fee works?
Yes. We are registered with the Bank of Spain as a credit intermediary, code E480, under Law 5/2019. That law is precisely why the fee cannot be verbal or hidden — it must be set out in writing before you sign, giving UK buyers the same written clarity a Spanish buyer would receive.