Mortgages, also digital

27/02/2025

Spain is one of the countries where digital banking is most implemented. Therefore, the number of consumers who contract their mortgage online is continuously growing, most of them under 35 years old, who are the most likely to use this channel.

The figures are not yet very high, but online mortgage contracting will continue to boom as new technologies expand that facilitate the process and make it more efficient and accessible.

The growth of digital mortgages is driven by factors such as:

• Digital platforms offer mortgage loans often with better terms. In addition to the convenience of carrying out the procedures without having to go to a bank office.
• The tendency, mostly among the youngest, to interact with the bank through mobile devices and app.
• The technology applied by the entities, which incorporates in its procedures automations that allow customers to monitor the contracting process and communicate with the entity through a single channel.

Finally, the incorporation of AI into processes, with its ability to analyze large volumes of data, will allow entities to offer mortgages customized to the needs of each client.

Hiring a mortgage from your mobile phone is already possible but remember that entities also have to comply with the information obligationsAbre en ventana nueva established by the rules. Hiring your loan online can never mean a loss of your rights as a client.

Of course, there is a step that has not yet been solved: To formalize the purchase of your home and have the keys in hand, you will have to go in person to the notary.

“Disclaimer: Please note that this is a translation of the original in Spanish that has been obtained using eTranslation (the machine translation tool provided by the European Commission), with the intention of giving you a basic idea of the content in English until a human translation becomes available. The Banco de España accepts no liability whatsoever in connection with this translation.”