Finding a mortgage broker in Greece

If you’re dreaming of owning a Greek property, a mortgage broker could assist with securing the funding necessary to make those dreams come true. We delve into how.

Mortgages are not common in Greece, either with residents or overseas buyers. Cash is king in Greek real estate and 75% of properties are purchased in cash. However, it is still possible to obtain a mortgage and some banks, such as Eurobank, Piraeus Bank and Alpha Bank, will offer mortgages to international buyers.

Given that the mortgage process is not super popular in Greece, having an experienced broker on side can make all the difference.

The role of a Greek mortgage broker

A mortgage broker in Greece serves as a vital link between you (the buyer) and potential lenders (banks). Their main role is to help you secure a mortgage in Greece that works for your financial situation and offers the best possible terms.

Here are three key functions of Greek mortgage brokers:

Understanding your requirements

Experienced brokers take the time to understand your financial circumstances, preferences and goals. They evaluate your borrowing capacity and repayment ability, considering factors like income, credit history and existing debts.

Access to lenders

Approaching lenders alone, you won’t have access to the entire market. Brokers have connections with multiple lenders across Greece. They compare mortgage products, interest rates, and terms to find the best fit for you.

Negotiation and representation

Brokers negotiate on your behalf to secure favourable terms. They also represent you during the application process, ensuring a smooth and efficient experience.

How to choose a mortgage broker

You can search online for a Greek mortgage broker. First, you’ll want to check that the broker is licenced and registered with the relevant Greek financial authorities. Another plus is a proven track record assisting overseas buyers with obtaining a Greek mortgage. Additionally, ask friends who have bought in Greece, ask around in online expat forums and read Trustpilot reviews to find the broker for you.

Language Barriers

While your mortgage broker might not be Greek, the application process and all related documentation will be in Greek. Having an English-speaking broker can be incredibly helpful to ensure clear communication with your lender.

It’s crucial to understand exactly what’s happening with your finances, and a bilingual broker can translate and clarify the process for you. Relying on online translation services or apps might not provide precise translations, which could lead to misunderstandings. But the right broker will leave you feeling well-informed and confident about the process, even if all the paperwork is in Greek.

When to contact a mortgage broker

We advise reaching out to a mortgage broker before you go on a viewing trip to look at homes. You do not want to find your dream home and then have to work out if you could obtain a suitable mortgage.

Plus, having a decision in principle will demonstrate to your estate agent that you are a serious buyer.

Fees associated with a mortgage broker

Many mortgage brokers in Greece work on a commission basis, where they receive a percentage of the loan amount from the lender once the mortgage is approved. This is typically around 1 to 2% of the loan amount. Conversely, some brokers will charge a flat rate, ranging from a couple of hundred euros to a few thousand, dependent on the experience of the broker and the complexity of the mortgage.