What is a mortgage broker, and why would I need one?

What does a mortgage broker do?

Depending on its authorisation, it can:

• present loan products and the information you get before the contract;
• propose one or more loan offers, from one or several banks;
• help you prepare the application, with explanations and gathering documents;
• sign the contract on the bank's behalf, if the bank gives it that power.

For home loans, it also has a duty of assistance. It must explain the ESIS, the draft contract and the documents attached.

Who lends the money?

Always the bank, or another institution authorised to grant credit. The broker cannot grant credit.

It also cannot receive or hand over money linked to the loan. You pay your repayments to the bank, never to the broker.

What types of broker are there?

• Tied: acts on behalf of, and under the responsibility of, the banks it has contracts with. It can have contracts with several banks.
• Ancillary: sells goods or services and offers credit to pay for them, on behalf of one or more banks.
• Not tied: has no contract with any bank and is paid by the customer.

FINOVA is a tied credit intermediary, on a non-exclusive basis, for home loans. The details are on the Intermediary Details page.

What duties does it have towards you?

It must act with diligence, loyalty and discretion, and keep your information confidential. The information it gives you must be complete, true and clear.

It must also keep a complaints book, including the electronic one. And it must join at least two dispute resolution bodies.

How do I check it is authorised?

Look up the name or registration number on Banco de Portugal's list of authorised credit intermediaries. FINOVA's registration is No 0008496.

Why can it pay off?

With a single application, you get offers from several banks. Small differences in rate weigh a lot over the life of the loan.

An example. You borrow €150,000 over 30 years. At 3%, the repayment is about €632. At 3.2%, it is about €649.

The difference is €16 a month, or €5,866 over 30 years. These are example figures, with the rate unchanged for the whole term.

Where FINOVA helps

We take your case to the banks we work with and compare the APR and the MTIC with you. Our fee is paid by the bank. See Who pays FINOVA? and the home purchase simulator.

Sources

• Banco de Portugal — Credit intermediaries: what they are (in Portuguese)
• Banco de Portugal — Carrying out the activity of credit intermediary (in Portuguese)
• Banco de Portugal — Lost in your home loan documents? How to read them (in Portuguese)

Sources checked on 22 September 2026.