Mallorca’s Women In Business

Big career options can often be limited on an island where there’s only a few dominating professions.

Yacht captains, hoteliers and real estate developers are some of Mallorca’s leading but still largely male driven careers. However, “limitations often breed creativity and an opportunity to seek out areas in need of cultivation” believes our female founder, Nicky Buchanan at Mallorca Mortgage Consultancy SL.

This proved to be the case for Nicky when she founded the business over 20 years ago, following her personal experience of a long and convoluted property buying process.

“My buying experience in Spain was horrendous and I now look back at it in horror. I had no idea about the purchase procedure, no one explained anything to me and of course it was all in Spanish. The irony of it was that I used to be a finance broker but this was like nothing I had ever encountered back in the UK.”

After eventually purchasing her apartment in Puerto Andratx and moving to Mallorca permanently in 2009, Nicky saw there was still a gap in the market for a more simplistic approach to securing finances in property buying. She made it her mission to educate herself on the mortgage process in Mallorca and sought out expert individuals in the legal and banking sector to advise and mentor her.

Nicky then developed her own process and way of approaching the banks – a tried and tested route that the now all-female team of six, still successfully implement today.

Females In Finance

Mallorca Mortgage Consultancy is now headed up by both Nicky and her business partner and co-owner, Tracey Howarth. Together they pride themselves on a more female approach to securing mortgages. 

Tracey Howarth
Senior Partner & Mortgage Consultant

Nicky Buchanan
Senior Partner & Mortgage Consultant

“Asking questions is the answer and females are good at delving deep and extracting information that might not have otherwise been thought necessary in this kind of business transaction” says Tracey. “Don’t worry, it’s not an interrogation” she laughs “it’s just that here in Mallorca applying for a mortgage is not just about facts and figures. Whilst it is of the utmost importance to ensure all facts and figures are in place and correct, there is also huge significance in being able to understand and deliver your client’s individual story. Facts and figures alone can yield an all too fast ‘no’ from a bank but by understanding our clients personal situation we can confidently choose the right bank to approach for them. Likewise we are constantly communicating with our banks and nurturing these relationships too” This ongoing communication amongst all parties involved, is an asset that Tracey believes her female workforce excel in.

MMC Team

The team at MMC consists of Nicky, Tracey, Kim, Jovana and Marta, together they bring a complimentary skill set of different languages and professional backgrounds, ready to assist the large variety of nationalities that walk through their doors. “We are really proud of our achievements as an all female company in Mallorca, particularly in the sector that we are in. There is already a growing number of female entrepreneurs on the island who we have a profound respect for and if we can also lead by example and encourage other women to be creative and take on their ideas, then that makes us very happy. 

Nicky and Tracey’s ethos of good communication also seeps into their own ideals of what it is to run a successful company in Mallorca these days. “We consider ourselves a working family. We work hard and play hard and communication amongst us all is key. We regularly socialise outside of the office to break up that constant work persona that we can all so easily get into. We are not robots and it is important to remember that. Rewarding our own hard work is also essential and we do this each year by going off island on an annual mini break to a nearby city in Europe or mainland Spain. It’s a chance to recalibrate, brainstorm but mostly, have fun!”

More Than Just A Mortgage Broker

There are additional advantages to tapping into the MMC family. The beauty of being a small local team means that they are a hub of knowledge when it comes to enjoying and navigating life in Mallorca. Whilst many of MMC’s clients return to Nicky and Tracey to secure their next new mortgage, there are many clients, turned friends, that value their in-depth knowledge of the island. “Our relationships with clients often continue post house buying when new owners are looking to actually ‘live’ their new life on the island. Having all lived here for many years we are always happy to share our secret spots and favourite places.”

If you are struggling to secure funds for your new property or are confused about how acquiring a mortgage in Spain works, feel free to drop Nicky or Tracey a line or call one of the team for a chat. We can advise you on your personal situation and help you to secure your house, minus all the stress and complications (we take that part on). We help all clients whether it’s to secure a 300,000 euro or 3 million euro property. Our advice is to take advice rather than try and go it alone. Our simple process is in place and ready for you.

Try our Mortgage Calculator

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(1) Property Deposit – Percentage (%) of the property price that is not financed. Your property deposit payment amount will be determined by various factors and can affect the interest rate you receive, as some lenders typically offer lower rates for borrowers who make a larger property deposit. We will guide you through is process.

(2) Fees & Taxes – We recommend you estimate between 10% to 14% of the purchase price to cover the fees (Notary, Registry and Administration) and taxes related to the property purchase. The current Fees & Taxes are based on 12% as a guide only.

(3) Total Needed To Purchase – This is an estimate of the total amount needed to complete the purchase of the property. This includes the (1) Property Deposit & (2) Fees & Taxes.

IMPORTANT: Do not pay a deposit on a property until you have a confirmed mortgage offer from us.

To start this process, please complete our 24 hour Mortgage Pre-Approval form here:

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