Maxfinance sells €265 million in mortgages in October

The Portuguese credit brokerage Maxfinance achieved €265 million in mortgage production in October – its best month of the year, providing 1,500 families with mortgages.

The average value of the mortgage contract was €170,000 with mixed-rate mortgages being the most popular choice from families.

New credit operations for the purchase of housing (mortgages) were the main driver of the evolution of the activity. Credit transfers, on the other hand, continued to represent a very low proportion of business throughout the year, as did other types of operations, such as loan consolidation or loans for specific purposes, says Maxfinance.

The credit company’s performance comes in a context in which credit intermediaries are gaining ground in the national market. According to the Bank of Portugal, 56% of new mortgage contracts in number, and 57% in volume, already pass through this type of credit intermediary companies.

Throughout the year, Maxfinance has opened more branches in more markets and has managed to attract more business while increasing its conversion compared to banks because of its ability to meet the growing demands of the market.

The network was able to take advantage of the favourable market context, and the growing professionalisation of its teams and continuous improvement of internal processes, supported by its own technology – all contributing towards this.

There are around 6,000 authorised and registered credit brokers according to the Bank of Portugal with 60% of the credit being offered through retail organisations like Fnac, and 40% directly linked to the credit brokers.

Some of the best known ones Include Bankinter, Banco CTT, Union de Créditos Inmobiliários and UCI.

Maxfinance was established in 2008 and is today the biggest national reference in the Credit Intermediation industry in Portugal, working in partnership with the leading banking and financial institutions in the country and are part of the largest franchising group operating in the country.