“2024 is nearing its end with a highly favorable wind for the mortgage sector.”
Trioteca brings a model of transparency and simplicity to mortgage contracting in Spain. Gone are the days of bank-by-bank negotiations and long, tedious processes. Since 2018, this platform has relied on technology to offer fully personalized mortgages in real-time. Ricard Garriga, co-founder of the company alongside Sara Orra, discusses in this interview the changes that digitalization has brought to the mortgage market and the current state of the sector.
What is Trioteca’s main goal, and how did the idea of creating a digital mortgage platform come about?
Trioteca’s goal is to evolve access to mortgages in Spain, following the model of neighboring countries where transparency and simplicity are already the standard. We aim to give decision-making power back to users through an experience that combines transparency, simplicity, and cutting-edge technology to enable them to make informed and free decisions.
This idea was born out of a frustrating personal experience when securing a mortgage. We saw firsthand how complex, costly, and opaque the traditional mortgage process is and how disconnected it remains from the expectations and needs of modern users. We decided to transform this process. Today, Trioteca is a reality for thousands who have found in us a bridge to a network of personalized mortgage options where artificial intelligence and sector knowledge converge to adapt to each profile and situation.
In practical terms, while INE reports that the average Spanish user signs fixed-rate mortgages at 3.51% APR, Trioteca offers them on average at 2.56% APR—almost one percentage point less than the Spanish average. This translates to an average of 100 euros less each month in mortgage payments, and as a principle, we are free for the user. So, there is no reason not to choose Trioteca.
What advantages does your digital platform offer those looking for a mortgage or aiming to improve the terms of their current mortgage?
Trioteca offers users direct access to wholesale prices and fully personalized mortgage options in real time, eliminating unnecessary bank visits and long, complex processes. Our platform automatically analyzes each user’s financial profile, needs, and priorities and presents the most competitive mortgages on the market, including those that can improve the conditions of an existing mortgage.
We negotiate large mortgage volumes daily, which allows us to obtain privileged terms that banks offer exclusively to Trioteca as a more cost-effective and efficient customer acquisition channel than their own network. This advantage hinges on our advanced technology and artificial intelligence, which constantly adapts to the market to find not just any option but the best option for each user—and all this at no cost to the client.
Our model is infinitely scalable and designed to give every user the confidence that they will always have the best available conditions.
How does Trioteca’s algorithm work to select the best mortgage offers for users?
Our algorithm is the heart of Trioteca. It combines machine learning, real-time market data, and a recommendation model based on the user’s credit profile and preferences. First, it analyzes each client’s debt capacity and financial profile. From there, it connects with the bank and selects and ranks all mortgage options so the client can see not only the most affordable choice but also the one best suited to their situation and personal goals. Additionally, our system learns from each interaction, becoming more accurate and able to anticipate users’ needs as the market evolves.
“Digitalization has allowed users to make much more informed decisions and with a much clearer context regarding their financial possibilities.”
What impact have partnerships like the one with Fotocasa had on the expansion and improvement of your services? How has the process of searching for housing and financing evolved?
Partnerships like those with Fotocasa, Amstro, appraisal companies, notaries, and the banks themselves have been key to growing our value proposition. Integrating our technology with such a renowned home search platform has allowed us to reach users at the exact moment they consider a mortgage. This marks the beginning of a collaborative ecosystem where Trioteca is seen not only as a free mortgage broker but also as part of the entire home-buying cycle, from search to acquisition. Digitalization has enabled users to make much more informed decisions and have a clearer context of their financial possibilities, something we aim to continue strengthening through high-value strategic collaborations.
Besides finding new mortgages, what additional services does Trioteca offer, such as improving the terms of existing mortgages?
Trioteca goes beyond finding new mortgages; we also help users renegotiate or change their current mortgage, leveraging market changes or improvements in their financial profile. Additionally, we have launched a suite of personalized financial empowerment services, ranging from early repayment simulation to long-term cost forecasting. All of this is designed to give users full control over their mortgage and maximize their savings over the life of the loan.
What type of user profile benefits most from your services?
Our services particularly benefit profiles that consider options beyond their own bank, who seek speed, transparency, and a personalized approach. However, we also see that many traditional users, who previously depended on in-person banking, are drawn to the simplicity of our digital model. Ultimately, anyone looking to optimize their mortgage options can benefit, especially those who value a frictionless process and a clear, direct offer.
“My advice for anyone who has found a property they like is not to wait to buy”
Since your launch, what have been Trioteca’s biggest challenges and achievements in digitalizing the mortgage process?
The biggest challenges are yet to come. As with any established and robust industry, implementing change is no easy task. We had to create processes that meet required security and transparency standards but in a much more efficient and user-friendly way. In terms of achievements, we have consolidated a leading technology position in Spain’s digital mortgage sector and have been recognized for our technological and AI innovations. We are also proud to have earned the trust of financial institutions: with our technology in their systems, they see undeniable improvements in adapting their products to their clients’ needs—our users.
What impact is the current decline in interest rates having on the mortgage market, and what opportunities does it represent for homebuyers?
Without a doubt, 2024 is nearing its end with a highly favorable wind for the mortgage sector. The primary impact we are already seeing is that many people who could not secure a mortgage in 2023 due to high-interest rates can now access one.
However, we want to warn that this will also impact prices, which are rising and will continue to do so now that rates are lower. From September 2023 to the same month this year, we have already recorded a 14.2% price increase. So, my advice for anyone who has found a property they like is not to wait to buy. If rates are lower later, we can change the mortgage, but the price you pay for the property will no longer be negotiable.
What changes do you expect to see in the future of the mortgage sector in Spain?
We envision a future where the mortgage sector is increasingly digital, transparent, and user-centric. Over the next two years, we predict that the share of mortgages processed through digital mortgage brokers in Spain will rise from the current 20% to 40%, similar to neighboring countries. Additionally, the use of artificial intelligence will continue to grow, enabling not only financial condition assessments but also personalized experiences that guide users through each step of their mortgage process. At Trioteca, we are leading this transformation by developing solutions that make the mortgage experience a seamless process, centered on each client’s needs.