Improve the conditions of your loan with mortgage subrogation

Change your mortgage to Santander and you could improve your conditions1. You just have to choose whether you want a fixed or variable interest rate, we take care of everything else.

  • For your main residence or a second home.
  • For the same amount and period of time remaining at your current bank2.
  • At fixed, variable or mixed interest rate.
  • We take care of part of the costs for setting up the mortgage: notary, administrative work, property registry3.

What is mortgage subrogation?

A mortgage subrogation occurs when one of the two parties involved in a mortgage loan contract is modified, either the debtor or the creditor.

In the first case, the mortgage holder changes, which happens for example when buying a property that is already mortgaged.

In the second case, the mortgage is changed from one bank to another. The main reason for subrogating a mortgage is to modify its financial conditions, such as the interest rate and fees, as well as to remove linked products or abusive clauses or to adjust the repayment terms.

How is the change made?

If you want to switch your mortgage to Banco Santander, you do not need to have the consent of your current bank. Once the application for subrogation has been submitted to our branches, we will provide you with a binding offer stating the new conditions. Once you have accepted them, we will ask the other entity for a debt certificate, which must be delivered to us within a maximum period of 7 calendar days. Once this procedure has been completed, your current bank may make you a counter-offer within the following 15 calendar days. Once this period has elapsed, we can formalise the deed of subrogation.

What are the costs of switching my mortgage to Banco Santander?

Subrogating a mortgage involves a number of costs, which are shared between the customer and the bank:

  • Costs borne by the customer: these are expenses related to the old mortgage, including the subrogation or early repayment fee (the percentage of which will vary depending on the interest rate applied -fixed or variable- and the number of years the loan has been in force when the subrogation is made); and expenses linked to the new mortgage, such as the new appraisal of the property, the property's updated registry statement, the arrangement fee (if any) and the notary fees for the copy of the mortgage deed.
  • Expenses borne by Banco Santander: the administration, notary and registration fees of the new mortgage, and the tax on documented legal transactions (AJD) are borne the bank.

If you would like to find out more information about the mortgage switching process, give us your details and we'll call you or visit your nearest Santander branch.

Shall we discuss it?

If you would like to find out more, just fill in this form and we will contact you.

Change your mortgage to Santander

Icon / check Created with Sketch. For your main residence or a second home.

Icon / check Created with Sketch. For different amounts and lengths of time.

Icon / check Created with Sketch. At fixed, variable or mixed interest rate.

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