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Mortgage subrogation allows you to save by switching your mortgage from one bank to another.

Change your mortgage¹ to Banco Santander

And you could start saving on your monthly instalment

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Improve the conditions of your loan by subrogating your mortgage

Change your mortgage to Santander and you could improve your conditions². 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 bank³.
At fixed, variable or mixed interest rate.
We take care of part of the costs for setting up the mortgage: notary, administrative work, property registry⁴.

What is mortgage subrogation?

Mortgage subrogation occurs when a mortgage is moved to a different financial institution. The main reason for subrogating a mortgage is to change its financial conditions, such as the interest rate, as well as to remove related products or adjust the repayment terms.

The main aim of subrogating a mortgage, is to improve the current conditions of your mortgage.

How is the change made?

If you want to move your mortgage to Banco Santander, you do not need to get the consent of your current bank. Once the request is submitted at one of our branches, we will deliver a binding offer stating the new conditions. Once these are accepted by you, we will ask the other Bank for a mortgage debt certificate, which must be delivered to us within seven calendar days at the latest. Once this procedure has been completed, your current Bank could make you a counter offer in the following 15 calendar days. After this period, we can formalise the subrogation deed.

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 bank⁴:

Costs borne by the customer: expenses related to the old mortgage, including the subrogation commission or compensation for early repayment or early repayment (the percentage of which will vary depending on the interest rate that is applied (fixed or variable) and the years the mortgage has been in effect when subrogation takes place); and expenses related to the new mortgage, such as the new appraisal of the home, the up-to-date "nota simple" (land registry report) for the property, and the notary's fees for making a copy of the deed for the mortgage loan you are applying for.
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.