Improve the conditions of your loan by subrogating your mortgage
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?
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 bank:
- 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.
Home mortgage loan. Lender: BANCO SANTANDER, S.A., with registered office at Santander, Paseo de Pereda, 9- 12 (39004) – Companies Registry of Cantabria, Page 286, Folio 64, Book 5 of Companies, Entry 1, Tax ID Code (CIF) A-39000013.
Financing subject to the Banco Santander’s approval. This information does not replace the Pre-contract information document available on the website www.bancosantander.es and at the Bank's branches. You can go to your branch to request the European Standardised Information Sheet (ESIS)
Your home is at risk should you fail to comply with the commitments derived from the mortgage backed loan agreement. In the event of non-payment and in all cases of early repayment, the Bank may start proceedings against you by action in person, or by action in rem against the mortgaged property, since you will be legally liable to the Bank for the payment of the loan in relation to all your present and future assets, not just the mortgaged property. In accordance with article 105 of the Mortgage Act and article 1911 of the Civil Code.
If the mortgage loan on the house to be acquired is formalised in the Community of Andalusia area click here (PDF 148 KB)
1. The decision to provide improved mortgage loan conditions will depend on the characteristics of the client and the mortgage loan.
2. The maximum amount may not exceed 70% of the appraisal value of the home for a main residence and 60% of the appraisal value of the home for a second residence. The time period may not exceed 30 years in the case of a main residence and 20 years for other residences.
3. If the mortgage refers to properties for residential use, pursuant to Law 5/2019 of 15 March regulating real estate credit, the mortgage establishment costs will be borne by Banco Santander in contracts with natural persons, excluding appraisal and simple filing costs, to be borne by the customer.