This section aims to aid with understanding the Code of Good Practices (hereinafter, CGP), in order to reduce the financial burden on middle-class mortgage borrowers who are at risk of vulnerability due to the rise in interest rates.

The Code of Good Practices covers a range of measures for borrowers who meet a certain set of criteria in order to be classed as "at risk of vulnerability". This gives them the right to assign their mortgage and extend the term, with the option of freezing repayments for 12 months or switching from a variable interest rate to a fixed interest rate.

By adhering to the above-mentioned Code, Banco Santander voluntarily accepts responsibility for applying the measures contained therein.

Next, we will outline the most important points to bear in mind and how to proceed with managing an application.






The CGP assumes the novation of a loan in order to lengthen its total term, with the option of freezing repayments for 12 months or switching from a variable interest rate to a fixed interest rate.

To deal with said novation, the CGP sets out the following procedure and criteria:

The CGP is designed to offer support to all families who are facing difficulties in making their mortgage repayments on their primary residence and who are at risk of vulnerability. In order to be covered by the measures outlined in the CGP, they must meet a set of requirements set out in the standard.

Spanish Royal Decree-Law sets forth the viable novation of debts with guarantees with respect to the primary residence of borrowers at risk of vulnerability. The procedure shall apply to customers who are natural persons; who have signed a loan or credit agreement with the Bank that is guaranteed by a mortgage on their primary residence, which must have been acquired for no more than €300,000 prior to 31 December 2022; and who are at risk of vulnerability in accordance with the requirements set out in the standard. Applications can be processed up until 31 December 2024.

Next we will outline the criteria for invoking the CGP:


  1. Agreement. Loan or credit agreement signed with Banco Santander prior to 31 December 2022.
  2. Primary residence. Guaranteed by a mortgage on the customer's primary residence.
  3. Acquisition price. The acquisition price of the property must be no more than €300,000 .

Title holders will be considered at risk of vulnerability when the following circumstances (from point four to six) are met.


  1. Income. The income of members of the household must not exceed:
  • 4.5× IPREM (Indicador Público de Renta de Efectos Múltiples – benefits index).
  • 5.5× IPREM: Household members with a degree of disability of 33% or more, dependency or illness that prevents them from being able to work.
  • 6.5× IPREM: Mortgage borrowers with cerebral palsy, a mental health condition or an intellectual disability to a degree of at least 33%, with a physical or sensory disability to a degree of at least 65%, or a serious illness that prevents them from working.

  1. Vulnerability. In the four years leading up to the application, the household must have experienced:

a.- a significant change in their economic circumstances in terms of the financial strain on retaining access to the residence; where it assumes that the mortgage burden on household income has been multiplied by at least 1, 2 or,

b.- unexpected family circumstances of particular vulnerability (disability, dependency, serious illness that makes it impossible to work, victim of gender-based violence, human trafficking or sexual exploitation).

  1. Payment-to-income ratio. The mortgage repayments must exceed 30% of the net income of all household members combined.

Below there is more information (for further details see the Instructions) on the correct way to proceed during the application process:

In order to evaluate the application, a copy of the completed original documentation must be provided, as outlined in the certifying documentation checklist. To avoid unnecessary delays, the applicant must be especially careful to ensure that all the necessary documentation is gathered and submitted following the steps outlined in the How to apply tab.

The following documentation must be submitted in order to ascertain whether the applicant is at "risk of vulnerability":

  1. Income received by household members
  • Certificate of income and, if applicable, certificate relating to the imposition of the Wealth Tax issued by the Spanish Tax Agency or the relevant autonomous body, covering the previous fiscal year.
  • Documentation certifying any social wages, minimum guaranteed income, minimum subsistence income or equivalent social assistance provided by the State, Autonomous Regions or local authorities
  • For self-employed workers receiving government subsidies due to a lack of work, the certificate issued by the supervising body detailing the monthly amount received.
  • Last three payslips.
  • Certificate issued by the entity in charge of subsidies detailing the monthly amount received in the form of unemployment benefits or subsidies.
  1. Number of people living at the property
  • Family record book or document certifying registration as a common-law partner.
  • Certificate of registration relating to the people registered at the property, outlining the situation at the time of submission of the certifying documents, as well as the situation for the previous six months.
  • Declaration of disability, dependence or permanent inability to work.
  1. Ownership of the property
  • Ownership certificates issued by the Land Registry in relation to each member of the household.
  • Deeds of sale for the residence and the deed for the creation of the mortgage guarantee, as well as any other documents certifying in rem or personal guarantees established, if applicable.
  1. Debtor's declaration
  • Declaration by the debtor that he/she meets the requirements to be considered as belonging to the exclusion threshold, according to the method approved by the committee set up to monitor compliance with the Code of Good Practice (included in the application form).



During 2024 the following will not be charged:

  • Fees for modifying the mortgage loan from variable to fixed/mixed rate (in mixed loans with a first fixed period of at least 3 years).
  • Fees or compensation for total or partial repayment or repayment of variable-rate loans or mortgage credits.