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Currently, the Spanish are promoting this operation to try and obtain good business by taking over mortgages where clients have proved their ability to pay.
Mortgage subrogation is a legal tool that allows you to change the financial institution managing your mortgage loan, in order to achieve better conditions. This, therefore, encourages competition in conditions such as interest rate offered to customers.
Subrogation allows you to modify both rate of interest applied to your mortgage loan, and the repayment term, therefore reducing your monthly fee.
The aim of this operation is to achieve an improvement in economic conditions of your loan, without cancelling and formalizing a new one.
You must bear in mind that, when applying for a mortgage subrogation, you change the interest rate or maturity. But other conditions may not be altered.
spanish mortgage subrogation - the costs
You must consider the costs associated with the operation of subrogation.
When making a subrogation you will have to bear the costs of notary, agency, registry and, where appropriate, commission imposed by bank origin and / or destination. Normally the target entity does not impose any fees, but the originator is used as a measure to prevent the flight of customers to entities with better terms.
We can make the calculations to see if the operation is worth proceeding with and if you would make savings after taking into account the cost of the mortgage you would be interested to apply for a subrogation.
This will take two to three months as, when you've received your new offer, it has to go to your current lender, and they are given the option to match or better your new offer.
spanish mortgage subrogation of the promoter
This applies if you are purchasing a new property.
The promoter can make your home through the funding of the site and the work. In this case, the property is mortgaged by the developer, and offers the possibility of subrogation to the mortgage.
It will be necessary to study the conditions of the mortgage contract with the developer because, if you decided to subrogate, you will not have to bear the cost of forming a new mortgage.
In any case, if you choose to apply your own mortgage, the developer is obliged to bear the costs of cancellation of your mortgage loan. With this in mind, you should take advice from an independent adviser.
spanish mortgage subrogation - current offers
- No 1. Mortgage: Euribor + 0.33% without commission (open, partial or total repayment, cancellation) or need to hire additional products (insurance, pension plans, credit cards ...). Funding of up to 80%.
- No 2. If you have more than 6 years with a mortgage, we welcome you to the subrogation and enjoy a Euribor + 0.25%.
- No 3. Changing mortgage: Euribor + 0.49 % with annual reviews. No commission of inquiry or opening. A gift of 2,000€ mortgage over 150,000€.
- No 4. Changing mortgage: Euribor + 0.35% with annual reviews. No commission of inquiry or opening. Requirements: payroll debit card, Visa 123, home insurance and life. Euribor + 0.40% non-life insurance. Up to 80% financing and 30 years.
- No 5. Changing mortgage: Euribor + 0.55%, without commission and financing up to 80% of appraised value.
- No 6. Monthly interest rate reviews. All your transfer costs will be met e.g. notary, legal, registration fees and your valuation. These terms apply to the transfer of the existing loan which must exceed €140,000. At 60% loan to value.
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Check out informative articles by Henry about mortgages in Spain ...
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- Concerns Over Santander Bank Mortgage
- Current Mortgage Market in Spain
- Interview With Spanish Mortgage Broker, Henry Slade
