If the payments on your variable mortgage have recently increased, you are probably wondering how to change the conditions to save on your loan. One of the recommendations of the Bank of Spain is mortgage subrogation , through which you can move to another bank that offers more advantageous conditions for you. In this article, we explain what a mortgage subrogation consists of . Keep reading to find out all the keys! Find the best mortgage without mistakes Going from bank to bank is a thing of the past. Creditor subrogation , that is, changing our mortgage from one bank to another. Mortgage subrogation to another bank is the most common option. The main intention is to review the financial conditions, such as updating your bank’s interest rate or adapting repayment terms, for your benefit.
Requirements for mortgage subrogation
There are no specific requirements for this type of operations, since everything will depend on what you negotiate with your current entity and with your new bank. Therefore, you must mainly: Have a current mortgage with a bank. Be willing to subrogate it between individuals or to another bank, depending on your situation. In case of mortgage subrogation to another Malaysia Phone Number List bank, you must get an offer from a new bank . request subrogation of the mortgage from the new bank . They will contact yours to officially notify them of your change. Your bank must issue a certificate of the outstanding debt for the new entity and, in the meantime, may propose a counteroffer.
Mortgage subrogation: the expenses
Mainly, these are the expenses that you will have to assume when subrogating your mortgage: The surrogacy commission . You pay your bank for changes to the mortgage contract and it depends on the date of signing, the type of mortgage and the reason for the operation. Expenses on the Cayman Islands Phone Number Database new mortgage . It may be that the bank wants a new appraisal of your apartment, an updated simple note, among others. However, there are expenses that you will not have to cover, but rather the bank itself. Below we leave you an article of ours where we detail who pays each mortgage expense . Who pays mortgage costs today? However, despite the expenses that surrogacy entails, you should also consider the savings benefits that it entails.