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Do you want to take the mortgage to another bank?

Many mortgage holders do not feel well treated by their current banks. Some are angry with the commissions that they are charged on the account and they cannot avoid it, others see it as unfair to have IRPH instead of Euribor, some see that they signed a bad mortgage with a very high-interest rate… All these people have something in common: they can change your bank mortgage.

However, mortgage subrogation is not a simple operation, and the mortgaged party must be aware of their rights but also of everything that this operation entails:

You have the right to take the mortgage to another bank at any time you do not need the bank’s consent or the contract specifying the possibility of early repayment in order to accept a better offer from another entity. Of course, in general, no bank accepts a new client who does not know that he has paid at least 3 years of a PHH mortgage in his previous bank.

If your current bank matches or beats the other bank’s offer, you don’t have to keep it

It is something that has changed with the mortgage law of 2019. Now, if our current bank presents a counteroffer, we are free to accept it or keep the offer of the other entity. Our current bank has fifteen days to submit your counteroffer, counting from the notarial notification, and you must appear before the notary stating your intention.

Surrogacy costs money

It is not as easy as changing the bank mortgage and signing another contract, but you will have to pay a series of expenses: reappraise the house, go to the notary and the registrar… You must prepare to pay an amount of no less than 1% of your outstanding mortgage (€1,000 out of every €100,000). We recommend that you request a breakdown of these expenses from your bank in advance before signing and that you calculate what installment you are going to pay from now on and in how many months you will have amortized the operation.

Commission for surrogacy is limited by law

It is possible that your mortgage includes a commission that will be charged to you in the event that you transfer it to another bank. Depending on when you signed, this may be higher or lower. If you want to know how much it will cost in your case, you can click on the following button:

In 2022 there are subrogation mortgages again

Fortunately, banks are once again open to taking mortgages from other banks. A few years ago it was very difficult to find offers that would accept subrogation, but now there are some banks that advertise it: Banco Santander, ING… Even banks that do not advertise this product can make us an offer if we go into an office to ask.

If you are thinking of changing your bank loan, do not miss the following mortgages.

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