MANAGE OR REJECT COOKIES.
A mortgage subrogation is a modification in one of the parties to the mortgage agreement. Since there are two parties, the borrower and the lender, there are two types of subrogation:
Borrower subrogation This occurs between individuals when you buy a house that is already mortgaged and you decide to take over the seller's mortgage.
Lender subrogation This occurs between banks when you decide to transfer your current mortgage to another bank.
We give you six reasons, all of them very compelling.
You want a better interest rate
This is usually the most common reason. As you know, mortgages have a very long life during which the market may change, and if the market changes the interest rates and mortgage offers will probably change as well.
You wan to cancel the other products you acquired
When a bank offers a mortgage, it is usually on the condition that you acquire other products such as insurance and a pension plan, etc. However, these products indirectly make your mortgage more expensive.
You've had your fill of the unfair terms
Subrogating your current mortgage can save you from paying excessive penalties, such as exorbitant late payment interest.
You don't want to pay any more fees
Maybe your mortgage has certain conditions that you no longer want to pay for. For example, a fee for making partial repayments.
You want to modify the repayment terms
Maybe things are going well and you want to reduce the repayment term. Or maybe things are not going so well and you want to reduce your monthly instalment. Either way, it's worth considering a subrogation offer.
You are going to buy a house and you want to save on the costs and fees
If you are going to buy a house that is already mortgaged, subrogating or taking over the seller's mortgage can save you certain costs and fees.
You will have to pay the early cancellation fee applied by the bank where you took out the mortgage. The amount will depend on the type of mortgage, the date when you signed the agreement and the stage reached in the mortgage term at the time of the transfer.
The costs related to the new mortgage
Under the terms of the 2019 mortgage act, you will only have to pay the new appraisal costs. All the other costs, such as the notary and stamp duty, etc., will be paid by the new bank.
Steps to follow to subrogate your mortgage
Steps to follow to subrogate your mortgage
Discover all our mortgages
The market may have changed considerably since you took out your mortgage, and it may be that the bank you have it with is no longer offering the best conditions for your current situation. At Bankinter we have a wide range of mortgages and we think you'll find the one you are looking for.
You can find out more through our website, telephone banking and, of course, at our branches. We'll tell you the documents we need to initiate the analysis and we'll give you full details of the mortgage conditions and characteristics so that you're clear about everything before we start the subrogation process.
Analysis of the operation and confirmation of terms and conditions
Once we've analysed the operation, we'll confirm our offer and all the terms and conditions. We'll do this through what is known in financial jargon as a “binding offer”, presented in an approved format: the European standardised information sheet.
Signature of the mortgage
This will usually take three weeks, after which the operation will be ready for signature in line with the terms of the Real Estate Credit Act.
Want to find out if you could get a mortgage with us? Apply for a personalised proposal.
1. Who is the data controller?
The data controller is Bankinter, S.A. (hereinafter referred to as 'Bankinter') with Tax ID No. A28157360 and registered office at Paseo de la Castellana 29 (28046 Madrid).
2. For what purposes do we process your data?
The data you provide us with will be processed to receive information about the corresponding request and, as applicable, formally enter into a contract for the product of interest to you.
3. What are the legitimate bases for processing your data?
The legal basis for fulfilling the purpose set out in the above section will be the processing of the request for information. Therefore, any refusal to supply the personal data requested, or the submission of inaccurate or incomplete data, could therefore render it impossible to provide you with the service. Customers are responsible for ensuring the truthfulness of the data provided, and for notifying Bankinter of any modification thereof.
4. Who will receive your data?
The data provided will not be transferred to third parties, unless there is a legally obligation to do so.
5. For how long will we process your data?
Unless you have stated otherwise, we will keep your data for a period of six months. As soon as they are no longer necessary for the purposes described above, the data will be blocked for the period for which they may be required for carrying out, or defending, administrative or legal actions, and they may only be unblocked and processed again for this purpose. Once this period has elapsed, the data will be cancelled definitively.
6. What are your rights in relation to the processing of your data?
You may exercise your rights at any time to access, rectification, erasure, opposition, restriction of processing and portability of the data in the circumstances and scope established by the applicable legislation currently in force. To exercise your rights, please contact us by writing to the following address: Bankinter, S.A. Operaciones- Protección de Datos. Calle Pico San Pedro, 1. Tres Cantos. Madrid. 28760, enclosing a copy of your national ID or any other identifying document. Please note that you also have the right to lodge a claim with the Spanish Data Protection Agency.
7. Where can I obtain further information about data processing?
You can get further information about how Bankinter processes your data at this