Those who are thinking about change the mortgage in Spain You should keep in mind that the deadline to do so without paying commissions ends on the last day of the year. Affects changes in variable to fixed or mixed mortgage so much for surrogacy as for cancellation and opening again loan. That is, if the Government of Pedro Sanchez does not lengthen the Code of Good Practices approved at the end of 2022 and that has been strictly complied with by the bank during the years 2023 and 2024.
The surrogacy It began to appear on the table of the mortgaged when the Euribor began to skyrocket. The installments of variable loans sometimes rose to more than 600 euros per month, something unaffordable for the finances of many households. Now the trend of the indicator to which most mortgages in Spain refer is downwards after reaching a ceiling of 4.160% in October 2023.
The reductions in mortgage payments reached 2,600 euros per year last month, and although that distances the mortgagee from subrogation, it is true that if you do the math, future reductions may not yet compensate for everything paid since the Euribor skyrocketed. It is in these cases that the idea of surrogate continues to be on your mind. And it is these mortgage holders who should not lose sight of the fact that on January 1, the free payment for these two years ceases to exist.
From iAhorro Simone Colombelli, Director of Mortgages of the comparator and mortgage advisor, remembers that “whoever is doubting whether or not to change their variable mortgage should know that now is the best time because it is a process that will be practically free; by subrogation only “I would have to pay the appraisal of the home (about 400 euros).”
How much will surrogacy cost from 2025
As reported by Moncloa in a press release issued at the end of 2023, “once the exemption from commissions ends, the permanent ceiling of 0.05% that limits the commissions applicable to changes from variable to fixed rate mortgages will be extended, so that also include changes to mortgages at mixed rates,” Colombelli recalls.
Therefore, when making a subrogation, with the purpose of this regulation, citizens will have to pay the appraisal of the home (about 400 euros) and 0.05% of the debt they have outstanding. For example, a person who still has an outstanding debt with the bank of 200,000 euros in mortgage would have to pay another 100 euros as a subrogation commission to be able to make the change from variable to fixed or mixed. Thus the cost of subrogating your mortgage would be around 500 euros.
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