Mortgagors have until the end of the year to change their variable mortgage to a fixed or mixed mortgage and save up to €500.

Those who think about change mortgage in Spain Please note that the period allowing you to do this without paying fees ends on the last day of the year. Affects changes in variable: fixed or mixed mortgage so much for surrogacy as for cancellation and open it again loan. That is, if the government Pedro Sanchez does not lengthen Code of Best Practice approved at the end of 2022 and strictly adhered to by the bank in 2023 and 2024.

surrogacy It started to appear on the mortgage table when Euribor began to skyrocket. Variable loan installments sometimes reached more than 600 euros per month, which was beyond the finances of many households. Currently, the trend of the indicator that most mortgages in Spain are based on is downward after reaching a ceiling of 4.160% in October 2023.

The reduction in mortgage repayments reached €2,600 a year last month, and while this puts the mortgagee further away from subrogation, it is true that if you do the math, future cuts may not yet make up for all that has been paid since Euribor rose sharply. It is in these cases that the idea of ​​surrogacy keeps coming to your mind. And it is these mortgagers who should not lose sight of the fact that from January 1, the free payment for these two years ceases to exist.

From iAhorro Simone Colombelli, director of mortgages at comparator and mortgage advisor, recalls that “anyone who is hesitant about changing their variable mortgage should know that now is the best time because it is a process that will be virtually free; by subrogation only “I will have to pay the valuation of the house (about 400 euros).”

How much will surrogacy cost from 2025?

As Moncloa said in a press release issued at the end of 2023, “Once the fee waiver ends, the permanent 0.05% cap that caps fees applicable to the transition from adjustable to fixed rate mortgages will be extended.” so it would also include changes to mixed-rate mortgages,” Colombelli recalled.

Thus, when carrying out subrogation for the purposes of this regulation, citizens will have to pay a valuation of the house (about 400 euros) and 0.05% of the outstanding debt. For example, a person who still has an outstanding debt to the bank of €200,000 on a mortgage will have to pay a further €100 in subrogation fees to be able to switch from a variable to a fixed or mixed amount. Thus, the cost of subrogation of your mortgage will be approximately 500 euros.