Remortgage
Remortgage in Spain: How to Save Money by Switching Your Mortgage
Remortgaging your property in Spain is one of the most effective ways to reduce your monthly mortgage payments, secure a better interest rate, and save thousands over the long term.
Remortgaging your property in Spain is one of the most effective ways to reduce your monthly mortgage payments, secure a better interest rate, and save thousands over the long term.
At Mortgage in Spain®, operated by Prime Mortgage Solutions S.L. – licensed by the Bank of Spain (Reg. D969), we help international buyers remortgage their Spanish properties quickly, safely and 100% online.
Our service is free for you — the bank pays our commission — and we maintain a 99% mortgage approval rate for clients from more than 20 different nationalities.
When Is the Right Time to Remortgage Your Property in Spain?
Remortgaging your Spanish property makes sense when market conditions have improved and your current interest rate is higher than the rates offered by banks today.
It is also an excellent option if you want to switch from a variable to a fixed rate, reduce your monthly payment, remove linked products, or simply gain more financial stability without changing home or taking out a completely new mortgage.
At Mortgage in Spain.es® – Mortgage Broker, we carry out a personalised study and identify the bank that best fits your financial profile. We manage the entire process on your behalf: feasibility analysis, documentation, negotiation with banks and coordination with the notary.
Our service is 100% free for you, as our fees are paid by the bank that ultimately grants the mortgage.
Main Requirements to Remortgage in Spain
For a bank to accept a remortgage (subrogación hipotecaria), you will generally need:
- 2 years of proven income (payslips or equivalent tax documentation).
- The last two income tax returns (or tax returns if you live outside Spain).
- A perfect repayment history with your current mortgage.
- A maximum debt-to-income ratio of 35% based on net income.
- A mortgage with at least 2–3 years of history, demonstrating good financial behaviour.
- An updated property valuation, requested by the new bank.
If you meet these requirements, it is highly likely that you can improve your mortgage conditions and save thousands of euros by remortgaging your property in Spain.
Contact our team of remortgage specialists today.
Get clear answers to all your questions about remortgaging. Our team of advisors will guide you through every step of the process in a simple, fast and transparent way.
The Remortgage Process Step by Step
1. Free Study and Savings Calculation
We confirm your eligibility and calculate your potential savings online.
2. Document Review and Submission to Banks
We manage everything digitally with our partner banks.
3. The New Bank Issues a Binding Offer (FEIN)
You receive a detailed mortgage proposal.
4. Your Current Bank Has 15 Days to Improve or Match the Offer
This is required by Spanish law.
5. Signing at the Notary in Spain
Once the process is approved, your mortgage is officially transferred to the new bank.
We coordinate all steps until the final notary appointments.
“Now We Can Finally Relax”: John and Sarah’s Story — A British Couple Who Reduced Their Spanish Mortgage Thanks to a Remortgage Completed With Our Help
When John and Sarah moved from London to the Costa del Sol in 2022, they did so full of excitement about starting a new chapter. They found the perfect home and took out a €250,000 fixed-rate mortgage at 4.5%.
For the first years everything went smoothly. They paid on time and enjoyed their life under the sun, but over time they began to notice that their monthly payment felt high — especially as interest rates in Spain had dropped significantly.
One evening, while reviewing their expenses, they wondered whether there was a way to reduce their mortgage without having to start all over again. They began researching, and a friend recommended contacting Mortgage in Spain.es – Mortgage Broker.
They wrote to us without expecting much, but after analysing their case — stable income, low debt level and an impeccable repayment history — we confirmed that they could remortgage their property and secure a new fixed rate of 2%.
The entire process was handled 100% online, with ongoing guidance from their advisor up to the day of signing.
Final Result
Thanks to the remortgage, John and Sarah reduced their monthly payment by €329, which represents almost €4,000 saved per year.
Over the remaining 25 years of their mortgage, this totals approximately €98,700 less paid to the bank, without changing home and with no extra costs beyond the new valuation required to complete the process.
Their Words After Signing
“We never imagined it was possible to save so much without moving house. The remortgage process was clear, fast and stress-free. Now we pay less each month and, more importantly, we sleep peacefully knowing we made the right decision.”
A Change That Truly Made a Difference
Today, John and Sarah still live in their home on the Costa del Sol, but with a very different feeling: the satisfaction of having made a smart financial move that brings them stability and peace of mind.
At Mortgage in Spain.es – Mortgage Broker, we help families like theirs every day. We review their mortgages, negotiate with banks and secure the best remortgage offer tailored to their circumstances — at no cost to the client, as our fees are paid by the bank that grants the mortgage.
👉 Would you like to know how much you could save by remortgaging your Spanish property?
Complete our form and request your free remortgage study today.
Looking to Remortgage Your Spanish Property and Improve Your Conditions?
Get a free, no-obligation assessment, carried out by a certified mortgage broker specialised in remortgaging (subrogación hipotecaria) in Spain.
📌 100% online service – convenient, guided and secure
📌 Over 15 years of experience in the mortgage industry
📌 Multilingual advice (ES · EN · FR · NL)
📌 Access to the best mortgage conditions on the market
📌 No cost to you – the bank pays our fees
📌 99% mortgage approval rate
👉 Fill in the form and one of our advisors will contact you within 48 hours with your personalised remortgage study.
Your certified mortgage broker, authorised by the Bank of Spain (Licence D969).
This does not constitute a credit offer. Final approval depends on the banks’ evaluation and the documentation provided.
📞Contact us today and start saving on your mortgage!
Remortgage
Find clear answers in our Remortgage FAQs
¿What is a remortgage?
A remortgage allows you to transfer your existing mortgage from one bank to another without cancelling it, in order to improve your conditions — such as reducing your interest rate, lowering your monthly payment or removing unnecessary linked products.
It is a legal, secure and cost-effective process, and far cheaper than cancelling your current mortgage and taking out a new one from scratch.
¿Can I remortgage my fixed-rate mortgage?
Yes. Many clients with a fixed-rate mortgage take advantage of lower market rates to secure a cheaper monthly payment with another bank.
¿And what if my mortgage is variable?
You can remortgage it as well. It’s an excellent opportunity to switch to a fixed rate and gain more stability in your monthly payments.
¿How much can I save?
It depends on the outstanding balance and the remaining term, but the average savings usually range between €15,000 and €60,000 over the life of the mortgage.
¿What costs are involved in a remortgage?
In Spain, when remortgaging through a subrogación hipotecaria, the only cost you normally pay is the property valuation required by the new bank.
All other expenses linked to the new deed — notary, Land Registry and administration fees — must legally be covered by the new bank, and the process is exempt from the mortgage stamp duty (IAJD).
Your current bank may have a subrogation/early-repayment fee, but this depends on what was written in your original mortgage deed and how many years have passed since you signed it. The law sets strict limits:
Variable-rate mortgages
If the mortgage is more than 5 years old: maximum 0%.
If it is between 3 and 5 years old: maximum 0.15%.
If it is less than 3 years old: maximum 0.25%.
Fixed-rate mortgages
The bank may charge a compensation for interest-rate risk, but only if the remortgage causes a proven financial loss to the bank.
The legal limits are:
2% if fewer than 10 years have passed since signing.
1.5% if more than 10 years have passed.
¿Do I need to provide proof of income?
Yes. The bank will review your last two years of income, tax returns and bank statements to verify your financial stability.
¿What debt-to-income ratio will a bank accept?
Your total monthly debt payments should not exceed an average of 35% of your net monthly income, as this is the maximum ratio banks consider acceptable.
¿How long does the whole process take?
Usually between 4 and 8 weeks, depending on how long the valuation and document review take.
¿Do I need a new property valuation?
Yes, it is a mandatory step. The updated valuation allows the new bank to confirm the current market value of your property.
¿How long must my mortgage be in place before I can remortgage it?
Although there is no legal minimum, it’s best if your mortgage has been in place for 2 to 3 years and has a solid repayment history, as this gives the new bank greater confidence.
¿Can the new bank refuse my remortgage application?
Yes. A remortgage can be declined if the bank considers that your income, documentation, credit history or debt-to-income ratio does not meet their criteria. Each bank has its own risk policies, which is why a personalised pre-assessment is essential to know your real chances of approval.
¿Can I remortgage my mortgage if I am a non-resident?
Yes. As long as you can provide proof of stable income and the required tax documents from your country of residence. At Mortgage in Spain Mortgage Broker, we work with non-resident clients every day and understand the specific requirements of each bank.
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