There are several reasons why you might be thinking of changing your mortgage in Spain. Perhaps you’re looking for better mortgage conditions. Maybe you’d like a new mortgage contract with no abusive clauses. Or you want to change the names of the mortgage holders. All three are valid reasons and all involve a process and certain costs.
In this guide, we look at how to change your mortgage in Spain, the costs it involves and whether it’s always possible.
Did you know? Transferring your mortgage in Spain from one bank to another is known as subrogación de acreedor in Spanish.
The advantages of changing your mortgage in Spain
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The benefits of modifying your mortgage, whether it’s the contract itself, the lender or the holders, include the following:
- The chance to access a better mortgage rate – you may have a fixed-interest rate and want to tap into a lower variable rate. Or your loan might be with variable interest and you’d prefer the certainty of a fixed monthly payment.
- The opportunity to change the length of your mortgage – your financial circumstances may have changed (for better or worse) and it could be to your advantage to shorten or lengthen the number of years left to repay your mortgage.
Got a mortgage claim? Find out how we can help.
- The chance to get rid of abusive clauses in your contract – in the recent past, Spanish banks were notorious for including terms and conditions in mortgage contracts that clearly went against consumer interests. These are known as ‘abusive clauses’ and you might welcome the opportunity to take on a mortgage contract without them.
- A way of changing the mortgage holders – your personal circumstances may be different now than when you took out the mortgage. For example, you may have separated from your co-mortgage holder. Changing your mortgage in Spain could, therefore, be beneficial to you both.
Did you know? Before you sign any new mortgage contract you should ensure you understand all the small print and all the implications of the terms and conditions. If you need help with this, get in touch with our expert team.
How to change your mortage in Spain
The process for modifying a mortgage contract depends on what you want to do, as follows.
Changing conditions
If you’re looking to improve your mortgage terms and conditions, you need to do the following:
- Shop around to find a bank that offers the new mortgage you’re looking for.
- Get pre-approval for the new mortgage from your chosen bank.
- Your current bank then has seven days to equal or improve the conditions offered by the new mortgage. The bank must present these to you by notary. If your bank does this, you are obliged by law to accept the same or improved conditions and cannot change your loan.
- If your current bank opts not to equal or improve the new mortgage loan, you accept the new offer, sign the new contract at the notary and pay corresponding costs.
Changing loan holder
If you want to change the names of the holders of the mortgage, the process is as follows:
- Make an appointment with your bank and explain what you want to do.
- The bank then decides whether to allow the change in holder.
Note that the bank is not obliged to modify the names of the holders of the mortgage and has the right to refuse to do so. If this is the case, your only option is to cancel the mortgage and take out a new one with your current bank or another one.
The costs involved in changing a mortgage in Spain
As you might expect, banks do not change mortgages free of charge and you’ll be liable for several costs. For example:
- Commission for transferring a mortgage to another bank or changing the holder’s name. This amount is usually a percentage, say 0.5% of the outstanding capital and is clearly stated in your mortgage contract.
- Valuation costs. Unless your current bank has equalled or improved your current mortgage conditions, you will be liable for valuation costs when you change your loan.
- Deed costs. If you transfer your mortgage to another bank, you will have to pay for a copy of the new title deeds.
In total, budget for between €1,000 and €1,500 in costs.
Take expert advice
Before you make any decisions on a new mortgage contract, take professional advice on your rights as a consumer. At Costaluz Lawyers, we’ve been successfully defending foreigners’ interests against Spanish banks for over 15 years. Get in touch to find out how we can defend yours.
Which abusive clauses do we check in your Spanish mortgage?
- Floor clause (Clausula suelo) — hidden minimum interest rates
- Abusive late payment interest — rates exceeding legal limits
- Mortgage expenses — notary, registry, and management fees unlawfully charged to the borrower
- Opening commission — upfront fees that may be reclaimable
- Early maturity clause (Vencimiento anticipado) — allowing the bank to demand full repayment after minor defaults
- IRPH — a mortgage index consistently higher than Euribor, often applied without adequate transparency
- Multi-currency clauses — loans denominated in foreign currencies exposing borrowers to exchange rate risk
If any of these apply to your mortgage, you may be entitled to a refund. Request a free mortgage review
Legal Notice: The content on this page is provided for general informational and educational purposes only. It does not constitute legal advice and should not be relied upon as such. No action should be taken based solely on this content without first seeking independent professional legal counsel. Each case requires individual assessment based on its specific circumstances. CostaLuz Lawyers accepts no liability for actions taken or not taken based on this content.
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Related guide: our guide to mortgages in Spain for non-residents.
Reviewed by María Luisa de Castro, CEO at CostaLuz Lawyers — Updated 2026
This is general information, not definitive legal advice — every case requires individual analysis.
This content has been prepared with the assistance of artificial intelligence and reviewed by María Luisa de Castro, a lawyer specialising in Real Estate Law and founder of CostaLuz Lawyers.
The information provided is general and indicative in nature. It should not be used as the sole basis for making professional, legal or investment decisions, and CostaLuz Lawyers assumes no responsibility for decisions taken solely on the basis of this content.
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