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Spanish Remortgaging or Mortgage Refinancing

Do you need help to remortgage in Spain? At Fluent Finance Abroad our Spanish mortgage advisors can give you all of the help and advice that you need regarding Spanish remortgaging and mortgage refinancing in Spain.

Don’t feel trapped in a Spanish mortgage that no longer suits you!

If you have an existing mortgage on your Spanish property but would like to make changes to the mortgage terms, such as extending the payment terms or increasing the loan amount, then our Spanish mortgage experts can help you.

Your circumstances may have changed since you took out your original mortgage, and you would like to alter the terms so your payments are more realistic and manageable.

We’ll discuss your requirements with you and explain exactly what you need. Then, one of our mortgage advisors will help by renegotiating your payment terms to a schedule that works for your situation.

There are other options open to you too. We can help you set up an entirely new mortgage with a different lender. Or, we can help you to transfer an existing mortgage to a new mortgage lender using a process called Spanish subrogation and then renegotiate your terms. Just get in touch to find out more!

How remortgaging in Spain actually works

Remortgaging in Spain follows a set process whether you’re staying with your current lender or switching to another:

Review your current mortgage – the interest rate, the outstanding mortgage balance and how many years are left on the term.
Choose between your existing lender or a new mortgage provider – renegotiate with your existing lender, switch to a new lender on the same property, or take out a new mortgage and use it to clear the old one.
Get a property valuation – Spanish banks tend to lend against current market value, so an updated valuation is needed.

If your application is accepted, your old mortgage is cancelled and replaced by the new deal. You can use our Spanish mortgage calculator to compare a new rate against your old one.

Remortgaging as a Spanish tax resident

If you live in Spain full time and pay tax as a resident, refinancing works the same as any other Spanish remortgage. Your lender will assess your Spanish income and current mortgage the way they usually would – our video below covers how the process works in practice.

Remortgaging as a non-resident in Spain

Own a Spanish property but pay tax as a UK resident or other? This is slightly more complex, and Spanish law treats you differently than residents. Non-resident buyers face more scrutiny, so professional advice before applying really does matter. We explain all you need to know about non-resident remortgaging in the video below.

Why remortgaging in Spain is worth it

A Spanish remortgage isn’t just about a cheaper rate – it offers numerous other benefits too. Common reasons people do it include:

Wanting to take advantage of better mortgage interest rates
Needing to extend or reduce the loan term
Increasing the loan amount because the property’s value has risen since you bought it
Wanting to switch to a different type of mortgage, e.g from a fixed-interest loan to a variable rate mortgage and vice versa
Restructure the mortgage after becoming self-employed
Wanting to release equity from your Spanish property
Wanting to switch to another lender

Contact us now – our Spanish mortgage experts can help you!

In Spain, remortgaging works differently than in countries like the UK and the US – our expert team from Fluent Finance Abroad can help you with any questions you have about Spanish remortgaging or mortgage refinancing.

Simply call us on 0034 952 85 36 47 to speak to one of our team directly, or email us at info@fluentfinanceabroad.com for more information.

We’re also happy to talk with you online – just let us know your preference. Or get in touch via our online enquiry form and one of our Spanish mortgage advisors will be happy to contact you.

Frequently Asked Questions

What is a remortgage in Spain?

Spanish remortgaging is the process of replacing your existing mortgage in Spain with a new one. You can do this with your current lender, or with a new bank entirely.

To begin your remortgage, you should review your current mortgage, such as the interest rate and outstanding balance.

You’ll then apply for a new mortgage directly from a Spanish bank or mortgage broker – the latter can help the process run smoother and get you the best and most exclusive deals. The lender will then require a new property valuation to determine the current market value.

If your loan application is accepted, your old mortgage plan will be cancelled, with the new one replacing it.

If you’re considering a Spanish remortgage and would like trusted guidance from experienced mortgage advisors, why not contact Fluent Finance Abroad today? Our friendly and knowledgeable team will assist you in any way they can, simplifying the process from start to finish.

What are the benefits of remortgaging my Spanish home?

A Spanish remortgage offers numerous benefits and is a good idea if:

You want to take advantage of better mortgage interest rates
You need to extend or reduce the loan term
You want to switch to a different type of mortgage, e.g from a fixed-interest loan to a variable one and vice versa
You want to release equity from your Spanish property
You want to switch to another lender

At Fluent Finance Abroad, our reliable specialists can get you the best and most exclusive mortgage deals Spain has to offer – get in touch today!

How long does the Spanish remortgage process take?

On average, the Spanish remortgage process takes around 6-10 weeks, although this may differ depending on your individual case and whether you’re a resident or non-resident.

This time accounts for the time spent during the initial application, property valuation, mortgage offer, and cancelling the old policy.

Missing paperwork, hold-ups with the valuation procedure, language barriers or bank holidays are examples of issues that may cause delays, meaning you’ll have to wait longer than you’d like to.

But, by choosing Fluent Finance Abroad to arrange your remortgage with Spanish lenders, we can help to speed up the process – we’ve built up an excellent working relationship with various banks in Spain and know exactly how to get your application through without delays.

Can I remortgage in Spain with another lender?

Yes – you can remortgage your property with a different lender than the one you took your existing mortgage out with.

Individuals may opt to switch lenders for multiple reasons. For example, they may not have a great relationship with their bank, feel that they’re paying too much interest, or have taken out policies with their current mortgage lender that they don’t benefit from, such as insurance.

To do this, you’ll need:

Your original mortgage deed – our brokers must be able to see and evaluate your current mortgage deal
To be up to date with your mortgage – banks will need assurances that you can pay your loan back
Equity in your property – this is very attractive to potential lenders and even more so if you’re willing to release equity for home improvements

At Fluent Finance Abroad, we’re specialists in Spanish mortgage brokering, and can offer expert advice to residents and non-residents on whether remortgaging with a new lender is the best option for you.

Does the lender you choose matter when remortgaging in Spain?

Not all lenders price remortgages the same way, and most lenders reserve their best rates for new customers rather than existing ones. That’s why switching is often the most common route to a genuinely better deal, rather than simply asking your current lender for a discount.

One of our mortgage experts can advise you on the most suitable option and help you find the best deals.

Do I need a Spanish notary to remortgage?

Yes. Any change to a mortgage deed in Spain has to be signed by you in front of a Spanish notary to be legally valid, whether you’re staying with your existing bank or moving to a new lender.

All notary costs for the new mortgage must be paid by the new bank. The notary cost to cancel the existing mortgage has to be paid by the customer.

If you can’t be in Spain to sign at notary for the re-mortgage, it would be a good idea to ensure that you can give a power of attorney to either your lawyer or to Fluent Finance Abroad so that the new mortgage can be signed on your behalf. It’s best to check if you have a valid POA prior to applying for a refinance package to avoid delays.