Mortgages substitution
The Substitution
If we do not manage to improve the conditions with our entity, we have the option to move the mortgage to another entity, this is called subrogarción. Of hand, it is necessary to say that it is more expensive and complex than the novation, since we have the negotiations and the expenses of the change of mortgage. In this case also we can modify the applicable interest rate, the reference index in the loans of variable interest or, enclosed, go on from fixed interest to variable interest and vice versa. But, unlike the novation, we cannot modify the term.
The process is a little complex, but it consists of coming basically in search of a better offer. Once the new entity has offered us the binding offer, and we have accepted it, this one will express a binding offer to our bank or box notifying the new conditions. Our ancient entity must express, in the course of 7 calendar days, a certification pointing out what the hanging debt is. During 15 following days the entity creditor can think it well and assume the conditions of interest that was offering the new entity, with which the process stops and there is applied the formula of novation that we saw earlier. If the ancient entity does not certify the debt in seven days or does not assume the new conditions in the course of 15 days, then the steps of the substitution can already begin.