Remortgaging and refinancing in Spain

As I've mentioned in other posts, for linked (subrogacion) mortgages the new bank sends a document to the old bank detailing the new conditions that they have agreed with you. The old bank now has 15 days to respond. Just be aware that they will  probably take the full 15 days to issue the required documents, even if they have made it clear that their answer will be negative. Of course the reason is obvious, they gain time during which you will be probably making another payment towards your mortgage with them, just before you go. Such is life.

During this time the new bank is also sitting with their hands tied because their actions will depend on the old bank's answer, so don't expect much from that side either. All in all, expect a month's delay between having everything approved with the new bank and a new mortgage offer sorted out, and the actual signing. This may be critical if you perhaps have other ongoing business with the old bank and you want to keep everything "sweet" with them in the meantime.

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