Faq

Financial

  • What is the novation of a mortgage about?

It is the modification of the mortgage loan deeds. With novation you can negotiate any of the following modifications: change the type of interest applied (from variable to fixed or vice versa), substitute the reference index (Euribor, IRPH, etc.) for another or reduce the differential of the loan. Moreover, you can agree to a reduction or an increase in the period of payment as well as increasing the amount on loan.

The costs accruing are those derived from the public deeds, the public notary and the registry office.

Novation is not taxable, except in the case that the negotiation implies an increase to the initially mortgaged amount.





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