What it is
Switch variable-rate mortgages to fixed rate at no cost
It is a members’ bill. Introduced by parliamentary groups, the Senate, regional governments or citizens. It was introduced on 11 April 2023. Introduced by: Grupo Parlamentario Confederal de Unidas Podemos-En Comú Podem-Galicia en Común.
Official title: Private member's bill for measures to facilitate the subrogation and novation of variable-rate mortgages to fixed-rate.
Source: Congreso de los Diputados, file 122/000318· updated 11 Nov
Automatic summary, not yet reviewed
- The bill would let homeowners with a variable-rate mortgage on their main home ask for an automatic switch to a fixed rate, on the same terms the bank offers new customers.
- Homeowners could also move the mortgage to another bank at a fixed rate through a subrogation. The banks would cover all fees and appraisal costs, not the customer.
- If the current bank matches or improves another bank's offer and keeps the customer, it would have to pay the other bank a set compensation for the costs of reviewing the deal.
- For borrowers covered by the exclusion threshold of the law on distressed mortgage debtors, notary and registry fees would always be paid by the bank.
Who it affects
- People with a variable-rate mortgage on their main home: They could switch to a fixed rate, at their bank or another, without paying fees or appraisal costs.
- Banks and financial institutions: They would cover the costs of the switch and might have to compensate another bank if they keep the customer.
- Distressed mortgage debtors within the exclusion threshold: The bank would also pay notary and registry fees for the change.
Words worth knowing
- Novación (novation)
- Changing the terms of the loan with the same bank, without switching lenders.
- Subrogación (subrogation)
- Moving the mortgage to another bank that takes over the loan.
- Tipo de interés variable y fijo (variable and fixed rate)
- Variable: the payment changes with the market. Fixed: the payment stays the same.
- Euríbor (Euribor)
- The index most Spanish variable-rate mortgages are tied to; when it goes up, payments go up.
- Umbral de exclusión (exclusion threshold)
- Income and other limits set by law to decide who counts as a distressed mortgage debtor.
It summarizes the text as it was introduced. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries
Where it stands
How far did it get?
It took 2 of 7 steps. It reached Admitted, and today it is unfinished.
- Introduced11 April 2023Someone registers the text in the Congreso.
- Admitted18 April 2023The Bureau of the Congreso accepts it and, for a members’ bill, the plenary decides whether to consider it.
- Amendmentsnot reachedGroups propose changes.
- Committeenot reachedA committee goes through the text in detail.
- Plenarynot reachedAll 350 deputies vote.
- Senatenot reachedThe Senate can pass it, amend it or veto it.
- BOEnot reachedIt is published in the Official State Gazette (BOE) and comes into force.
See the 5 official steps on a timeline
Was there a plenary vote?
We have no plenary vote linked to this law in the Congreso’s data.
What happens next
What happens now?
The legislature ended before it finished. To go on, someone would have to introduce it again in the new Cortes.
It was presented again:
- XV Legislature, Congreso de los Diputados· Withdrawn Private member's bill for measures to facilitate the subrogation and novation of variable-rate mortgages to fixed-rate.
Sources
Where does all this come from?
- Congreso de los Diputados, file 122/000318
Official title, type, author, dates and stage.
Retrieved 11 November 2026
- The data comes from the open files of the Congreso, the Senate and the BOE, unaltered.
- Each deputy’s province is the one of their seat on the day of the vote.
- We only say “passed” or “rejected” when the majority needed is certain; otherwise we say which side had more votes.