How to Cancel Your Mortgage with Banco Santander?
Once you have paid the last installment of your Banco Santander mortgage, the mortgage charge remains registered at the Property Registry. This means your home legally appears as mortgaged, which can create obstacles if you want to sell it, donate it, or use it as collateral for a new loan.
To begin the cancellation, you must request the Zero Debt Certificate from Santander. This official document certifies that you have fully paid off your mortgage loan. The bank is required to issue it free of charge. Once you have it, Santander will notify the Notary Association that you can go to any notary of your choice.
The next step is to formalize the Cancellation Deed before a notary. This public document allows registering the extinction of the mortgage at the Property Registry. Once registered, your property will be officially free of mortgage charges and will appear so on the property report.
At Notario.org we facilitate the entire process with Santander: we help you obtain the certificate if you do not have it, manage the deed via video conference, submit the AJD tax (exempt from payment), and take the documentation to the corresponding Property Registry.
