• Product 1
• Transfer your mortgage
  
• 60% of valuation
• Interest only available (3 years)
• Rates from Euribor plus 0.35%, currently 1.65%
• Transfer costs of €1,000 to be added to the loan
• Resident applicants only

.

• Product 2
• Transfer your mortgage
  
• 60% of valuation
• Rates from 2.19%
• Resident and non-resident
• Costs covered by the lender
• 10 years interest only

If you are employed click here. . . . . . . . . . . . . . . . . . .If you are self-employed click here

There are several reasons why you may want to re-mortgage to a new lender :

If your interest rate is not competitive you may achieve a lower one

You can increase the term of the mortgage – thereby lowering monthly payments

You can switch to interest only – thereby lowering your monthly commitments

In situations of default of payments you may move to a lower penalty rate

Recent legislation changes ratified in December 2007 by the Spanish government have been developed to reduce the costs of a re-mortgage in Spain when you are moving your mortgage to a new lender.

In some circumstances, you can avoid having to pay, for a second time, the mortgage deed tax applicable on all borrowings in Spain and currently set at 1.8% of the mortgage.

Generally the reasons are similar to those in the UK – effectively you want a better deal without the high costs associated with a re-mortgage in Spain

Some banks are actively marketing products where all other costs like existing redemption penalties and Notary and Registry costs are covered by them making the transfer of a loan either free or certainly cost far less.

The new legislation will also reduce dramatically, the cost of taking a re mortgage with another bank where mortgage  subrogation (subrogación) is possible. Because it allows any changes to terms to be included on one deed instead of the previous three.

If you are currently stuck with a high rate of interest, an inflexible product or a bank you simply don´t get along with, we can help and explain fully the process to you.

If you would like to know more about Spanish remortgages for your property in Spain, Contact us now for further information