Switching Mortgage from Spain to UK

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Saturday, February 23, 2008 patman Studio I'm in Chester and Los Alcazares I've made 38 posts Send private message to patman	Would it make sense to switch my mortgage from my Spanish property to my UK property now that the Euro seems to be gaining in strength, possibly moving towards convergence with the pound? By switching I could pay off my Spanish Mortgage. (With no penalty), and have a smallish mortgage on my UK property where I know one pound = one pound rather than One pound = ?Euros. Any comments / advice would be welcome. _______________________ may the farce be with you Spam post? If so please click here to report it
23 Feb 2008 4:16 PM JohnKath Studio I've made 48 posts Send private message to JohnKath	Don't forget that by switching to a property in UK you will loose any mitigation of the Spanish wealth tax that you currently have and do you have the necessary euro already in Spain or would you have to buy some because it is a very bad time to buy large amount. Spam post? If so please click here to report it
23 Feb 2008 5:22 PM patman Studio I'm in Chester and Los Alcazares I've made 38 posts Send private message to patman	I already pay Spanish Wealth tax as I still live in the UK. Yes it is a bad time to buy euros and that's the gamble. Is is going to get worse? E.g. Will my €1000.00 mortgage become £1000.00? Thanks for the reply _______________________ may the farce be with you Spam post? If so please click here to report it
23 Feb 2008 7:41 PM JohnKath Studio I've made 48 posts Send private message to JohnKath	Yes as a non-dom you do pay Spanish Wealth tax but that should be reduced by the amount of your mortgage set against the value of your property. I f you close the Spanish mortgage the wealth tax will increase because you cannot count your UK mortgage against a UK property against your wealth tax in Spain. According to the medium term outlook published by several of the Exchange Companies the value should bump along at about the current rate with a gentle rise toward the end of the year. My guess would be if you average out from now to the end of the year the interbank rate would be 1.34 - 1.35. This message was last edited by JohnKath on 2/23/2008. Spam post? If so please click here to report it
24 Feb 2008 4:24 PM Rixxy Villa I'm in San Pedro I've made 1837 posts Send private message to Rixxy	Plus you would need to take into consideration your inheritance tax liability in Spain. _______________________ Quite frankly m'dear, I don't give a damn! info@direct-auctions.com www.direct-auctions.com www.weightmanagementclubs.com Spam post? If so please click here to report it

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