caja murcia mortgage rates

i have a mortgage with caja murcia in rojales and when it was first taken out i was told how much it was each month but i keep hearing about interest rate drops and wondering if my mortgage has dropped, am based in uk and my caja murcia statements not very detailed have emailed bank to try find out but no response does anyone have no or another e mail address for the bank please

Mark,

 We too have a mortgage with caja murcia bank.

 Basically this is how it works,  if say you completed & started a mortgage in Jan, you will pay the euribor rate + typically 1%, this is fixed for 1 year, then after a year the new rate you will pay in our case is the average euribor rate + 1% 2 months prior to Jan, this then is fixed for a year ,this is repeated until the repayment of the mortgage.

There may be variations of this but thats the case with our mortgage , we have just gone from paying 5% to our new rate of 2.224 % a difference of € 200 per month. GREAT.

Hope this helps

Dave

www.rodagolfdreams.co.uk

Hi there,you might find that there is a minium payment,ours is with banko popular and our rate is euro bar plus 1%,our a minium pf 4%,AND QUESS what ours is 4% and no saving at all so read the small print?