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Sunday, April 15, 2007
shirederby
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i took out a mortgage on the property when i bought approx 80000 euro over 15 years at a fixed rate of 5.6% for the full term with solbank.i did not know much about mortgages in spain and went with this as i had a bank account with solbank and it seemed the easiest option but probably not the best deal. i have 12 years left ,As it appears to be very expensive to switch ,what cost is involved with paying the total amount off,or is it possible to go back to the bank to see if i can renegotiate a new deal ,i would not want to have to pay the set up charges again as they were extortionate and came as somewhat of a surprise.
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15 Apr 2007 11:25 AM
Ian24A
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I seem to recall that it will stipulate on the first page of the mortgage quote Solbank give out what the repayment charges are. Typically they are about 1% of capital outstanding as a charge for early repayment.
But also there is usually a permitted maximum amount that you can pay off without any charges being incurred. I think on my mortgage it is twenty thousand Euros a year. I guess this part doesn't really help as you want to cancel it out completely and you need a new mortgage to be able to pay the old one off.
Solbank are no different than any other bank. They want as much of your money that they can possibly get their hands on so sadly the time to negotiate the terms is before you sign the mortgage. After that they just behave like the rest--
Typical response:-
" I'd like to help you out!
Which way did you come in?"
Regards and good luck with the renegotiation.
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15 Apr 2007 12:46 PM
Smiley
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REMORTGAGE IS NOT A BIG MARKET IN SPAIN OWING TO THE SWITCHING COSTS - CAN TRY SOLBANK TO SEE IF THEY WILL OFFER SOMETHING MORE COMPETITIVE BUT THE TIME TO HAVE DONE IT WOULD REALLY HAVE BEEN TWO YEARS AGO WHEN RATES WERE LOWER - NO REAL POINT IN SWITCHING TO ANOTHER LENDER AS IT WOULD PROBABLY TAKE 7 YEARS TO RECOVER THE COST OF SWITCHING IF IT IS PURELY A BETTER RATE YOU ARE AFTER.
THERE ARE LENDERS NOW WITH 0% EARLY REPAYMENT CHARGE AND MORE FLEXIBILITY FOR OVER PAYMENT - THE MARKET IS SLOWLY CHANGING BUT THE DEFINITIVE WORD IS SLOWLY.
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 Sarcasm is the lowest form of wit .....but any form of wit is an achievement
NO MATTER HOW MUCH MONEY YOU HAVE GOT, IF YOU HAVE NOBODY TO SHARE IT WITH, THEN ITS JUST NUMBERS IN THE BANK.
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15 Apr 2007 6:36 PM
Rixxy
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Do you always have to shout Smiley - I got a headache today and it hurts just reading your loud message !
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15 Apr 2007 6:42 PM
Smiley
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Soooooooo sorry -out on the sauce again last night - blimey you got some stamina - mind you, you had a lot to celebrate so some justification. Sorry I dont understand this internet stuff about caps being shouting - how do I change to a whisper - told you before I got a good hangover cure recipe!
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Smiley - patrick@marbellamortgages.com www.marbellamortgages.com
Sarcasm is the lowest form of wit .....but any form of wit is an achievement
NO MATTER HOW MUCH MONEY YOU HAVE GOT, IF YOU HAVE NOBODY TO SHARE IT WITH, THEN ITS JUST NUMBERS IN THE BANK.
TO ESCAPE CRITICISM DO NOTHING, SAY NOTHING, BE NOTHING!
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15 Apr 2007 6:43 PM
Rixxy
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Ahhhh thank you. You dont have to whisper, just use normal text - its doesnt hurt the eyes.
So - what exactly is this hangover cure of yours then??
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15 Apr 2007 6:51 PM
Smiley
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Its an old secret recipe that I was taught a long long time ago - and it works! Not sure if I can reveal all here as not all the ingredients readily available so might have to PM you with it
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Smiley - patrick@marbellamortgages.com www.marbellamortgages.com
Sarcasm is the lowest form of wit .....but any form of wit is an achievement
NO MATTER HOW MUCH MONEY YOU HAVE GOT, IF YOU HAVE NOBODY TO SHARE IT WITH, THEN ITS JUST NUMBERS IN THE BANK.
TO ESCAPE CRITICISM DO NOTHING, SAY NOTHING, BE NOTHING!
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15 Apr 2007 6:53 PM
Rixxy
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Im ready to try anything to shift this mother!
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15 Apr 2007 6:58 PM
Smiley
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Why whats your mother got to do with this?
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Smiley - patrick@marbellamortgages.com www.marbellamortgages.com
Sarcasm is the lowest form of wit .....but any form of wit is an achievement
NO MATTER HOW MUCH MONEY YOU HAVE GOT, IF YOU HAVE NOBODY TO SHARE IT WITH, THEN ITS JUST NUMBERS IN THE BANK.
TO ESCAPE CRITICISM DO NOTHING, SAY NOTHING, BE NOTHING!
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15 Apr 2007 7:00 PM
Rixxy
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Dont ask! I reckon its her fault - she was rather particular of the drink as well
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15 Apr 2007 7:03 PM
Smiley
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Typical - blame the parents - mind you its always worked for me - like father like son!
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Smiley - patrick@marbellamortgages.com www.marbellamortgages.com
Sarcasm is the lowest form of wit .....but any form of wit is an achievement
NO MATTER HOW MUCH MONEY YOU HAVE GOT, IF YOU HAVE NOBODY TO SHARE IT WITH, THEN ITS JUST NUMBERS IN THE BANK.
TO ESCAPE CRITICISM DO NOTHING, SAY NOTHING, BE NOTHING!
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15 Apr 2007 7:55 PM
Rixxy
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Yeah - its the best excuse to fall back on. Always drove my parents wild when they were telling me off to retort that that had done the same at my age!
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15 Apr 2007 8:04 PM
Smiley
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Tell me was it she who taght you the Verrano four step?
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Smiley - patrick@marbellamortgages.com www.marbellamortgages.com
Sarcasm is the lowest form of wit .....but any form of wit is an achievement
NO MATTER HOW MUCH MONEY YOU HAVE GOT, IF YOU HAVE NOBODY TO SHARE IT WITH, THEN ITS JUST NUMBERS IN THE BANK.
TO ESCAPE CRITICISM DO NOTHING, SAY NOTHING, BE NOTHING!
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15 Apr 2007 8:06 PM
Rixxy
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Yeah - and the Tinto doble - doble vision that is
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15 Apr 2007 8:07 PM
shirederby
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thanks for the replies looks like i will have to hope intrest rates go to 9% and i will be quids in!!
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15 Apr 2007 8:07 PM
Smiley
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I thought it was the Tinto Diablo
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Smiley - patrick@marbellamortgages.com www.marbellamortgages.com
Sarcasm is the lowest form of wit .....but any form of wit is an achievement
NO MATTER HOW MUCH MONEY YOU HAVE GOT, IF YOU HAVE NOBODY TO SHARE IT WITH, THEN ITS JUST NUMBERS IN THE BANK.
TO ESCAPE CRITICISM DO NOTHING, SAY NOTHING, BE NOTHING!
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15 Apr 2007 8:08 PM
Rixxy
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Bloomin well feels like it the next morning I can tell you I really should stick to my tried and trusted methods.
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Quite frankly m'dear, I don't give a damn!
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