Spanish Mortgage for UK house purchase

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10 Feb 2011 00:00 by oliverson Star rating. 71 posts Send private message

Hi and thanks for reading.

I'm considering selling up my holiday home in Spain and was wondering what is the possibility of retaining my mortgage with Unicaja for the purposes of buying a property back in the UK.

Just wondering if anybody has any experience in this area before I go and embarrass myself at the bank!

Thanks





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16 Feb 2011 17:18 by sharonw Star rating in Coin, Malaga. 281 posts Send private message

sharonw´s avatar

Hi oliverson,

Not sure if you have been to your bank by now, but the option you are describing would not be possible. The mortgage is a charge against the property you bought and once you sell the property the mortgage balance remaining will be paid up and the mortgage cancelled; however it is possible for a buyer to take over the mortgage (depending on the type of mortgage you have) should their criteria meet the lender requirements.

 



_______________________

Regards

Sharon

sharon@tmasspain.com

 www.themortgageservicegroup.com

 




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