Interest free mortgage

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07 May 2011 00:00 by sherrl Star rating. 2 posts Send private message


Can anyone help with some information please?

I have an apartment in La Cala de Mijas and  like lots of others, have been unable to rent it out. The bank will let me switch to an interest free mortgage for 2 years but want to charge 1200.00 euros. Not sure if this is the banks fee or the notarys. This seems to me an excessive amount although they have said I won't have to pay any charges when it reverts back to a repayment mortgage.



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07 May 2011 18:23 by mrpidman Star rating. 16 posts Send private message

Hi, we are planning to visit the area and were planning to stay in Calahonda whilst looking at property. Maybe you could post details if you are looking to rent the property? Thanks

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08 May 2011 12:26 by sharonw Star rating in Coin, Malaga. 281 posts Send private message

sharonw´s avatar

Hi Sherrl,

This will be a combination of the banks (admin) charge and the notary fee to change your mortgage basis in the registry documentation.  Have you considered changing lenders? If it is a possibility i.e. based on your financial circumstances and the value of the property, it is possible to switch paying no costs (lender pays) and obtaining up to 5 years on Interest Only basis.






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