Extending mortguage period - Cam bank
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Me and a friend took out a mortgague with Cam bank in 2005 for
80,000 euro ( now down to 69000 Euro), I have just been made
redundent and we wish to extend the term from 15 to 30 years. My friends
salary is £19,000 (24,000 Euro). The bank have asked for
proof of income, which I won't have of couse. Anybody amy experiance
of this sort of situation. We are not in arreas, and will try for long term rental
as well.
Peter R
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Hi Peter
This might sound a "bit wrong" but what is the date of your last payslip? If it's last month then I think they would accept it!
If you're not working then I think it will be tough to change your mortgage.
Search for smiley and contact him. He should be able to advise you.
Justin
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Schools in Spain Guide | The Expat Files | Learn Spanish | Earn a living in Spain
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If you want to make changes to your current CAM mortgage (increasing interest only period, extending the term) then they will ask for all your details again, not only will they need proof of income but they will also require an equifax report (even if you didn't supply one at the time of taking the mortgage out the first time). I know a few people on Polaris La Torre development that have had to do this.
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As far as I am aware there is only one lender's product that does not require a credit report, but the product is 50% LTV - €120K euros max and only available for purchases. In fact this is a self cert product.
_______________________
Regards
Sharon
sharon@tmasspain.com
www.themortgageservicegroup.com
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