Changing your Spanish Mortgage

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17 Jan 2009 00:00 by JC1 Star rating in Manchester and La Du.... 963 posts Send private message

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I have a mortgage with Banco Andalucia and the interest rate is fixed annually and its next anniversary is October next. I would like to know how easy would it be to exit this mortgage and remortgage with somebody else. Is this an easy exercise in today's climate and what would be the possible costs?



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Regards

 John

 


 

 




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17 Jan 2009 23:58 by Smiley Star rating in San Pedro de Alcanta.... 2502 posts Send private message

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Remortgage in Spain is not as simple as the UK and is significantly more costly (6 to 7% of loan size) than in the UK. There can be tighter restrictions on loan to value than for purchase. If your next review is in October any savings in interest rate would be negated by the remortgage expenses.



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Smiley - patrick@marbellamortgages.com  www.marbellamortgages.com   www.comparetravelcash.co.uk




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15 Feb 2009 11:09 by georgeh Star rating in condado de alhama sp.... 1462 posts Send private message

 

60% valuation with up to 5 years interest only
Bank will meet clients transfer costs:
-         no legal fees
-         no notary & registry fees
-         no extra taxes
-         no valuation fee (will be collected and refunded on completion)
There will be a study fee of 0.25% of the mortgage amount, payable at time of valuation
and refunded if completion goes ahead
The terms of this product are as follows:
Mortgage amount available: maximum 60% valuation
Mortgage term: up to 40 years (max age 70)
Interest rates:   Euribor (monthly Euribor currently 1.75%) + 1.60% (1.5% if capital & repayment only required)
Interest only:     up to 5 years
Redemption penalty:      0.5% first 5 years, then nil

i expect ecb to lower rates in first week of march by at least 1/2 % so wil be even cheaper

pm me if interested



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15 Feb 2009 14:45 by Smiley Star rating in San Pedro de Alcanta.... 2502 posts Send private message

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Only for those with top class UK credit rating and with excellent debt to income ratio as criteria tighter than others. Pay rates high alongside other lenders at E plus 1.75 or E plus 1.5. Pay rates used are not those prevaling in the date of completion so any down adjustment in March will only be of benefit a month or two  later.



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Smiley - patrick@marbellamortgages.com  www.marbellamortgages.com   www.comparetravelcash.co.uk




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15 Feb 2009 14:57 by georgeh Star rating in condado de alhama sp.... 1462 posts Send private message

** EDITED - Please respect terms of posting **


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15 Feb 2009 15:22 by sandra Star rating in . 806 posts Send private message

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George,

Yours sound  like the kind of agressive business methods one should stay well clear of, but I wish you the best of luck with it.

You must find that they work, although I would be reluctant to contact you in case you became so agressive with me if I did not take up your offer.

 



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15 Feb 2009 16:06 by georgeh Star rating in condado de alhama sp.... 1462 posts Send private message

smiley-if you look a bit more closely i think you will find the rate quoted is  3 mos euribor plus 1.5% on full repayment.as for good credit rating you are quite correct as it is practically impossible to get a non resident spanish mortgage with a poor credit rating.but i think we all know that.by the way i personally dont charge any fee for advice and recomendations.do you?


 



This message was last edited by georgeh on 2/15/2009.

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15 Feb 2009 19:06 by Smiley Star rating in San Pedro de Alcanta.... 2502 posts Send private message

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Yes we do and proud to - we dont hide anything and are fully transparent and no client proceeds with us without knowing exactly what they are doing and what is happening - I was not making any observation about the way you conduct your business George,I was merely pointing out that Halifaxs (fees free) remortgage has one of the most stringent debt to income ratios in the market. Additionally we were one of the first brokers in the market in 2007 to have the product to trial it before it was launched on general release and subsequently withdrawn and then revamped and reintroduced, so there is little or nothing that you can tell me about it. As it is a 100% subrogation (thus the amount transferred has to be almost to the very penny) the existing lender has to agree in essence that the mortgage can be transferred to the Halifax - Spanish lenders can be somewhat obstructive in this procedure and in some instance they can in essence refuse to transfer the loan. That is why Halifax now insist the study fee is paid in advance - they used not to ask for this but owing to the complexity of the subrogation procedure they were having so many failed completions after doing a lot of work they decided to ask for a payment commitment from the client.

There are lenders that have better rates and better all round terms and better income criteria. 

 



_______________________

Smiley - patrick@marbellamortgages.com  www.marbellamortgages.com   www.comparetravelcash.co.uk




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15 Feb 2009 22:05 by georgeh Star rating in condado de alhama sp.... 1462 posts Send private message

correct -thats why i said it was 60% deal.but you find me another lender that gives a fee free remortgage package.(they refund the val fee).



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