Offset Mortgages

Can anyone advise on whether such a product exists in Spain. I am with Banco Andalucia at the moment. I remember in Smiley's interview with Justin him saying that the products on offer in Spain were a good few years behind the UK but wondered if this was now possible.

thanks

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Hi John

I am also searching/waiting for this product to enter the Spanish market...I have used the Intelligent Finance product here in the UK since 1992, excellent method of saving....can also see it useful at certain times when taxes needs to evaluated...increase or reduce mortgage valuation when it suits.

Anthony

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JC you might not get an answer from smiley for a while, he´ll be out dancing a jig at the thought of one less competitor. However if you send me your details I´ll knock up an application for you on my scanner I´ll put you down as earning 100,000€ a week and run off a couple of convincing payslips if you want!!

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Hi JC and coles family - stil no such thing as you know it in sunny España although there is a "similar" product - mortgage lending here is a lot more conservative in Spain as the rules are laid down by the Central Bank which is still considered to be lender of last resort for mortgages - to all intents and purposes it doesnt matter who you borrow the money from the Bank of Spain considers it to be theirs. There are many speculators out there just waiting for the day we have a true "Buy to Let" mortgage product here - personally I doubt it will be in my lifetime. Highly unlikely also is the offset product as you know it - the Spanish attitude is to own yoiur home outright as quickly as possible - they are not really familiar with money management and the idea of flexibility for changing circumstances. 

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