Paying off my spanish mortgage

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16 Feb 2010 00:00 by troyally Star rating. 14 posts Send private message

Hi

 

Can anyone advise me on this topic???

I came into some cash and want to pay off my spanish mortgage in full but this will incur some early redemption fees that I do not want to pay. Can I pay most of it off but leave a small outstanding balance so the mortgage account is still live - or is it better just to pay it all and pay the fees?

 

Many thanks if anyone can assist

 

Troyally





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16 Feb 2010 08:51 by auntielinda Star rating in San Miguel de Salina.... 646 posts Send private message

You wont pay any penalty if you leave a small amount, it wont benefit you to pay it all off  if you are taxed in Spain



_______________________

Great Auntie Linda

 




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06 Mar 2010 17:10 by Smiley Star rating in San Pedro de Alcanta.... 2502 posts Send private message

Smiley´s avatar

It depends on the lender and the original Mortgage Deed - some lenders have a facility for making overpayment whereby no penalty incurred but others not so. Depending on how long you have had the mortgage the redemption penalty would likely be no more than 1% anyway so assuming a loan of 100,000€ the penalty would be 1,000€ - while it is not an insignificant sum in perspective it is fairly small.

Check your mortgage deed and see what terms you have - failing that ask the bank themselves.



_______________________

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




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