16 Jan 2008 8:10 PM:
I am about to take over the builders mortgage (over 20 years, we are both 60) because I thought it was the cheapest option. Euribor +1.1% (at least it was that when I enquired a few weeks ago!) The redemption penalty is 1% of the outstanding balance. I'm not sure at this stage if we need to take a compulsory product but I shall be ringing the Cam bank tomorrow to find out.
We could possibly raise the cash when we sell our Uk property but we're staying in Uk and may need that cash for another property. Also, I too had heard that it's beneficial to have a Spanish mortgage for inheritance tax reasons.
We have to complete week beginning 10th March for Polaris Hacienda Riquelme. We have not returned the paperwork yet. Are we cutting it a bit fine? Also, any further advice re builders mortgage? I have listened to Justins video and also read some of Patrick's info but my brain started to hurt!! (Only because I find it hard to retain information.....)
Thread:
Mortgage or Cash
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