10 Jun 2012 9:50 AM:

Hi I wonder if anyone can offer advice. We have an enormous Euro mortgage on a property in Marbella. It has now moved from an interest only basis where it was manageable to a repayment and higher interest basis which is frighteningly large. The only option the Bank has offered is for us to take out an additional loan (which they will offer at a low interest) for 3 years and our repayments will then be lower! At the end of the 3 years they argue we will have paid off the additional monies and we will need to re-mortgage. We are very very worried about borrowing even more money albeit on a high end property. We haven't been able to sell it,we have now retired and are feeling vulnerable. The property is re ted but there is a shortfall of over 1000 euros a month. Our expectation was to sell before we reached this stage.
Our UK financial advisor also cannot make sense of this.

Thread: Confused - SpanishvMortgage

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