31 Dec 2008 12:00 AM:
Have been reading the various post on here about mortgages but i must admit i am not the most switched on person in the world when it comes to mortgages.
I presently have my mortgage with the deusche bank in Torrevieja, and i am coming over to spain in feb to have a word with them, to see what options i have. Basically i just want a bit of breathing space to ride this period of recession through, i definately dont want to lose my property as it is my familys bolt hole and our investment for later years. But the way things are going at present my mortgage over there is costing me 770 GBP a month with exchange rates etc, which really with everything else is not sustainable with my salary.
Like i say reading other posts, i am on the 12month euribor rate so, i have had my property 2yrs in March i have seen my payments go up from 530 euros a month to, at what it is now at 770 euros a month. I understand that at the start i would of had a discount for a while and like others have said on previous posts you get a letter every year telling you what the payments are going to be for the following year.
I would therefore be very gratefull if anyone out there can tell me what options i have got, so i have a bit of a heads up when i go over to have a chat with them. Being over here in the uk you can change mortgage to get a better rate, go on interest only, to drop the payments etc etc etc.
The top and bottom of it is, like i explained it earlier i just want to lower my monthly payments if possible and ride this period through and hope the exchange rate goes back up.
Many thanks
The touch
Thread:
advice needed on my mortgage
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