Re mortgage in Spain

Recent legislation changes ratified this month by the Spanish government have been developed to reduce the costs of subrogating (transferring) or the re-mortgage of an existing loan in Spain to a new lender Some reasons for moving will also allow you to avoid paying for a second time the mortgage deed tax applicable on all borrowings in Spain.

Reasons for re-mortgaging to a new lender without having to physically redeem one mortgage and set up a new one are the following

Achieving a lower interest rate

Increasing the term of the mortgage

Moving for a lower penal rate applicable in situation of default

Some banks are actively marketing products where all other costs like existing redemption penalties and Notary and Registry costs are covered by them making the transfer of a loan from one lender to another cost free or at massively reduced cost to the applicant. The new legislation will also dramatically reduce the cost of taking a re mortgage with another bank where subrogation is possible by allowing any changes to terms to be included on one deed instead of the previous three.

If you are currently stuck with an inflexible costly product or want to change the terms of your mortgage and benefit from some of the value of your property in Spain we can help and explain fully the process to you.

advice@imsmortgages.com

Or Call IMS - UK: +44(0) 1462 481133 | Spain: +34 902 517 007

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