Spanish mortgage

Rachel_A_Beddow

We have a Spanish mortgage which has increased from 4.5% to 6.97% over the last two years. We have asked Banesto Bank why this has happened and they just say it is set at 0.5% above the IRPH, which I have been trying to look up on the internet to no avail.

We are now paying about £400 pounds more on our Spanish mortgage than our main English home mortgage (both owing about £100000). Not sure what to do next, as the language barrier is preventing us from communicating with Banesto sufficiently to know our options.

Don't know if anyone has had any experience of Spanish Mortgages, if so could you advise.

herbiesjp

Do you know if you are tied in?

Do you have some sort of mortgage offer letter detailing any tie-ins?

Charlton_Taz

I've googled IRPH and found the following:

IRPH - Indice de Referencia de Prestamos Hipotecarios

Similar to the Euribor, this rate is used as a reference for variable rate mortgages and published by the Banco de Espana. It represents an average rate for mortgages offered by all Spanish financial entities.

Hope that helps!

Longing_to_be_debt_free

Hi,

try this link, my daughter used to use it to help with her homework. you should be able to write a letter in English and then copy and paste bits to get the correct translation.


http://www.free-translator.com/

Rachel_A_Beddow

Thanks for your help, do not know if we are tied in or not. We bought the apartment from a company who arranged everything for us. We have had the mortgage for about two and a half years now. Could email Banesto and ask them.

Bromley86

Google will translate that IRPH page for you. When it translates a word as "boxes", I suspect that it means "savings". Again supposition, but I believe the rate that affects you is the "banks" rate.

Something doesn't look right though. Assuming that the rate you quoted was Dec 2008, the relevent IRPH was 5.635%, so you'd expect to be paying 6.135% if it's only 0.5% above.

Looking at the table, I can't find a single figure at 6.47%. Possibly you're on the ECSC (aka CECA), as it looks closer?

Anyway, the links to make it easy on you:
http://translate.google.co.uk/translate?hl=en&sl=es&u=http://www.irph.es/&sa=X&oi=translate&resnum=1&ct=result&prev=/search%3Fq%3DIRPH%26hl%3Den
http://74.125.79.113/translate_c?hl=en&sl=es&u=http://www.irph.es/irph.php&prev=/search%3Fq%3DIRPH%26hl%3Den&usg=ALkJrhifd-ZbIhNtUXjpM9lZxb-Iy8AX6g

Rachel_A_Beddow

Thanks will try the translation sitles

maninthestreet

When using a translation website, try the following:
1) Translate from English to your chosen foreign language (Spanish).
2) Take the result of the translation, and then translate back into English.

If the result of step 2 is more or less what was input into step 1, then you can use the result of the translation in step1. Otherwise, re-word/re-phrase your English used in step 1, and repeat the exercise.

Trollfever

We bought the apartment from a company who arranged everything for us

Have you asked the company?

Rachel_A_Beddow

No, but will try if I can find their details online.

herbiesjp

You might have some options available to you, however you will need all the paperwork to hand to put in front of an adviser who will then be able to see if it is worthwhile and possible for you to switch