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Spanish Mortgage
Options
kenshaz
Posts: 3,155 Forumite
I am buying a property in Spain,a small mortgage,and I have been offered 3.25 %,should I take it,I could use my savings and be mortgage free or I could take it
and use my savings,any suggestions
and use my savings,any suggestions
[FONT=Arial, Helvetica, sans-serif]To be happy you need to make someone happy.[/FONT]
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Comments
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It is really hard to tell with the info you have given us -
is the mortgage in GBP, or Euros?
is the rate a discount or a fixed?
are there extended penalties?
Then you would need to consider the savings rates that you can get...I work for a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.( I have ammeded this signature slightly, as I do not actively provide mortgage advice. However, I support and adhere to the moneysavingexpert mortgage broker code of conduct)0 -
The mortgage would be in euros,discount,need to ask the other questions[FONT=Arial, Helvetica, sans-serif]To be happy you need to make someone happy.[/FONT]0
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Saving rates ING,gives me a good rate with easy access,would probably use them,I am not aware of any extended penalties ,but I will make further enquiries.[FONT=Arial, Helvetica, sans-serif]To be happy you need to make someone happy.[/FONT]0
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Are you earning in GBP? If so then by having income in one currency and outgoings in another you open yourself up to currency risk.
It'll be down to your attitude to risk - the safest thing to do is to pay for it out of your savings. If it is a Euro mortgage what is the 3.25% a discount from? A lenders SVR?I work for a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.( I have ammeded this signature slightly, as I do not actively provide mortgage advice. However, I support and adhere to the moneysavingexpert mortgage broker code of conduct)0
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