Spanish Mortgages how to switch??

LOUP_2

Hi, I currently have a spanish mortgage with Santander and have had this mortgage since 2006. The way spanish mortgages are ot the best and do not allow for moving around like in the UK market. What is frustrating me is that Santader are forcing a life insurance policy onto me and my partner, which they say must be in place while we have the mortgage with them. Even using a spanish broker got this down to an extortianate amount of €73 per month! Santander's paperwork in relation to the mortgage is very difficult to read through and every time I have tried to make an overpayment in order to reduce the mortgage, it hasn't been applied. I would really like to shift the mortgage preferably to an english company where I can shift the debt around o find the best deals. I know Santander will charge me to do this but I think the overall savings may outweigh this. Does anyone know how I could go about this and which companies might do this? Thank you!

kingstreet

So, you're looking for a euro-denominated mortgage secured on a Spanish property?

LOUP_2

Actually I'd be happy either way, either a euro mortgage still secured on the same spanish property. Or paying off the the spanish mortgage and transferring the debt to an english company to be paid either in euro's or sterling but still secured on the ssme spanish property! Hope that makes sense!

kingstreet

Now you've clarified, you'll have to sit back and wait for a response.

Imma_Number

What currency are you paid in?

I know very little about mortgaging internationally but from what I've read in the press it can be problematic. eg Currency fluctuations making monthly payments vary, sometimes by a lot. If the mortgage was in sterling, you are paid in Euro and the Euro weakens your mortgage in sterling can become relatively enormous (ie massive negative equity)

Let alone the differences in legals between the two countries.

Dave_Ham

Unless there are people with personal experiences similar, I do not fancy anyone will know definitely.

I know that almost every time a signature is required they want it to be an actuary and not necessarily a solicitor. Furthermore many of the Spanish banks (when native) tend to make it up as they go along and tend to manage more at a local level and have more autonomy.

Good luck