Spanish Mortgage offer too good?

nellyabbott

I have a Spanish Mortgage with Solbank. They have contacted me and offered a discounted fixed rate for the life of the period (15 years). This would discount over £50 a month but tie me in for the whole period. A bank offering a discount seems too good to be true?
Does anyone know of changes to the banking system in Spain? I can only presume better rates or offers will be made available due to a change in rules?
Any advice please

Thrugelmir

What's the penalty for early exit?

nellyabbott

If you decide to amortise the loan/credit in advance, consult us to determine the exact level of compensation at that time.
This loan/credit may be amortised in advance, in whole or in part, following an application signed by you.
Compensation for withdrawal: The agreement to modify the loan/credit facility does not signify modification of the compensation for withdrawal which is provided for in the contract of the loan/credit facility modified or any modifications covenanted subsequent to same with the Bank.

AnotherJoe

nellyabbott wrote: »

If you decide to amortise the loan/credit in advance, consult us to determine the exact level of compensation at that time.

Do you own a bargepole? If not, I presume they are available on Amazon and other similar online retailers.

happylucky

OP: is your mortgage debt denominated in GBP or Euros, and is the debt being serviced in GBP or Euro income?

You might want to hold off making a decision until after the EU referendum.