Views and News
Reduce your mortgage payments
November 18, 2009 by Tina · 2 guestbook entries
Are you paying too much for your mortgage? Legal teams have discovered that the Spanish banks are charging foreign nationals over and above the rate the Spanish pay for their mortgages
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Whilst mortgage rates were lower than in the UK for a good many years, British buyers felt they were getting a good deal and signed up without asking too many questions…add to this the pressure from sales agents to get the whole transaction done before you get back on the plane and you end up with thousands of people stuck in expensive mortgage deals and unaware they can do something about it.
Earlier this year we went to our bank to ask why, when interest rates had plummetted, we were still paying the same amount each month. We can help you they said, and within 10 minutes we had a new repayment plan which cut our monthly repayments almost in half fixed for 3 years and within a week we had been to the notary and done the deal. There was a catch however, they had deferred 40% of the amount outstanding for those 3 years so after that time we are back to square one. Friends of ours also recently gained temporary respite from high repayments by re-negotiating their mortgage to interest-only fixed for 2 years.
Recently we met Simon, he pointed out that whilst we and our friends thought we had got a better deal, we were still paying 1.25% over base rate whereas the Spanish pay 0.5%. As Spain is an EU country this amounts to discrimination. Over time this makes a huge difference. He has set up a team of lawyers who will re-negotiate directly with the banks on your behalf with the aim of getting a permanent reduction around 0.5% over base and/or an interest-only term according to your own requirements.
Too good to be true? His company offer a money-back guarantee if they can´t get your bank to play ball. Let us know if you want to have a chat with Simon and we´ll pass your details on…
We negotiated a fixed price for the full 15 yr term but that was before interest rates plummeted. We have 11 years left and on our bank debit it shows the interest rate without the fixed agreement is something like 4.5%. I’m sure this is way over what we should be paying, is there anything we can do to lower the payments or are we stuck with it?
Hi Graham, thanks for contacting us..hopefully we can help! I will get Simon to contact you directly to discuss it with you