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Mortgage
Mortgage
by Steve2 » Thu Jun 24, 2021 10:49 am
I have a mortgage on my property in Catral, I was very surprised to receive an offer from my mortgage lender offering a discount for early settlement, has anyone else received a similar offer from their mortgage lender/bank?
- Steve2
- Posts: 14
- Joined: Mon Apr 16, 2018 6:31 pm
- Which part of Spain are you from?: Grays, Essex
- Gender: Male
Re: Mortgage
by jpeg » Thu Jun 24, 2021 11:57 am
Maybe because of the new rules in the Mortgage Law
3. Cheaper early repayment
The early repayment of a mortgage will be made cheaper and can only be charged for if the bank will make a loss. The limits will be different depending on the type of mortgage.
If the mortgage is variable rate, the maximum charge will be one of two options:
0.25% only during the first three years of the contract.
0.15% only during the first five years of the term of the mortgage.
If the mortgage is fixed rate, the charges can be up to:
2% during the first 10 years.
1.5% during the rest of the term.
The banks will no longer be able to delay the early repayment of a mortgage, as there will be a legal framework in place to determine how this should happen and the maximum amount of time it can take from when the client requests it. The maximum notification time a bank can demand will be one month, following which the banks will have three working days to assess the demand and provide the relevant information.
3. Cheaper early repayment
The early repayment of a mortgage will be made cheaper and can only be charged for if the bank will make a loss. The limits will be different depending on the type of mortgage.
If the mortgage is variable rate, the maximum charge will be one of two options:
0.25% only during the first three years of the contract.
0.15% only during the first five years of the term of the mortgage.
If the mortgage is fixed rate, the charges can be up to:
2% during the first 10 years.
1.5% during the rest of the term.
The banks will no longer be able to delay the early repayment of a mortgage, as there will be a legal framework in place to determine how this should happen and the maximum amount of time it can take from when the client requests it. The maximum notification time a bank can demand will be one month, following which the banks will have three working days to assess the demand and provide the relevant information.
- jpeg
- Posts: 9269
- Joined: Tue Jun 27, 2017 11:24 am
- Which part of Spain are you from?: Dolores
- Gender: Male
Re: Mortgage
by Steve2 » Sat Jun 26, 2021 11:48 am
Thank you for your reply and the information. I will be contacting my Spanish lawyer to look into this early settlement offer, thank you, Steve.
- Steve2
- Posts: 14
- Joined: Mon Apr 16, 2018 6:31 pm
- Which part of Spain are you from?: Grays, Essex
- Gender: Male
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