Talk To The Banks

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This topic contains 7 replies, has 5 voices, and was last updated by Profile photo of Anonymous Anonymous 7 years, 9 months ago.

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  • #54685
    Profile photo of Anonymous
    Anonymous
    Participant

    Hi
    With the credit situation and the exchange rate as it has anyone considered sitting down with the Banks to see if arrangements can be a made to alter the terms of mortgages.
    Surely the last thing the Banks want right now is more property.

    Just Frank 8)

  • #89686
    Profile photo of Anonymous
    Anonymous
    Participant

    I think that the terms of the loan are notarized. If you contract does not allow for it than you cant do it. I hope I am wrong for the sake of the people who are affected.

  • #89689
    Profile photo of Anonymous
    Anonymous
    Participant

    Hi Shakeel
    Yep you are right as far as I have been informed
    Up till now it was a costly to change the terms but I am aware of at least one bank that may revue this due to the pure level of the problems
    In particular the negative equity in some properties surely its better to have a mortage that can be paid instead of a depreciating asset that cant sell on the balance sheet,
    Seems they need to start considering other ideas and they appear to have no trouble changing the laws that rule their country

    Just Frank 8)

  • #89690
    Profile photo of Inez
    Inez
    Participant

    I know of a few clients where the bank has re-negotiated terms. Its done on a one by one basis, but can be done!

  • #89695
    Profile photo of Anonymous
    Anonymous
    Participant

    Hi Inez
    Confirms that there just may be an angle for a few

    Thanks
    Just Frank 8)

  • #90299
    Profile photo of Anonymous
    Anonymous
    Participant

    I just posted on another thread…yes I managed to get my bank to renegotiate terms (Caja Madrid) it was a long and very frustrating exercise which left me totally an completely baffled as to why the bank was so uncooperative. In the end after 7 months of me nagging and trying everything they changed the conditions for a cost of 1300 euros (which they added to the mortgage) and I now happily pay 545 euros less….ahhhhhhhh

    The emotional roller coaster of frustration was tremendous but the end result was worth it!! Keep trying. They don’t want your house!!

  • #90311
    Profile photo of Anonymous
    Anonymous
    Participant

    That’s good to know Elizabeth as I felt totally deflated after a telephone conversation with our CajaMurcia bank manager. He came up with so many reasons as to why we should stick with our mortgage as it is and wait until the review in July ‘when it will be so much cheaper’. Yes, but it would be so very much cheaper to extend the mortgage term now and get the lower euribor rate!! He obviously doesn’t want us to do that as his bank want the high interest payments until July! I’m fired up to try again now as I do think it is SO UNFAIR that they are constantly hitting us with extra ‘maintenance charges’ etc. at the moment and every conversation I get smarmy comments such as ‘you think you are so clever’. No, I am just someone who has done some research and doesn’t like being conned over and over and over again by our bank!

    Do you know what the maximum term to extend to is? We are currently on 27 years and we are 31 years old. Thanks

  • #90693
    Profile photo of Anonymous
    Anonymous
    Participant

    @itsme wrote:

    Do you know what the maximum term to extend to is? We are currently on 27 years and we are 31 years old. Thanks

    Sorry it has been a while since I have been on here. At your age you should be able to extend way beyond 27 years. I am a lot 😥 older and got 30 years….it seems I will be nearing my 100 birthday when it is paid off! Just joking….keep trying! But with the 2.1% euribor you should be doing ok in July anyway. If it is anything like my story, it will be July before they agree!

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