Costs associated with paying off a Spanish mortgage

[AnonymousParticipant]

I have asked my bank in Spain what are the costs associated with repaying a mortgage with them. However, they seem unable to grasp the idea that I want to know more than the amount outstanding and the penalty for early repayment. For example I have asked them if I need a notaire and, if so, how much that will cost. Also are there any registration fees etc. But they seem unable to help.
One of my problems may be that I do not speak or understand Spanish and Google’s efforts are not too helpful. Cheers.

[katySpectator]

Cost my Daughter 800€ for Lawyer, land registry fees etc. to dicharge mortgage from escritura. What the bank charges would be written in the T&C’s of your mortgage terms. eg. some ask for 3 months interest.

[katySpectator]

Cost my Daughter 800€ for Lawyer, land registry fees etc. to dicharge mortgage from escritura. What the bank charges would be written in the T&C’s of your mortgage terms. eg. some ask for 3 months interest.

[AnonymousParticipant]

Thanks, that’s helpful.

[AnonymousParticipant]

Thanks, that’s helpful.

[AnonymousParticipant]

Agree with Katy. It also cost us ~800 euros to have a lawyer remove the mortgage rider from the deed in the town registry. You don’t *have* to do this, but if you (or your heirs) ever want to sell in a hurry, it can make things difficult to sort out.

Another surprise cost may be difficulty canceling the mandatory life insurance policy. We were told, “The insurance is a different section, you understand. Here is the telephone number and address. Just contact them and they will take care of everything.”

The phone number produced one of those twisted, “press 6 for everything else,” telephone menu trees that ultimately gets you the janitor. After writing “the section” letters in both Spanish and English to please cancel, they still deducted the annual premium, right on time.

Finally, we went back our local Santander banker (who really is a wonderful person we have known for 30+ years, so not *all* bankers are evil). He promised to “call Madrid” personally, and whatever he did, the payments finally stopped. We kept the contents insurance, though.

[AnonymousParticipant]

Thank you. I feel as though I am beginning to get the hang of it. I think I will sort it out, rather than leave it till later, because the banks are merging and heaven knows how difficult it might become later.
I really appreciate the feedback. Cheers, Nomis

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