I am a relatively new owner to spanish property. I bought a property in Lanzarote in July 2010. I took out a builders mortgage on the property at the time. After the first year, my mortgage was to be based on repayments with the Euribor rate. However this has not been applied to my repayments. Im in a bit of a muffle and would greatly appreciate any help or advice on sorting this out. I do have a solicitor who is not taking any responsibility and the rate should have been changed in August of 2011 and hasn’t. I am very concerned over this and the vendor is threatening me with legal action.?
lanza, presumably the mortgage is a higher rate than you were led to believe by who, the solicitor, builder or lender? What is the difference in financial terms to you, or the difference in interest rate and repayments?
Do you have original paperwork, anything in writing stating the builder’s mortgage offer/terms?
If the solicitor you have is not helping, could you afford to ask another solicitor his/her view? Personally, if my solicitor who handled the purchase was now not helping then I would threaten him/her with reporting to their professional body provided your solicitor knew the terms of the original mortgage offer.
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