Extending mortgage terms?

This topic contains 3 replies, has 2 voices, and was last updated by  Anonymous 10 years, 2 months ago.

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  • #54713



    Does anyone know any more about this new law which lets borrowers extend their mortgage term without any fees in the notary?

    We are interested in this option but are wary of speaking to our bank manager before we have all the right information to hand (as he will try to twist it to their benefit as usual…).

    If we are in our early 30’s and have a 27 year term could we change this to be say 35 years or even 40 years? We want to sell the apartment as soon as we can as we are now living in England and have plenty of family places to stay when we visit Spain. We realise though that with the market as it is it might take up to even 5 years to sell it, but want to pay the minimum amount we can monthly until we do sell. This means that it doesn’t matter that the interest would be much higher as we would sell before this became a problem?

    If we re-sign the mortgage say in April would we then get the low Euribor rate from now, as it is around 2%? or would it still be fixed as our current mortgage to change in July? Our bank manager keeps on saying to wait until July but wouldn’t it make more sense if we could change sooner as we then save all that extra money each month until July?

    I just would like to have the correct details to hand as the bank constantly throw their ‘extra’ charges and costs in our faces and I am getting pretty fed up with them!!


  • #89888


    It’s only meant for your principal residence which you have to be living in. If you are non resident you won’t be eligible.

  • #89897


    Thanks for the info hillybilly. My husband is Spanish and if we could afford to live in it we would be back there in a flash….. that’s the point I was trying to make to our bank manager, we can’t afford to live in Spain with a 706 euro mortgage each month. If we extended it and paid say 300 euros we could live there. I’m British and at least staying rent free here in a family house we can earn enough to pay for the Spanish apartment to keep ticking over and to also eat. With two little children I know which option is best for us at the moment but they also miss out on growing up outside in the sunshine with their cousins and grandparents etc. I just wish the bank would give a bit rather than all take.

  • #89898


    There’s nothing to stop you asking the bank to extend the term of your mortgage although you would no doubt have fees to pay for doing so. If you don’t ask, you don’t get!

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