Re: Re: Re-mortgage UK property or Euros Mortgage?

#100767
Anonymous
Participant

I did what you are thinking of doing 5 years ago – I’m based in ireland so I was mortgage free here on house in Ireland and at the time I thought it made sense to do the mortgage from here as interest rates so low. I purchased apartment in Spain. At the moment the interest rates in spain are far lower than here in ireland – since July 2009 we have had 3 interest rates hikes on to our mortgage which as I said we took out in Ireland – I have looked at the idea of taking the mortage out on the spanish property – releasing equity in spain and paying that off my mortgage here in Ireland. It would cost about E6000 to do and also I will get only 60% of the valuation of the property in Spain. My advice whatever about the pounds and pennies would not to be take out a mortgage on your main residence – take it out on the spanish property – keep it separate.