Mortgage exchange ?
 

Hi-
Does anyone know if its possible to move a UK mortgage from a UK property
To a new Spanish property?
Eg- English couple would like to exchange my Spanish property for a UK property
They have a mortgage of about 300k Spanish property valued around 400k
No mortgage.
Anyone any idea’s ?
Thanks.

Re: Mortgage exchange ?
 

I think that is very unlikely as the mortgage laws in Spain are very different and all mortgages have to be entered on a special escritura and registered on the land registry.

Within Spain it is possible to do that but a UK/Spanish transfer could be difficult. The first people to talk to are the UK lender.

Re: Mortgage exchange ?
 

When we were looking at mortgages to buy Spain a year or so ago (just before the crisis), our UK bank HSBC, with whom we had a mortgage said they wouldnt lend on foreign properties as it was too difficult to manage, eventho my husband works in the UK - Apparently it was too difficult to do the surveys and assessments that UK banks require!? And of course if they need to reposess.......

My guess is that you'll need a spanish mortgage to pay your UK one off

Jo xxx

Re: Mortgage exchange ?
 

A decent broker in spain ought to be able to arrange a spanish mortgage for them and they use those funds to pay off UK mortgage.