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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 ?
Originally Posted by Fred James
(Post 8581604)
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. 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.
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