Mortgage exchange ?
#1
Forum Regular
Thread Starter
Joined: Dec 2008
Posts: 80
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.
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.
#2
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.
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.
#3
squeaky clean
Joined: Mar 2010
Location: Spain 4th feb 08 - October 11, now flits batck and forth from sunny Worthing
Posts: 1,576
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.
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
#4
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.