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Switching Mortgage In Spain - Costs

Switching Mortgage In Spain - Costs

Old Feb 21st 2006, 8:00 pm
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Default Switching Mortgage In Spain - Costs

We've been told that to switch the basis of our Spanish mortgage from repayment to interest only will require closing the old one and reopening a new one. This will incur a hefty tax bill we'd like to avoid.

Does anyone know if this closing/opening process is usually the case with banks in Spain and if the tax is unavoidable? Mortgage with Banco Halifax.

I'd expect this not to be a problem in the UK and wondered if there were any Spanish banks where a switch would be cheaper.
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