coralsoft

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.