Why renegotiating your Spanish property might be necessary

Do you feel like your financial position has changed significantly enough that you cannot keep on top of your current mortgage rates? Re-negotiating this figure could be an ideal solution to allow you to keep your property, whilst paying a more reasonable rate in line with your financial situation. And, with the current COVID-19 pandemic proving to be an unforeseen circumstance that is altering the future of many, it is something that has become more and more common over the last few months.

This is a change that we – here at Manzanares Lawyers – have seen a lot lately, so we thought we would give you some scenarios in which it might be best to renegotiate the mortgage on your property, and how we can help out.

Changing financial situation

Especially with the current state of the world right now, more and more people are choosing to renegotiate their Spanish mortgage, as they are having trouble keeping up with their mortgage repayments. People are still well and truly feeling the effects of the COVID-19 pandemic that is still going on. As a result, many are suffering from redundancy and a loss of earnings that is unlike anything they have experienced before.

Unfortunately, many people now can no longer keep up with their current mortgage repayment rates, so a Spanish mortgage renegotiation has become the only option for them. If you would like any assistance in finding the best way of renegotiating your mortgage terms during this difficult time, then the experienced and friendly lawyers at Manzanares Lawyers can help.

Can you prove your financial situation?

It can prove to be quite a challenging time if your financial positioned has worsened, and you’re no longer in a position to repay your current mortgage rates. You may feel like you will be unable to pay for your essentials if you stick to your current amount, or in the worst case scenario, you could lose your property all together. As a result, if you are truly in dire financial straits, you will need to prove this to your mortgage lender for the possibility of re-negotiation to become open.

By proving your household income to your lender through payslips, bank statements etc. you may be able to get the cost of monthly repayments to an amount that you are more comfortable paying.

It’s easy to become distressed and confused during this difficult, unprecedented time, so let the team of English speaking lawyers in Spain at Manzanares Lawyers be of assistance and keep you safe in the knowledge that you are in capable hands!

Contact us for support

We understand that this can become a difficult time, but contacting a professional that specialises in this field, much like Manzanares Lawyers, is vital in ensuring that you get the best possible financial outcome.

So, would you like to get in touch regarding the Spanish renegotiation process? Our team will be happy to listen to your enquiry. To contact us, you can give our offices a call if you are based in Spain. You can contact our Marbella office by calling +34 952 82 41 12 or our Alhaurin office via telephone on +34 952 59 50 42. You can also email clientservices@manzanareslawyers.com or fill out our online enquiry form for a FREE consultation.

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