Mortgage Re-negotiations Spain

Spanish Mortgage Re-negotiation

With the current COVID-19 pandemic claiming the jobs of millions of people around the world, many of us are having to change how we budget due to these extraordinary circumstances.

In some very unfortunate cases, this can mean some people have lost their job or simply don’t have enough money to pay off a mortgage or second mortgage that they could afford before this global crisis.

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However, a beacon of hope in these difficult times is that you can re-negotiate a mortgage so you can continue to afford your first or second property, keeping a roof over your head while money is tight. As you may have seen on the news, governments are always looking for ways to make sure no one is at too much of a deficit during this time, with these mortgages being another example of this.

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Here at Manzanares Lawyers, we can help you during this time by giving you all the support and advice you need to successfully re-negotiate your mortgage to terms that are more manageable for you during this time.

One of the best ways to go about this that we have found is to contact your bank regarding an interest-only period that can last on a monthly basis up until 12 months. This allows you to not pay for any amortisation of your property over this time, saving you money in the process. This means that your capital that corresponds to these months will either be distributed in the remaining payments or repaid by means of an increase in the mortgage repayment years.

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Are you having trouble paying your mortgage in Spain due to the COVID-19 pandemic? Get in touch with one of our experienced real estate lawyers today and we can help you during this difficult time. Our team of experts are working as hard as ever to assist as many clients as possible during this period.

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If you have any questions about when or how you should look to renegotiate your mortgage, then be sure to contact us here at Manzanares Lawyers. Our team of expert property lawyers have over 20 years of experience in the field and will be able to provide you with all the support and advice you need. Simply use our online enquiry form or contact our offices in Marbella or Alhaurin on the following numbers to get through to a member of our team:

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