Tips for reducing your monthly mortgage repayments from HomeCareontheWeb

Given the current economic climate, many people are trying to reduce their monthly Spanish mortgage repayments.

Well, it seems good news is here at last. Apparently, the banks have started lending again, and thanks to various offers they currently have available, re-mortgaging your Spanish property can now be less expensive and make a significant difference to monthly outgoings.

The benefits of re-mortgaging*

ºGet your fees paid by the lender

ºIncrease the term of your loan

ºTake advantage of interest only periods, with fixed rates

You can also benefit from rates as low as the monthly Euribor (currently standing at 0.09%) plus 1.6%, which would give you an interest rate of 2.5%**. Some owners have found that by re-mortgaging, their monthly payments have been reduced by as much as 55%.

For those who rent out their property, this has the added benefit of either:

ºLowering their monthly costs, thus giving them more flexibility and a greater competitive edge regarding the rental rates they charge; or

ºDramatically improving the profitability of their rentals.

*Mortgages are subject to status.

**Information provided by Halifax dated 05/06/2009

HomeCareontheweb is an experienced property management company taking care of hundreds of properties on the Costa del Sol. They have partnered with leading independent financial advisers,< b>Siddalls Spain, to help their clients get the best and most up to date financial information. An initial ‘fact find’ and lifeline analysis meeting to help reveal your future needs is free of charge with a Siddalls adviser. To arrange your free consultation please email David Rogers

Contact HomeCareontheweb or call 952 83 95 95 for more information.