Legal tip 1272. How to negotiate interests down in Spain
Tuesday, March 3, 2015 @ 1:17 PM
Some tips, if you are experiencing difficulties with the payment of your mortgage instalments:
1. Renegotiate the interest rate: specially if you have a floor clause (cláusula suelo) or any other abusive clause contained in the mortgage deed: anticipated cancellation, abusive delay interests…
2. To start a subrogation process: start by obtaining binding offers by one or more banks and have an appointment with your bank with these offers as a negotiation tool.
3. Subrogation. In many cases, mortgage subrogation results in very advantageous conditions. Current law limits the commission by subrogation to 0.50% and some entities bear all expenses of subrogation thus facilitating the operation.
Take into account Bank fees releted to subrogation or novation ( modifying of conditions).
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