Homebuyers trapped by Banks Swaps Strategy
Thursday, October 21, 2010 @ 2:53 PM
www.thespanishbrick.com
It could be dozen of thousands of Spanish mortgage borrowers who have been affected by Swaps products commercialized by Spanish Banks between 2007 and 2009. So far, there are more than 4,000 already registered as affected, but only Banks know how many there are. La Caixa, Santander, Bankinter, Caixa Galicia and BBVA are the ones that most widely sold this product.
Banks in Spain have a well-earned bad reputation. The main points to consider when dealing with Spanish Banks for mortgages are:
1) Do not sign any extra document linked to the mortgage.
2) Make sure you understand the cancellation cost properly -both total and partial cancellation. It usually varies from 0.5%-1% on top of the remainder of the mortgage.
Read the full article about Spanish Banks mortages