Change of Mortgage Lender?

Looking for some advice please.  We took out a mortgage through Abbey/Santander last year.  When the initial offer was sent out the rate was a lot lower than the 6.4% (fixed I think) rate when the keys were handed over via power of attorney and we were told that there was nothing we could do.  Although our UK mortgage rate has reduced our Spanish one is still really high.  Does anyone know if you can change mortgage lenders or change mortgage rates with the same lender?  I have emailed our bank and we're waiting to hear from them but I'm not holding much hope for things to be able to be changed.  London Santander put us with Alhama Murcia Santander which is really difficult as there is a real language barrier (our fault).  We have been to the Camposol Branch and although the Manager there did help us last time she also told us that we would have to deal with the Alhama Branch next time.  This forum is excellent for communicating information. 

Thanks, Andrea & Paul

most spanish mortgages are on annual review.i know cos ive been caught too.you have to wait a year for the rate cuts to be passed on.changing lender or deal with present lender will result in a penalty and notary costs .so this is not worth it unless you are less than 60% ltv in which case read about the deal ive been offered on the cam forum discussion below this one as its very rare to find a fee free stich unlike the uk.if over 60% ltv just wait im afraid for the year to pass.at least if ratesgo up then you benefit then.the good news is the ecb should cut again in first week in march.

Thanks for advice.

hi a&p

try this it is really good, cut and paste into spanish to your Bank.

http://www.reverso.net/text_translation.asp?lang=EN

best wishes

Ian