Euribor rate change, when is this changing for Cajasol customers and will we benifit.

Does anyone like us, have the developers mortgage with cajasol? if so when is the Euribor rate being adjusted? Since taking out our mortgage it has gone up but not down, i can't remeber whether we are on a fixed rate or not, if its gone up i presume we are not on a fixed rate and should have a reduction on our monthly payment?  have tried to contact the bank but they are not very helpful and pretend that there is not anyone there who speaks English.  we used to have a direct email link with the manager but a new manager has now been appointed.

Regards

Drew

Hi, we have mortgage with Cajasol. We queried this recently, they only adjust interest rate every 6mths! It is worth going to the bank to discuss, and they do have English speaking staff.

Hope this helps,

Mary

What has the rate changed from and what rate is it now

Our rate at the moment is 6.229% not sure what the Euribor rate is? but its less than this.

We have exactly the same problem with Cajasol.  Our rate is even higher at 6.43%.  Last year we tried to extend the term and they refused.  The only English speaking person at our branch in Motril has left. We have had to return to UK to do extra work to cover the mortgage.  We have tried to re-negotiate from here but they ignore our emails.  Although I speak Spanish I am not familiar with the financal terms and find it difficult to follow over the telephone.  Any ideas on how to negotiate with them would be appreciated.

Hi,

Sorry to hear that you are having the same problems.  What i have done is write them a letter in English and Spanish, i used Google Translate.  I have asked them to explain why our rate has not decreased, we will just have to wait and see if they reply. 

Look forward to hearing what they tell you.  Our rate is supposed to be Euribor plus 1% so bears no resemblance to our current interest.