Changing to interest only mortgage

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28 Oct 2012 7:11 PM by ace Star rating. 310 forum posts Send private message

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Is it true that it costs a lot to change to interest only as the mortgage needs to be re stamped in the notary?

Any suggestions on a cheaper option


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01 Nov 2012 1:20 PM by pommers Star rating in Almoradi, Spain. 606 forum posts Send private message

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Yes you will have to go to a notary for the Escritura and Nota Simple to be updated - as these register a) the banks interest in the property and b) the mortgage itself.It will cost about €700-800

Some banks used to be more lax on this and just noted this at the land registry. But due to the current economic climate they are now being extremely hard on making sure everything is done to the letter of the law.

Unfortunately, I don't think there is a simpler or cheaper way - other than actually changing your mortgage supplier who MAY be offering free tranfers. Try Lloyds International (ex Halifax) or Barclays as both of these banks are about the most flexible on mortgage transfers.


This message was last edited by pommers on 01/11/2012.

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Cheers Pommers


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