interest only mortgage
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Dear Maria,
We have a Spanish repayment mortgage, and have been offered an interest only mortgage ford been two years, and been told the fees would be 2500 euros to set this up with the Notary etc, what concerns us is this is added to the mortgage, then in two years will we have the same added to go back to repayment mortgage meaning we will be paying an extra 5000euros on top of the mortgage. making payments even higher.
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Dear Joan:
Interest only mortgages are just advisable for a very short and controleed period of time while you find the real solution. It is just a breathing helper but not the real medicine. So.... be cautious.
Maria
_______________________
Maria L. de Castro, JD, MA
Lawyer
Director www.costaluzlawyers.es
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