mortgages

hi new to this site .. does anyone have advice on getting a re mortgage of interst only ... 

In England to buy a house in Spain, or Spain to buy in Spain?

Can help a bit with the UK but not Spain.

hey thanks its to remortgage on a house in spain ..already in talks with the present lender but want to restructure to interest only which many banks now dont offer

I know this might sound harsh but have you mentioned to your lender that your having problems in paying now,  but could pay with an interest free loan until things get better and promise to overpay as and when you can, might make them think about you not paying, or at least paying something.

Why not make contact with Patrick Robinson at Marbella Mortages - if anyone could help you with this it would be patrick - he got us a 5 year intrerest only on a new build just as the financial world went into metldown.

Hi - although Baz1946 has made avery sensible suggestion, in my experience the banks are not interested in logical arguments, and certainly not in overpaying later.  They will often charge an early repayment fee for this.

There is very little flexibility in Spanish mortgages and if you do go onto an interest only one it can often mean going to the Notary and making a completely new mortgage arrangement.  I know Bankia charge about 2,000€ for this and they only offer it for a limited time, and then put you onto a higher rate of interest afterwards.  They are not into helping people through difficult times!  Remortgaging with a different bank is also difficult and expensive.

I agree that a mortgage broker would be your best bet, and Smiley (Patrick Robinson) has offered great advice here before, but do make sure you know all the terms and conditions before making any decisions.

Good luck!