Re-mortgage advice

Hi.  Looking for any info to help with this.  Need to re-mortgage house in Spain, from joint to single ownership.  I've been advised that this is a complete re-mortgage application.

I have contacted the current lender.  They have told me that it is nothing to do with us (I assume they mean no blame on us?)  but they have sold their mortgages to another party, and therefore any changes to the existing arrangements will be very difficult. or not possible at all. They will ask the area manager once I have submitted a new application, but it might be easier to look elsewhere..

So I'm looking to see if there are any lenders that will re-mortgage from a different lender.  I was told Santander would, but I've just rung them and although it saya they do on ther web site, I was told they've just changed their policy and will loan for new build only.  Any ideas????

Some lenders will do remortgage packages although not all of them and in the current market some lenders are changing their views on a daily basis as to what they will and wont do. The very first thing that you should be aware of is that it is a very costly procedure and nothing like as straightforward as the UK. Costs can come out at between 6 and 7% of the size of the loan and loan to value restrictions are stricter on remortgage than they are on purchase. You state the the original lender has sold the mortgage on to a different lender which would indicate a lender not native to Spain originally held the mortgage as this would be almost unheard of for a native Spanish lender to sell their book. The mortgage conditions in the Deed undertaken by the original lender have to be honoured by any new lender but as the people that you have spoken to state it may not be possible at all - the reason being is that the only lender I can think of that might have "purchased" the mortgage no longer lends in Spain owing to the current crisis. If this was originally a self certification of income product then it will be impossible to find anything self cert these days owing to the economic situation.

One final point is that you mention from "joint to single ownership". I am assuiming there is an exchange of Title - in other words a former partner (business or personal) is giving (or selling) their share of a property in Spain to you. In the eyes of the law in Spain any exchange of Title (gifted, sold or otherwise) is considered under all circumstances the equivalent of a sale and is subject to the taxes thereon. Thus if you are taking over the 50% share of a property valued at 300,000€ it would be deemed that you had "bought" property worth 150,000€ - it is then subject to 7% transfer tax (plus Notary, Registry fees etc) on what is transferred to you. Hope that makes sense.   

Hi Smiley, thanks for taking the time to help.  Your reply shows me just how difficult and costly this would be, and how different from tthe uk remortgage market.  Strangely enough it is a straightforward mortgage, not self certificated and the original lender is a Spanish bank.  I will keep looking!  Thanks again.