Spanish Property Insight has reported that a number of homeowners in Spain who are finding it difficult to stay on top of their mortgage payments, are being offered help from some Spanish banks.

This help is being offered in different forms, such as extending mortgage terms, tailoring interest rates to the client’s ability to pay; letting homeowners change to renting their property with the option of buying later; and allowing property owners to take a mortgage holiday.

You can read the full article here:

http://www.homesoverseas.co.uk/news/Spanish_mortgage_lenders_try_to_avoid_repossession/7466-1002

Do you know of anyone who owns Spanish property and who has benefited from this news?

Do you think this is a strategy which other countries around the world may increasingly start to deploy?

What other measures would you like to see introduced in Spain to help struggling homeowners?

We look forward to hearing your thoughts.

A major consideration when refinancing a Spanish mortgage be it with the existing mortgage holder or a new lender are the charges involved. These can amount to an addition 2% being charged by the lender plus a notary fee of several thousand Euros. Spanish banks are notorious for their lack of paperwork when arranging finance. Make sure you are given a letter in writing by the bank manager outlining all charges before you go to the notary to sign...only to realise that a small refinancing cost you an additional 10,000 Euros added to your loan.

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AMLA - The Spanish Property MLS