Mon, 14 Jan 08
Selling property in
According to a Spanish national chain of estate agents, Don Piso, the average time it takes to sell an apartment has increased by over 40% over the last two years from 86 days in 2005 to 120 days in 2007.
This trend is being felt markedly on the
Cambio de Casa (literally meaning ‘Change of House’) is a clever mortgage which enables you to move without having achieved a sale on your current home. This particular product, available through The Spanish Mortgage Exchange, offers a three month mortgage holiday and then two years worth of repayments equivalent to your existing mortgage subject to a valuation on the property.
If in the unlikely event that you have not sold by year two, the two mortgages would be rolled together and paid on an interest-only basis until year five or the property is sold, whichever comes soonest. Upon sale, the mortgages are adjusted by the bank for a smooth, effortless switch over. Meanwhile, the homeowner is able to take rental income from their first home at the same time as enjoying their new home. The scheme is flawless.
Adam Gale, MD of
Back to: News Index