MORTGAGE PAYMENTS GO SKY HIGH
Sally Bengtsson / 2009-05-29 09:19:50
Des Walsh popped into the Leader office last week, with a word of advice about Spanish banks for everyone. Des has a holiday home in Colinas La Zenia, but lives in Ireland most of the year. He is just about to finish paying his mortgage, and to finalise everything he has to pay up to 800 euros, just to get the paperwork done.
What Des cannot understand is why the interest payments are so high here compared to in Ireland. It reached 6.53% here when it was just 2.79% in Ireland. When Des asked at the bank why there was so much difference he was told that his mortgage was tied to the internal savings rate. So when he asked how much interest he would earn if he placed 20,000 euros in a saving account he could not understand why it was just 2.3%.
Des would like to advise everyone to be very careful when taking out a mortgage here.
Tags: Propertyportal, Homeinsurance, Spanish Property, Property Spain