Mortgage Negotiation with Your Bank

Negotiating a reduction in your mortgage interest rate

If you are experiencing difficulties with the payment of your mortgage instalments, some tips:

Negotiate with the Bank:

1. Renegotiate the interest rate: specially if you have a floor clause (cláusula suelo) or any other abusive clause contained in the mortgage deed: anticipated cancellation, abusive delay interests…

2. To start a subrogation process: to do this, you must obtain binding offers by one or more banks and return to your bank with this contract as a bargaining tool.

3. Subrogation. If the bank is not willing to make a reduction in the interest rate or it is insufficient, you can consider changing your lender bank. In many cases, mortgage subrogation results in very advantageous conditions. Current law limits the commission by subrogation to 0.50% and some entities bear all expenses of subrogation thus facilitating the operation.

Take into account Bank fees releted to modifying of conditions.

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