Remortgaging in Spain is a costly affair as not only will you have to pay any cancellation fees to your bank if applicable, you also have to go through the whole notary and registration process again. Depending on the amount of your mortgage this can add thousands to the process.
The good news is that there is talk of Spain drastically reducing the cost of remortgaging. I have read in different articles that notary and registration charges may be reduced by up to 80% and banks will be limited to charging 0.5% for cancellation charges (many currently charge 1%).
If you are thinking of remortgaging it is worth waiting until 2008 if you can to take advantage of these changes and save yourself some money!
Talk to your gestoria, accountant or lawyer and ask them exactly when the law will be in force so you can be armed with the information when you talk to the banks or mortgage companies.
Why am I not telling you when it comes into force? Well in theory it should be January - but get it from the horses mouth and ensure that there are no ´special´regulations covering the region you live in!
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