Rising interest rates upset citizens who own a mortgaged property. Most think little or nothing can be done, but reality is stubborn and has shown it Yes, it is possible to lower the mortgage payments.
Statistical data show that the average amount of increases recorded in Spanish mortgage payments in recent months is around 2,400 euros per year, which means an increase of 200 euros per month.
Precisely 200 euros per month is how much a citizen has managed to save. We explain how.
The case of an Asturian who managed to save 200 euros a month
The borrower in question is Asturian and answers to the name of José. He himself explained in front of the microphones of the COPE chain that what he did is change your interest rate mutual from variable to fixed. He added that he did it at the right time and with the advice of a lawyer.
Novation and subrogation, the two alternatives to save on the mortgage
And how can you do the same? Well, you have two alternatives:
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The first option is novation: This operation consists of the request to your bank a change in the terms of the loan which includes the change from floating rate to fixed rate. It is likely that your bank will deny you this possibility, as it is within their right, but you also have the right to subrogate your mortgage.
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The second option is subrogation: consists of transfer your mortgage to another bank, asking for it to be at a fixed rate.
Once the subrogation communication has been received from the other financial institution, your bank has no choice but to allow you to transfer your mortgage to the latter.
And remember that, just like the Asturian José did, it is advisable for you to consult a specialized lawyer before acting.
