The secret to paying less on your mortgage

The difficult economic moment that Spain and many other countries are experiencing, Today, because of this, many families have problems paying off their mortgage.. To this we must add a significant increase in the premiums of all those who entered into adjustable rate mortgages.

Housing continues to be a problem for Spaniards. Growing demand amid limited supply is exacerbated by rising mortgage interest rates. The Euribor index reached levels close to historical highs, reaching 4.1% in September. This has led to an increase in the cost of mortgages.

Negotiating with the bank is a strategy that, although simple, can be effective. Think of a mortgage as an agreement between you and the bank, and as with any agreement, there is always room for negotiation. This involves meeting with the bank and discussing whether they can offer you better terms.

Only 2% of Spanish residents have tried to renegotiate the terms of their mortgagebut it can be a smart strategy, especially in the current economic climate when many families have seen their mortgage costs skyrocket.

Simply put, it’s about asking the bank if you can make things easier. Many people don’t even know that this is possible, and only 54,000 families tried it. However, like any agreement, many of them were successful.


The first step is to contact your bank and express interest in improving the terms of your mortgage. Justify why you want to do this and provide arguments supported by data.such as improving your financial situation and maintaining an up-to-date payment history.

If your first try doesn’t work, show that you have alternatives. Let the bank know that you have received offers from other financial institutions and that you are considering switching banks if you do not get what you are looking for. If your bank has obstacles, Look for other institutions that are willing to take your loan and offer you better terms.

If you think that changing organizations is a difficult process, go back to your bank with offers from other organizations and ask them to match or improve the most attractive offer. If they manage to do this, you will renegotiate the terms of your mortgage without having to change organizations and not incur additional fees.

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