Mortgage payments/ interest rates

[graciemae10]

Hi i brought an apartment in Tenerife (off plan) around six years ago and have been paying the mortgage for just over 3 years now. Biggest mistake of our lifes but its done now just hope the current financial situation that we are in starts to ease. Our mortgage was all sorted out by someone living in Tenerife who we gave power of attorney to so basically i just look online to check payments etc etc. Ever since we have had the mortgage the payments have not changed (its a 20 year repayment mortgage with BBVA) i thought that the payments would change each year when interest rates changed is this not the case. My payments are still the same as they were when the mortgage started 3 years and 2 months ago. Also they are taking two yearly payments for insurances i have not got a clue what these are for totaling about 1000 euros i have written and asked what they are for needless to say had no reply. Probably thinking non-resident English mug we'll just take out unnecessary insurances because i haven't got a clue. So anyway my question is should my mortgage payments be changing with the interest rates going up/down? and is two payments one around 450 the other about 550 sound like unnecessary payments? Thanks

[golf birdie]

depends if you had a fixed rate mortgage. Some banks will not lend you the money if you do not take out insurances at the same time, it sounds like life insurance. Who advised you ?

[Balcony]

You may, or may not have been poorly advised, but to be honest you must take the responsibility for entering the deal. However you need to be sure what, why and to whom you were paying and the terms. You need to get to Tenerife with your documentation and either go in to see the broker who arranged the deal and the bank. Otherwise get a lawyer to vet everything. It's a more expensive route, but may give you peace of mind.

You ought to take take along someone who can speak Spanish. There are commercial interpreters available if you know no-one.

[Tom & Sharon]

Hi i brought an apartment in Tenerife (off plan) around six years ago and have been paying the mortgage for just over 3 years now. Biggest mistake of our lifes but its done now just hope the current financial situation that we are in starts to ease. Our mortgage was all sorted out by someone living in Tenerife who we gave power of attorney to so basically i just look online to check payments etc etc. Ever since we have had the mortgage the payments have not changed (its a 20 year repayment mortgage with BBVA) i thought that the payments would change each year when interest rates changed is this not the case. My payments are still the same as they were when the mortgage started 3 years and 2 months ago. Also they are taking two yearly payments for insurances i have not got a clue what these are for totaling about 1000 euros i have written and asked what they are for needless to say had no reply. Probably thinking non-resident English mug we'll just take out unnecessary insurances because i haven't got a clue. So anyway my question is should my mortgage payments be changing with the interest rates going up/down? and is two payments one around 450 the other about 550 sound like unnecessary payments? Thanks

You didn't buy through Tenerife Property Shop did you, and get stitched into a crappy deal by them and poorly advised?

[AL JAY]

You didn't buy through Tenerife Property Shop did you, and get stitched into a crappy deal by them and poorly advised?


But they have won loads of awards...:hide::whistle: