What is a CAMBIO DE CASA mortgage?
This is the type of mortgage you need when you have seen a property you want to buy but you are having difficulty trying to sell your current Spanish property.
You are worried that you will lose the second property to another buyer if you cannot act soon but there is an answer!!
It is called a Cambio De Casa!
This is where the bank will grant you a mortgage to purchase the second property and they will then take both properties as security. The mortgage will be on an Interest Only basis for up to 3 years which will reduce your monthly outgoings and also gives you up to 3 years to sell the first property. You can then either reduce or eliminate the mortgage loan completely when you first property is sold.
If this is a situation you find yourself in, then as you can see there is a SOLUTION.
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