Sabadell Account for non-resident

tracey52 wrote on Thu Jan 25, 2024 4:35pm:

Hi we have a sabadell account as a non-resident.    We have a small mortgage left to pay at a variable rate of with interest at 7.12% with and owe 33000 euros.  As we still have 9 years left the end result would be that we would have paid back with interest a total in the region of...

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... 54,000 euros.  Would it be worth looking into changing to another spanish bank account to get a fixed lower rate.   And if so do you think we could then pay it off quicker in one go after we had been with the new bank for a month or two?   All our UK money is tied up with personal pensions and if we try to take more out we would be taxed on it.      I have a feeling that the fees involved in this possible mortgage move would not be cost effective!    Any advice would be much appreciated.

Thank you in advance

Tracey

Stevie100 wrote on Thu Jan 25, 2024 9:20pm:

Have you checked if you can pay it all off early with Sabadell without paying any early redemption fees?  I owed around 50,000 euros about 5 years ago (with Sabadell) and paid it all in one sum without penalty. If this is possible another option could be to re-mortgage your property in the U...

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...K for the 33000 at a lower rate than the 7.12 and pay it off this way.

Hope this helps