Behind with the mortgage

Hi, I have just joined this website, and it is great with loads of information.

I like thousands of other people have been affected by the crisis in Spain, and need some advice where to go from here.

I own a property in the Canary Islands which we bought in 2006, up until 2010 we never had a problem paying the mortgage, unfortunatly we began to slip into arrers witht he property.

Although we have always paid something from the mortgage, over the last year it has never been the full payment. Although the bank have not mentioned courts the stress that the mortgage is causing is a nightmare, and due to the payments being just under 1300 a month it is just too high.

We have decided to sell the property as we have 268,000 outstanding on the mortgage and the house is worth far more. We are hoping to pay the exsisiting mortgage, and buy another property.

That is my question, how likely are we to get another mortgage? will our bank consider it as we are looking to sell this property, and downsize to a smaller property and mortgage.

Will they consider it or would we never be able to get another mortgage?

Thanks in advance

Hi Tinap,

Welcome to the forum! Note that if you are in arrears no bank will be willing to offer you a mortgage. It is important ant that you are up-to-date with your repayments and that whilst the property is up for sale, that you try negotiating with your bank manager different options. Discuss the possibility of an interest-only option for one or two years, to lower the minimum rate ( cláusula suelo) or even the interest rate.