# Paying off mortgage in Spain early



## SteveScot (Feb 11, 2013)

Does anyone have experience of paying off their Spanish mortgage early?

From what I have gleaned from t'internet, I need a certificate of zero debt from the bank once paid off, then what??

Should I find a gestor to handle things?

Any hidden costs?


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## Lynn R (Feb 21, 2014)

SteveScot said:


> Does anyone have experience of paying off their Spanish mortgage early?
> 
> From what I have gleaned from t'internet, I need a certificate of zero debt from the bank once paid off, then what??
> 
> ...


I paid off my Spanish mortgage once we sold our UK house and moved over here permanently, I got the Deed of Cancellation of the mortgage, and I did have to pay the bank's notary fees plus a penalty for early repayment . they did point that out to me when I took the mortgage out, but we unexpectedly found ourselves in a position to move out several years earlier than we'd anticipated, so decided to go for it anyway). You'd need to check the small print on your mortgage contract - probably need a magnifying glass!


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## Lynn R (Feb 21, 2014)

Oops, sorry for the double post1

By the way, the final two pages of the Deed of Cancellation consist of a page from the Registro de Propriedades certifying the cancellation of the inscription of the mortgage (for which the fee was €76.04) and a page bearing the Sello del Estado confirming that this fee had been paid. So I assume there is nothing further I needed to do.

I didn't use a gestor, just dealt directly with the bank. I did have to make another visit to make it plain that I wanted to have the Deed of Cancellation myself, though.


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## SteveScot (Feb 11, 2013)

Thanks Lynn R. As far as penalties for early repayment go, the only thing I can see mentioned is a 1% addition to the remaining balance. I will talk to the bank when I am over there this month.


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## snikpoh (Nov 19, 2007)

The thing to do is to pay it all off less the final month's payment. For us, we can pay us much as we want with no penalty clause - however, if we pay it all off early, then there is a penalty.

By doing what I've said above, there is no final 'penalty' charge.


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## SteveScot (Feb 11, 2013)

As far as I can see, there is no final penalty as such. Just that 1% fee on the remaining balance. I shall, of course, check with ye olde Bank before paying it down completely. Thanks for the advice.


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## SteveScot (Feb 11, 2013)

Just a quick update....

On my latest trip, I visited the bank and made enquiries regarding paying off my mortgage. It turned out to be a) the remaining balance, b) interest due from last month's payment until the day of enquiry, c) commission of 25 euros.

There was also a fee of 100 euros for the bank manager to attend the notary and sign the necessary papers for the land registry etc.

I am still awaiting costs from the notary with regard to finalising the new deeds and updating the land registry.

I now own the first house I ever have by myself, no more in debt to the bank. It's a nice feeling.


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