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Lanzarote Property: New law reduces mortgage costs
After being published in the BOE on Saturday 8th December 2007, the latest Ley Hipotecaria (Mortgage Law) has now come into full force. It brings welcome news to mortgage holders, reducing the maximum charges banks can levy for early cancellation of mortgage loans. For variable interest rate loans, the maximum early cancellation fee has been reduced to 0.5%, and this is further reduced to 0.25% in the case of partial cancellation. Also, land registry and notarial costs of mortgages are considerably reduced. The move will significantly reduce the costs of cancelling mortgages and is regarded as good news to property owners with mortgages