Spain Survival Manual

Cajastur has made an incredible offer to clients who hold a mortgage with them and pay their salary into a current account at the bank.  To help clients who are struggling in the current economic crisis, they offering them the option to pay nothing on their mortgage for two years.

This is not just a period of interest only payments - you pay no capital or interest for two years.  Of course, the two years will be added on to the life of the mortgage and you will be accumulating interest in the meantime, but that could be a hugh millstone lifted from clients necks who need to ride out the current crisis.

In two years, the economy should at least have stopped the downward spiral into the economic abyss the media is touting and it is also a long time to be able to find a new job.

Thank God there are some banks in Spain that are being sensible and trying to help their customers.  What´s that I hear you cry - the banks are just helping themselves because it probably costs them more to repossess?  Good.  If I was a property owner who had the choice of losing their house or paying more interest on their loan, I would be happy for the banks to come out smiling, as long as it benefited me aswell.