What if I can’t pay the mortgage? | Renegotiate the repayment period One of the initiatives that the entity agrees or proposes is that the customer returns the money in a longer period. In the case of a mortgage of 100,000 euros to 20 years, which paid 620 euros, the monthly payment would be about 470 if extendedanother decade.

Thus, by increasing the time the loan is paid, it would reduce the amount of fees and the person going through an economic transition can cover the costs more easily. Of course, this expansion in the longer term the mortgage will gomuch more expensive because you have to pay interest for more years. However, at the time in which the user’s financial situation improves, you can return to the initial terms.

The cost of this operation may be around 100 euros for notary costs and registration. Some entities also apply a commission to modify the conditions of thecontract, which may not exceed 0.1% of the capital that remains. In the eventremaining to pay 100,000 euros, would have to pay 100. Typically, the bank does not accept this extension when the mortgage and has a long repayment periods, sothat people who hired her 40-year loan will have to find another alternative.