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Spanish Mortgages

  • 16-04-2013 10:26am
    #1
    partnership
    Registered Users, Registered Users 2 Posts: 303 ✭✭


    Anyone have any experience of Spanish property and mortgages. We have an apartment and a mortgage of about 88k worth about 50/60k. What are spanish banks like to deal with if we were considering selling, would they do a deal on the shortfall, what are the implications of defaulting etc.


Comments

  • #2
    JONNYBOGGS12
    Registered Users, Registered Users 2 Posts: 11 ✭JONNYBOGGS12


    Hi,

    I just saw your post here from 12 months ago. I am just curious to see what's happened since or what course of action you have taken. I am in the virtually same situation as you. I have spoken to people in Spain, and the answers are differing. They generally discuss the u.k situation. As you are in Ireland, I'd be interested to see how things are going for you.

    Jon


  • #3
    partnership
    Registered Users, Registered Users 2 Posts: 303 ✭✭partnership


    Jon

    Had no luck getting any answers either so just continuing to pay the mortgage and hope things improve in a few years. We are lucky it is not a huge amount of negative equity or too large a mortgage but it is something I would like to resolve.


  • #4
    JONNYBOGGS12
    Registered Users, Registered Users 2 Posts: 11 ✭JONNYBOGGS12


    Thanks for your reply...

    Just a couple of questions, if you don't mind.

    Did you ask the bank for a Write down? or did you make them any offers?

    Also...
    Have you spoken to anyone else in The Rep. Of Ireland in the same situation?

    I'd obviously be interested to find out as I am about to send a letter to offer a full and final settlement figure on the account. I unfortunately cannot keep paying the full mortgage and every deal we have come up with to the bank has been unsuccesfull as they have continued to move the goalpost's time and time again, and I have enough of them.

    Thanks again.
    JON


  • #5
    partnership
    Registered Users, Registered Users 2 Posts: 303 ✭✭partnership


    No I didn't approach the bank. The only thing I have done with them is in relation to the Floor Clause in the mortgage and sent a solicitors letter which they have not answered. Basically I should be on a tracker but this clause puts a floor of 4% on it. I will have to take it to court at a cost of about 4K, solicitor says 90% chance of winning but don't have the money. I would say that as long as you are paying they won't deal anyway. What bank are you with.


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