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OUR BLOG

THE DEADLINE LOOMS – RECLAIM ON UNFINISHED SPANISH DEVELOPMENT

THE DEADLINE LOOMS – RECLAIM ON UNFINISHED SPANISH DEVELOPMENT

It may appear we are ‘raking over old coals’, but never has this subject of Unfinished Developments in Spain been more relevant especially now as the deadline for submitting claims is rapidly approaching. There are many horror stories of people committing to buying off plan Spanish developments. Fast forward, these developments now remain, too unprofitable…

mortgagemistakes

NEGATIVE EQUITY-THE NEXT STEP

“What is negative equity?” Do you ever ask yourself-What exactly is Negative Equity and what does this mean for my home abroad? This is completely understandable; we hear these questions frequently from concerned clients. Almost 12 years ago pre 2007 crash, many people purchased property in Spain and across Europe at the height of an…

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TROUBLE AHEAD-Foreign Interest-Only Mortgages

10-year interest-only mortgages to come to an end this year for properties purchased in the peak of 2007 in Spain. Spain’s collapsing prices over the years have left homeowners with numerous arrears. With the breakdown of Spain’s property market in 2007, it has been evident that Spain’s national average house prices rose by thousands of…

SUMMER IS CANCELLED…CAN YOU SURVIVE?

SUMMER IS CANCELLED…CAN YOU SURVIVE?

We are fast approaching peak holiday season and with School Summer Holidays close by, overseas property investors can expect to cash in on excellent rentals during this period. But are you ready for when the holiday season ends? It can be easy for your mortgage to become unaffordable when rentals die down after the summer…

portugal

Over €200,000 saved – Full & Final settlement in the Algarve, Portugal

We were approached by a gentleman with two property shortfalls in Portugal. Our client purchased the properties in the Algarve in 2008 with promised rental yields. These yields did not materialise and our client was having to find funds to top up the mortgage payments. This was clearly unsustainable and our client fell into arrears.…

Handing back the keys – am I still liable?

Handing back the keys – am I still liable?

Many owners of negative equity or unaffordable property in Spain who contact us advise that they simply handed back the keys to their overseas lender and walked away after the market collapsed. A significant majority believe this ended their overseas property ownership and debt – this is incorrect. As wronged as many feel they have…

Malaga

Full Mortgage Write Off in San Luis Sabinillas, Malaga

A retired couple from Nottinghamshire approached us with their holiday apartment in San Luis Sabinillas, near Duquesa on the Costa del Sol. They had a mortgage outstanding of €170,000, with the property being valued at €159,000. The monthly cost was €90 – but the issue here was this product was sold on an interest only…

La Cala

Another La Cala Success – Complete Debt Write Off

A married couple from Hertfordshire approached us with their holiday villa in La Cala Golf & Country Club. They had an outstanding mortgage of €678,000 with Banco Sabadell. The property was valued at €599,000 and the couple found it very hard to find buyers due to the uncertainty that Brexit has brought, coupled with Spanish…

Divorce & Overseas Property Debt

Divorce & Overseas Property Debt

EU Property Solutions have assisted borrowers in the past who are divorced or separated to settle their overseas debt in an amicable fashion. We understand it is a difficult and emotional time for all involved, nonetheless civility and working together can bring excellent results. The problem A common occurrence in these types of cases is…

5 top tips for renting your holiday home

5 Top Tips for Renting Your Holiday Home

                  Due to busy home and work schedules, the time spent at your holiday home tends to be shorter than you’d like. Whether it’s in sunny Spain or picturesque Portugal, having a holiday home is a great way to feel comfortable while you’re abroad and do things…

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