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 basis and the retired couple, both over 70, would need to raise €170,000. This was not feasible.
The couple owned their UK home outright and were understandably worried about losing it due to their financial situation.
The couple appointed our services and we stepped in to negotiate with the bank. Our experienced Legal team deals with cases like this regularly and were able to achieve the voluntary surrender of the property and a complete debt write off. Most importantly, their UK home was protected and the couple were able to enjoy their retirement worry-free.
Summary of Case
Full mortgage write off – €170,000
Voluntary surrender of property
UK home protected
The only fees payable in this instance were the consultancy fees of EU Property Solutions.
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