Foreign Mortgage Solutions: Low Interest Rates But Unaffordable Mortgage
Over the past few years the UK itself has been ‘lucky’ when it comes low interest rates on loans and mortgages. However, with those who invested in property abroad the fluctuating exchange rates still leave the low interest rates unaffordable. The drop in value in the Sterling has led to larger repayments on Euro based mortgages. With Brexit continuing to linger over our heads its difficult to see when this will end, leaving people looking for foreign mortgage solutions.
Double Edged Sword
Bearing this in mind, those finding it difficult to keep up mortgage repayments might be intended to consider selling and letting go of their ‘Dream’ home abroad. However, realistically the value of that property has dropped, leaving the property in Negative Equity.
The term Negative Equity means the market value of a property is below the outstanding amount of the mortgage. Considering this, the shortfall on the value of the property would mean those looking to sell their property would need in excess thousands to settle the remaining debt. This is where EU Property Solutions can help. Providing foreign mortgage solutions on property abroad, especially those in negative equity, we provide options.
We can work with you and your lender to ensure an amicable solution is achieved. In many cases this involves disposal of the negative asset and negotiation on the shortfall. Typically, from our negotiations the settlement is around 10% of the outstanding shortfall. This expertise in negotiation has saved our clients thousands of Euros.
If you find yourself in a situation of mounting Mortgage arrears and outstanding community fees, then please call EU Property Solutions today on 0330 124 1230.
We offer a free initial consultation and work to plan a strategy to rid you of your European Property Debt headache.
Do Not Ignore This
If you do not take action now there are consequences. Foreign banks are becoming aggressive and can pursue your assets in the UK. Continue below to read our previous blog on what happens if you do not pay your foreign mortgage.