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What could the wrong advice cost you?
There is always the chance that something can go wrong financially when you’re making a series of payments. When taking out a mortgage, it’s an agreed-upon risk. Sadly, since 2008 when the property bubble burst, we’ve seen many clients who were given bad advice initially and so took more of a risk in their property investments.
The truth is, when the market turns sour, Banks and Cajas aren’t concerned with the kind of advice their customers were given before taking out a loan or mortgage; they are instead concerned with recovering the money.
Bad advice: Hand the keys back and go home. They can’t touch you in the UK.
Though handing back the keys to your foreign property will pay back a proportion of the debt, it will not pay back all of it if you’re in negative equity. Due to European law, you will be pursued for the debt once you arrive back in the UK. The amount of time spent chasing the claim could also increase the amount of debt you owe. Acting proactively means the debt will be lessened.
Bad advice: Refuse to pay. If the lender cheated you, there’s nothing they can do.
Many properties, especially in Spain, were promised and never built—or only half-built, leaving the owner still paying fees on a property they cannot live in. Refusing to pay is an understandable impulse, and rules enacted last year mean that sometimes you can claim back money, but this should only be done through reputable property experts.
Unless you take the correct legal action, the lender is within their rights to claim other assets of yours to cover their costs.
Bad advice: You can’t lose your home in the UK.
Hopefully you will never have to face the stress of losing both your home abroad and in the UK, but some people do. This happens when they ignore repayment advice or are assured their actions abroad will have no impact on their life in the UK. The sad truth is that it is very possible to lose your family home in the UK because of lack of payment towards a property in another country.
EU Property Solutions offer free initial consultations for any potential clients looking for advice from property experts with an understanding of laws and rules that can affect you. Get in contact with us to see what we can do.