Are we in Negative Equity?
Are you questioning if you are in Negative Equity and don’t understand the meaning? It is completely understandable.
The fact is, many people purchased in Spain and across Europe at the height of an inflated market taking on a huge amount of debt, which later has left majority in financial difficulty. These plummeting values since 2008 have left many facing the very real problem of Negative Equity on foreign property.
Many who own a property in Negative Equity feel trapped and unable to move on.
The threat of the crippling debt left after a sale may be enough to prevent anyone considering a sale or move, so feel the only option is to wait until house prices rise. However, the market may never return to the prices they once were, leaving the owner in a predicament to say the least.
Owners also face the very real issues of:
- Increased mortgage repayments after the interest only phase of the loan ends and the repayment structure of the loan starts. We have a client who after 10 years is now seeing his mortgage repayments increase from €580 per month to over €2200 per month,
- Guaranteed rental yields that never materialised leaving the mortgage holder in bother,
- Brexit and the fall of the Sterling has seen sales decrease with the backdrop of uncertainty that lingers, and
- Unscrupulous developers overcharging at the inception of the sales contract, coupled with the ridiculous high level of mortgages amounts issued back in the day.
What does this mean?
It can all seem a little confusing and daunting knowing you are in Negative Equity, however, help is at hand. If you or anyone you know face any of the above issues and do not understand the meaning of Negative Equity please note We here at EU Property Solutions encourage anyone facing any financial issues to be proactive and contact us for a free consultation; where we will give you professional advice specific to your case and needs.
What do we do next?
- It is imperative to speak to professionals,
- Get to know the facts
- Use trustworthy people who know what they are talking about with proven track records.
We have a dedicated, specialised team who will use their experience with hundreds of lenders across Europe, to fully explain the full ramifications and options available to you. Our frank approach will be considerate to individual circumstances.
Finally; There are options if you take control
Deals can be done. Banks will never tell you this as it is not in their interests to do so.
We have testimonials and past clients you can speak to, that will demonstrate that with Negative Equity across Europe help is available e.g. Click Here.
If you need some specific tailored advice on selling property in Negative Equity in Europe call our office today on 0330 124 1230 or email [email protected]