Posts Tagged ‘borrower’

Interest-Only to Repayment: Tenfold Increase

We hosted a webinar back in July in respect of Interest-Only mortgages. We have had quite a bit of interest in this very niche subject. It is becoming more and more relevant as time goes on. Click here to watch it on demand!

We have seen and helped hundreds of clients who had taken out Interest-Only loans who are now paying the hefty price.

This type of mis-sold mortgage issue is something that we’re seeing with our clients. They come to us after realising their 15-year interest-only term is coming to an end. We had a recent client who found out that his monthly repayments would go from €250pm to €2,150pm; an extremely high spike in payments that would very quickly become unfeasible

In this Webinar; our Chairman, Terry goes through a few examples of what we have seen and the successes we have achieved for our clients. He talks about interest-only mortgages particularly in Spain but also discussed Europe as a whole.

EU Property Solutions, with our legal team,  have the Bank’s gripped. But when it comes to loan sales, they are very often sold to vulture funds. They are different animals completely and these situations are becoming more prevalent. Last month a Spanish bank even sold a performing loan book. Everything was up to speed and good, but they still sold it on so be careful with that backdrop.

Undoubtedly, many people were mis-sold properties, however, it’s very difficult to win that argument or that war. There is one bank in Spain that has sold a lot of these interest-only mortgages but there are other banks involved too. If people try to do direct approaches with the Bank it very rarely works out, therefore we respectfully suggest that you don’t. In this webinar, Terry goes through why you shouldn’t do that and how we can attack the problem for you.

If your Interest-Only period is coming to the end of its term and you want to explore your options, contact EU Property Solutions today and we can help you.

📞: 0330 124 1230

📧: [email protected]

💻: www.eupropertysolutions.com

Get rid of Overseas Property – Without Visiting Spain.

CORONAVIRUS – NO TRAVEL, NO PROBLEM – WE HAVE THE SOLUTION FOR YOU.

The world continues to be an uncertain place. In the UK the Government has announced its stepped plan to restore normality in the midst of Coronavirus – travel restrictions. We can help you get rid of your overseas property – without visiting Spain.

One thing that has hit the headlines is a 2-week self-isolation for those returning from abroad, bar France.

This is clearly detrimental for those looking to get rid of property overseas, especially during this period. No one wants to self-isolate for 2 weeks having been on lockdown for some time.

EU Property Solutions legal process allows you to get rid of your overseas property without visiting Spain. Here is how:

  1. You swear a Power of Attorney allowing our Legal Team in Spain to represent you and sign documentation in the country on your behalf. This is arguably the most you will travel – to a local notary to have this document sworn.
  2. We will arrange access for a Lender Valuation. Just give us the keys or tell us your keyholder’s details.
  3. We will communicate with the Lender on your behalf. Including any face to face requirements.
  4. We will sign the Legal Paperwork and conclude the case on your behalf.

Trust is key in this process. Trust us to do right by you and we need to trust you will cooperate to get the desired conclusion.

If your Spanish property is detrimental, especially now during this pandemic ~ respond. Allow EU Property Solutions to resolve the matter on your behalf from the safety of your home.

EU Property Solutions have options and plans for every eventuality. We ensure we will protect you, your income, your home, pensions, and other assets – from any potential or ensuing legal threat.

WE HAVE THE SOLUTIONS TO HELP YOU DEAL WITH GETTING RID OF YOUR PROPERTY – WITHOUT VISITING SPAIN. 

Call us TODAY on 0330 124 1230 or email [email protected]

CORONAVIRUS – SELLING IN LOCKDOWN

Uncertainty of the pandemic continues around the world as Economies reel because of Coronavirus and imposed lockdowns essential to Public Safety.

Undoubtedly property markets suffer in periods of uncertainty.

2nd homeowners with property in Spain will be considering selling at this stage. Factors include no rental income for Peak season, declining values imminent and currently an inability to visit the property.

Selling property during a pandemic comes with its difficulties:

  1. The property could be in Negative Equity i.e. the outstanding mortgage is greater than the property value. With prices set to decline again, more borrowers will find themselves in this scenario.
  2. Costs of sale in Spain can be 10-12% of the sales price. Vendors must factor this into their calculations.
  3. The property must be “priced to sell”. There is a massive supply of 2nd home properties across the Spanish Costas and being realistic is essential.
  4. Demand for 2nd homes will undoubtedly fall in this period and for the rest of the year as confidence is hit.
  5. Lending restrictions imposed last year reduced the buyer pool, we await Banks’ response to this crisis and how their criteria will change again.

If you want to sell and cannot EU Property Solutions can assist. Our legal process avoids the Sales Process and associated costs.

As Mark Stucklin said last week:

“If you find yourself in financial distress as a non-resident or second-home owner due to this crisis you may see yourself miss your Spanish mortgage repayments.

You need to get hold of the situation quickly and start talking to your lender about the options.

If you feel you need professional help from experts who know how to negotiate with banks and get you the best outcome, get in touch with financial distress and negative equity experts EU Property Solutions to discuss your case.”

EU Property Solutions have options and plans for every eventuality, ensuring we protect you, your income, your home, pensions and other assets – from any potential or ensuing legal threat.