Posts Tagged ‘spanish’
Spanish Banks chasing debt in the UK
Since the financial crisis in 2008, Spain has seen well over a quarter of a million properties repossessed. A staggering figure! Spanish Banks chasing debt in the UK has increased.
A large proportion of these repossessions are foreign-owned properties.
EU Property Solutions find it incredible so many British and Irish borrowers feel they can merely “hand back the keys” and walk away from the property thinking they are somehow immune to any consequences once back home.
Many borrowers post their keys through a Bank or representing solicitors’ letterbox not fully aware of the consequences.
These debtors have the impression that Spanish creditors cannot pursue their home country assets. They also think that the Banks haven’t got the time or resources to pursue overseas.
Anyone who signs a mortgage deed in Spain, including guarantors, is personally liable for the loan.
Any legal action will likely be notified to the Spanish Address on which the mortgage has been placed.
Many overseas borrowers in Ireland and the UK will be unaware of any proceedings against them until the process is gathering apace.
In terms of debt perusal in the UK or Ireland, lenders can look to recover your home assets. Many lenders will appoint UK Debt Collection agents leading to an effect on your credit report.
The Spanish lender can look to put a charge on your property even if it already has an existing mortgage and can enforce an Attachment of Earnings Order.
Spanish lenders seem to be developing a greater appetite for overseas debt perusal.
EU Property Solutions can assist anyone in this situation so please contact the team today on 0330 1241230 to arrange a free initial consultation.
Following the UK confirming that those returning from overseas travel will have to Self-isolate for 14 days, the Spanish Government has followed suit imposing the same restrictions. With this in mind, the question is – will you be receiving no rental income in 2020?
This year’s Summer Holiday season may well and truly be cancelled.
If you are reliant on rental income to support:
- Your mortgage payments,
- IBI taxes, and
- Community Fees on your Spanish Second Home –
The above will see you face increasing pressure to top-up payments from your home income.
Speaking with a local Costa Del Sol Agent:
- It was confirmed that many Second Home Owners will take on long term rentals but given supply, these rental agreements will be very low in income.
Furthermore, many will be left without employment & may fall behind on their rent.
Second Home headaches are stressful enough in more positive times, but in these trying circumstances, they can be a real burden.
EU Property Solutions can end this burden in an effective manner without the need to travel to Spain.
We can help so your not asking yourself if you will be receiving no rental income in 2020?
Especially if the mortgage is greater than the true market price and the associated selling costs…which can be as much as 12%.
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.
WE HAVE THE SOLUTIONS TO DEAL WITH SPANISH PROPERTY DEBT ISSUES.