Mortgage Problems in Spain
The recent result of the UK referendum in favour of Brexit has created a great deal of uncertainty in general. One of the most visible barometers reflecting this is the value of the Pound.
In the initial aftermath of the Brexit result, the Pound suffered badly. Whilst there has been a recovery, in particular following the confirmation of Theresa May as David Cameron´s successor.
At time of writing the Pound was worth around €1.20.
For many of our clients with a mortgage with a Spanish bank, this reduction in the value of the Pound has created financial problems and worries for the medium term.
The mortgage payments for many people will have increased by around 10% in a short space of time. This has led to many giving consideration to disposing of their property and mortgage in Spain.
Despite what can be read on various blogs across the internet, it is not just a case of handing the property keys into the bank branch. This will lead to significant future problems.
The settlement needs to be negotiated and managed carefully. The agreements will then be signed in front of a notary in Spain.
GB Abogados benefit from a great deal of recent, relevant experience in handling such cases for non-resident clients. GB are aware that the Spanish banks have obvious concerns regarding offering mortgages to new UK clients and the implications of the Brexit on current mortgage holders.
With this in mind, if you are struggling to meet the increased payments, please feel free to contact us for a no-obligation consultation. It is likely that we can arrange a satisfactory agreement with the mortgage lender.
