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House Price Crash Forum

Secun

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About Secun

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  1. I don't agree with you. I'm spanish nurse and the salary is more or less the same in public hospitals (rubbish for the kind of work and for requiring an university degree). The difference between Spain and UK is that in Spain there are no jobs for nurses. And if you're lucky you can get a temporary one. Of course they earn more money coming to UK because they can work as in UK they get permanent jobs. But this is not the only reason to come to UK. The come to gain points. To work in a public hospital in Spain you need to have points. The more points you have, the more possibilities to get a job. Points are gained by working in a public healthcare into EU. So they can gain more points coming to work to UK than waiting for a job in Spain. After a few years they can come back to Spain with more points and more possibilities to work. This obviously is gonna change with brexit. At the same time they can work for private agencies as extra and gain more money. These agencies pay much better than NHS. However, they need to work to the NHS to get the points. As most of them want to come back to Spain in 2-5 years.
  2. A duplex is a flat with two floors.
  3. It depends on the city, the neighbourhood and the quality of the property. I'm from Madrid and the prices dropped around 50-70%. Now, it looks like the prices are stable.
  4. I'm very surprised about the case of your relative. I've got friends and family and the story is completely different. My mother in law is trying to sell her flat, she had a couple of buyers but they couldn't get the credit. Now she is waiting the response of the bank for another buyer. I sold my flat in 2011 and one buyer couldn't get the credit. And the person who bought the flat could get the credit because he had already 40 % of the total price. Maybe the amount of the credit is very small, only 130€ per month you said?
  5. Sorry, that's the unemployment for young people (44 %). The unemployment for the rest of the people is around 20 %. I think we shouldn't have rescued private banks with public money. A bank is like other private company. Lots of companies did default and none rescued them. Why should it be different with banks? It was the way that IMF assured that foreign banks were paid.
  6. May be banks are being more flexible now. Or may be that is not usual. Or your relative had very good ways to demonstrate their financial solvency. I don't know their case but definetly it is not such as easy as it was to get a credit. Nowadays banks look more carefully everything before giving a credit.
  7. Lots of people lost their houses because they couldn't pay. But, although they don't have they house, they are still paying because the value of the house when they gave it to the bank was lower than the value of the house when they bought it.
  8. Because, although interest is low, it is not so easy to get the credit. You need to have some of the money and you can't ask for a 100% of the total of the price. Also the economy is still poor and the unemployed rate is about 40 %. And also because the people has learnt and they are scared to do the same thing. They know now the consecuences.
  9. The thing is that people bought a house with the idea of "if I can't afford it, I will sell it and will pay the mortgage and I still will have some money" or "I'll give back the house to the bank". But they couldn't do that because the prices dropped so it wasn't enough to cover the mortgage. People bought houses thinking that prices will rise forever.
  10. I'm Spanish (sorry for my writing by the way) and the main reason for the price rising was that spanish banks gave credits very easily to everyone because european banks gave credits to them very easily too. Credits by the 100% of the property's price and to pay it over 40-50 years. In that way, not only people wanted to buy a house to live but to invest. That's the reason for building lots of houses: speculation. But this credit was very dangerous (or european banks stopped giving credits to spanish banks) so spanish banks stopped giving credits to: Property buyers - stopping buying houses. Which caused a dropped in property's price. Lots of new buildings were stopped in the middle of the construction as no one could buy them. Lots of building workers got fired. Builders left credits without being paid. Also workers couldn't afford their mortgages as they couldn't find a job. Builders - stopping building. And building workers lost their jobs. Companies - lots of companies closed as they didn't have credit. Lots of people were fired. These people couldn't afford their mortage. So the banks got a big hole in their economy as none could pay back credits because of lack of jobs and so the lack of buyers. And the companies went down because people didn't have money to buy things, to go on holidays, to go out and to buy houses. So builders went down also. Everything was like a weel. If people don't have money, they don't consume, if people don't consume, companies close, if company close, people loose their jobs, if people loose their jobs, they don't have money. So the government gave a very huge amount of money to the private spanish banks without asking people. Money that we didn't have and we had to ask for it to Europe. So our public money were given to private spanish banks to be used to pay to private european banks as they gave the money to spanish banks. And now we have to pay back this public credit. And people have to still pay their private mortgages to spanish banks. Banks never loose.
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