Jump to content
House Price Crash Forum
88Crash

Spanish Nightmare

Recommended Posts

http://www.dailymail.co.uk/news/article-1333710/Spanish-bank-bids-seize-couples-UK-home-miss-payments-holiday-flat.html

How many Brits will lose their UK homes in the years ahead due to the HPC in Spain?

OK, this is a Daily Mail report, but if we assume it is more or less accurate reporting, a few things occur to me – The couple do very important jobs (NHS paramedics) and they are married with two children, so in effect a ‘nice family’ i.e. not DSS chavs

However at their ages (she is 48 and he is 50) their £300,000 home in a place they have been living for 20 years have a mortgage debt of £250,000, therefore between the two of them, doing ‘proper jobs’ and I would guess for quite some time, they only have 50K equity between them – SPOT the MEW (I’m guessing on that one, but it seems likely)

Then add another 150K for the Spanish place, which from the location sounds more like a holiday home than an investment and they end up with almost half a million worth of property, great to talk about around the dinner table, but in reality f*ck all money at their time of life

Its called life and they made their choices and I’m not making excuses for them, but it does strike me as a good example of too much ‘property porn’ TV and the media etc, doing them NO FAVOURS

Edited by 88Crash

Share this post


Link to post
Share on other sites

Wiltshire MEP Ashley Fox said: ‘To me this is against the laws of natural justice. I shall be writing to the Commission to ask that they investigate.’ Mealy mouthed words. He(?) would say something like that wouldnt he.

This couple owe around £400,000 in total on their two homes and they are both around 50 years old.........they have been living in cloud cuckoo land. I have no sympathy.

Edited by GinAndPlatonic

Share this post


Link to post
Share on other sites

I think this is a real life example of 'Man in the Pub legal expert'.

'In 2004, Carol and husband Ian, 50, decided to buy an apartment in Duquesa, halfway between Marbella and Gibraltar, and later took out a mortgage of £145,000 with Banco de Sabadell.

When repayments became difficult last year, they offered to give the apartment to the bank, but it refused to accept – and instead launched a bid to seize their British home.'

Bet the drop-kciks took out a Euro mortgage. Dooh!

Maybe they can throw in some twigs in a vase to make up the difference?

Share this post


Link to post
Share on other sites

Still have 250K mortgage on UK house?

How??? They've been in it 20 years - so must have bought in 1990. SHould have been paid off by now.

Bet the outstanding mortgage is 3 times bigger than the original one.

Share this post


Link to post
Share on other sites

Still have 250K mortgage on UK house?

How??? They've been in it 20 years - so must have bought in 1990. SHould have been paid off by now.

Bet the outstanding mortgage is 3 times bigger than the original one.

could be a false figure to make the saliva glands produce dribble.

Anyone with an IO mortgage covered by a repayment "vehicle", for example, an endowment or a pension, would have a huge debt outstanding...till the day the repayment vehicle pays out.

but the figures look outrageous.

course, against that argument is the largeness of the mortgage...it certainly looks like they mewed.

Share this post


Link to post
Share on other sites

so, they bought a house in 1990 in the uk. if it is worth 300k now, it must have been below 100k in 1990. add to that both are working in decent jobs. now they also have a 150k mortgage in spain. so they have further debt of 150k.

does it mean that in the intervening 20 years since they bought their first home, they mewed 150k and that has vanished because they ahve not used that to buy a property in spain. they must have had some lifestyle.

Share this post


Link to post
Share on other sites

What people often dont realise is that if you take on debt..YOU take it on...not a house, not a villa in Spain, not a X5, not holiday in the Maldives.

YOU DO.

matters not if it is secured or unsecured... YOU did it.

Same with Lenders...YOU made the loans....now...you owe Bondholders...YOU pay it...GET money from your bad loans...CASH them in. If you cant..GO BANKRUPT.

Clear the decks...let everyone accept their losses.

Share this post


Link to post
Share on other sites

I had a quick read and my gut reaction was "Tough sh1t".

Then I read it again, slowly, considered the implications of their situation and thought to myself "Tough sh1t"

The figures involved are absolutely staggering. So many have been brainwashed into not taking potential risk seriously into consideration and only taking the short term, warm glow of feeling rich on board.

These are two intelligent people who never looked over their shoulders.

Share this post


Link to post
Share on other sites

The figures involved are absolutely staggering. So many have been brainwashed into not taking potential risk seriously into consideration and only taking the short term, warm glow of feeling rich on board.

These are two intelligent people who never looked over their shoulders.

Intelligence is no good if you don't use it.

Share this post


Link to post
Share on other sites

The figures involved are absolutely staggering. So many have been brainwashed into not taking potential risk seriously into consideration and only taking the short term, warm glow of feeling rich on board.

These are two intelligent people who never looked over their shoulders.

Yep people have been conned into believing debt is easy risk free money. 15 years from retirement and £400k owed! Was the plan to downsize to pay off the debts?

I would love to know what effect all of the people in a similar situation has had on GDP growth over the past decade.

Share this post


Link to post
Share on other sites

How did it go so wrong... When did NHS paramedics start thinking they could afford foreign holiday homes? what next, new supercars?

Wag/celebrity culture will be the up doing of all of us.

Share this post


Link to post
Share on other sites

Intelligence is no good if you don't use it.

Intelligence is a product of the Brain, and what the Brain sees, the Brain beleives.

picture it, 2004....on the telly, Buy your villa, only 150k Euros, @ 1.6 to the £ thats less than 100k...and how much is 100k...its PEANUTS compared to the profits you will make on your INVESTMENT....

Oh, and while you are taking out your Euro Loan...why not take a holiday, a new car for the man and lady of the house...just sign here....nobody cares about your income.

2003, and much ado on the telly about high street lenders not covering the multiples required to buy a house....problem solved, use a broker....money was never a problem....but it is now.

UK are NOT reducing their debts....Ireland are NOT reducing their debts. Spain are NOT reducing their debts. Greece are NOT reducing their debts..

EuroZone is NOT reducing its debt.

all these Countries are bailing each other out...with NOTHING AT ALL.....

It will collapse....either by defaults and chaos followed by sense and rebalance...or by hyperinflation, starvation and prolonged strife followed by tyranny and war.

Your possessions are going to be taken from you.. Your home ownership, your pension, your savings...everything, to keep the "system" going...thats how people think...the "system" is the thing to save...the people...well, they are incidental.

Anyone worked in a Sales firm where a client needs something same day and its 4 Oclock.....talk the to the beaurocrats working the Company "system"...its impossible, we cant do it..the "SYSTEM" wont allow it....FAIL. the purpose of the thing was to move a product, create some wealth...no..the SYSTEM is king.

SYSTEMS are everywhere....people working them can only work the SYSTEM...its a fact of life....its the reason SYSTEMS always fail...

we should let THIS one fail.....another will soon take its place.

Share this post


Link to post
Share on other sites

Intelligence is a product of the Brain, and what the Brain sees, the Brain beleives.

picture it, 2004....on the telly, Buy your villa, only 150k Euros, @ 1.6 to the £ thats less than 100k...and how much is 100k...its PEANUTS compared to the profits you will make on your INVESTMENT....

EuroZone is NOT reducing its debt.

all these Countries are bailing each other out...with NOTHING AT ALL.....

Your possessions are going to be taken from you.. Your home ownership, your pension, your savings...everything, to keep the "system" going...thats how people think...the "system" is the thing to save...the people...well, they are incidental.

Anyone worked in a Sales firm where a client needs something same day and its 4 Oclock.....talk the to the beaurocrats working the Company "system"...its impossible, we cant do it..the "SYSTEM" wont allow it....FAIL. the purpose of the thing was to move a product, create some wealth...no..the SYSTEM is king.

SYSTEMS are everywhere....people working them can only work the SYSTEM...its a fact of life....its the reason SYSTEMS always fail...

we should let THIS one fail.....another will soon take its place.

I am going to buy you a Pulpit.....Amennn to that :D

So many people need the system to cling too, otherwise they feel very insecure...and they might have to come to terms with the fact that actually from a financial aspect we are all in this...on our own, and might have to start thinking for themselves.

Edited by GinAndPlatonic

Share this post


Link to post
Share on other sites

When repayments became difficult last year, they offered to give the apartment to the bank.

:blink:

Also said that a prime driver of the bubble was public sector workers with no financial reposnsibility/clue either in or out of their jobs.

Share this post


Link to post
Share on other sites

How many Brits will lose their UK homes in the years ahead due to the HPC in Spain?

However at their ages (she is 48 and he is 50) their £300,000 home in a place they have been living for 20 years have a mortgage debt of £250,000, therefore between the two of them, doing 'proper jobs' and I would guess for quite some time, they only have 50K equity between them – SPOT the MEW (I'm guessing on that one, but it seems likely)

John (50) and Sheila (48) MadeUpNames have the main problem that their Spanish "property" flat is currently 46% overvalued*.

Until they scythe the price it aint going to sell.

*The Economist

Share this post


Link to post
Share on other sites

When repayments became difficult last year, they offered to give the apartment to the bank.

By "difficult" they must mean the payments stuck in their throats because the investment was going pear shaped as the value of the flat was falling. They tried to give it back to the bank to pass the loss onto them.

Share this post


Link to post
Share on other sites

Still have 250K mortgage on UK house?

How??? They've been in it 20 years - so must have bought in 1990. SHould have been paid off by now.

Bet the outstanding mortgage is 3 times bigger than the original one.

I bet this is quite common, it's the keeping up with the jones attitude that the boomers have!

Share this post


Link to post
Share on other sites

"We’re devastated,’ said Carol, 48. 'There are thousands more Britons in our position. This is a time bomb waiting to go off. I can see the suicide rate going up as a result. It will have massive repercussions.’"

Emotional Blackmail alert...

1, 2, 3... "It's not FAIR!!!"

Edited by dryrot

Share this post


Link to post
Share on other sites

It will collapse....either by defaults and chaos followed by sense and rebalance...or by hyperinflation, starvation and prolonged strife followed by tyranny and war.

Your possessions are going to be taken from you.. Your home ownership, your pension, your savings...everything, to keep the "system" going...thats how people think...the "system" is the thing to save...the people...well, they are incidental.

Anyone worked in a Sales firm where a client needs something same day and its 4 Oclock.....talk the to the beaurocrats working the Company "system"...its impossible, we cant do it..the "SYSTEM" wont allow it....FAIL. the purpose of the thing was to move a product, create some wealth...no..the SYSTEM is king.

SYSTEMS are everywhere....people working them can only work the SYSTEM...its a fact of life....its the reason SYSTEMS always fail...

we should let THIS one fail.....another will soon take its place.

And what then?

Things are not perfect but I believe the system you are lamenting is Capitalism.

It always swings between extremes... we have just turned from the path of excess, hedonism, low personal responsibility etc to the opposites and will have to continue for an equal amount of time.

When did it start? With Blair...with Thatcher??? Or even further back?

Share this post


Link to post
Share on other sites

And what then?

Things are not perfect but I believe the system you are lamenting is Capitalism.

It always swings between extremes... we have just turned from the path of excess, hedonism, low personal responsibility etc to the opposites and will have to continue for an equal amount of time.

When did it start? With Blair...with Thatcher??? Or even further back?

It all started when someone nicked my pushbike from outside Sainsburys and sold it on Flea Bay... :rolleyes:

Share this post


Link to post
Share on other sites

I'm surrounded by 'nice families' with good but not spectacularly well paid jobs with bafflingly good lifestyles -t he homes with fresh expensive carpets or flooring, the new kitchen, the big holidays, the mid-range new Ford, all the iPods and PS3s for the kids and the massive telly. Even allowing for the fact that some are a bit older so could have small mortgages by today's standards if they're splashing hundreds here and there on this and that every month I'm guessing that there are millions living on the never-never hoping their number will come up on the lotto.

Edited by CrashedOutAndBurned

Share this post


Link to post
Share on other sites

And on the seventh day the good Lord said unto us "let the truly Rich be Rich and be seen to be Rich, And let the truly Poor be Poor and be seen to be Poor." And it was so. And the Good Lord liked what He saw.

Amen!

PS Dear Lord, I've been waiting quite a few years for the Seventh Day to arrive, and, without wanting to ever question your wisdom, do you think that maybe you could get a move on?

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 142 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.