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What Would Happen

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Just a thought.With Spanish properties in general heading south I wonder,with probable IR`s on the way up here,what would happen in the following example.Mr Englishman mewed his house on a property in Spain worth say £200,000 in 2004.S--t hits the fan here,IR`s goes up and Englishman cannot afford the mortgage on Spanish property.The Spanish bank with whom the mortgage is with comes along and repros the premises.Auctions off for say £120,000.What recourse would they have persuing Mr.English to make up the difference?

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I'd assume their house (in the UK) will have been used as "security" by the Spanish bank, so they'll have a "charge" on it.

I think the way it works is they MEW the house in the UK to buy the Property in Spain for cash. That way there is only a mortgage on the Uk house with a UK bank.

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  • 301 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%

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