BBC Watchdog
#1
BE Enthusiast
Thread Starter
Joined: Apr 2007
Posts: 985
BBC Watchdog
There was another program of the 'illegal homes' and rip-offs in Spain variety the other evening. You should see the comments from - presumably - unhappy home-owners...
BBC Watchdog: 'spanish Dreams Reduced to Rubble'
BBC Watchdog: 'spanish Dreams Reduced to Rubble'
#2
Banned
Joined: Dec 2006
Location: Living in a good place
Posts: 8,824
Re: BBC Watchdog
Well if you follow the posters on this forum all those commentators must be lying Everything is great.
Seriously, anyone who buys a home on the spanish costas now is a bun short of a dozen!
Seriously, anyone who buys a home on the spanish costas now is a bun short of a dozen!
#3
Re: BBC Watchdog
Well we are on a Spanish Costa, Costa Tropical, over seven years here and yes all is great. Ok we bought an older Spanish house and definately not a bun short of a dozen.
Most posters here are happy with their lot, some are not, but hey ho lots of rose tinted glasses put there
Most posters here are happy with their lot, some are not, but hey ho lots of rose tinted glasses put there
#4
Re: BBC Watchdog
Those who have the bottle to dive in and buy in desperate times of little confidence,uncertainty and markets getting towards bottoming out with low prices are generally those who will make a killing.
Same applies to many aspects of investment and business opportunities.
Looking back in hindsight for those who missed the boat, it can then become much clearer who was a bun short of a dozen....Seriously!
#5
Banned
Joined: Dec 2006
Location: Living in a good place
Posts: 8,824
Re: BBC Watchdog
Yes we did well out of the last recession. Bought a villa and two apartments. Made around 300% on the apartments...sold at the top of the market, thank God However the last recession didn't have thousands of illegal properties hanging about! Fortune may favour the brave but not the stupid!
#6
Re: BBC Watchdog
Yes we did well out of the last recession. Bought a villa and two apartments. Made around 300% on the apartments...sold at the top of the market, thank God However the last recession didn't have thousands of illegal properties hanging about! Fortune may favour the brave but not the stupid!
In addition I came across many with no escrituras at all, plus lots more that had embargoes slapped on them which took many years to sort out.
#7
Re: BBC Watchdog
Yes we did well out of the last recession. Bought a villa and two apartments. Made around 300% on the apartments...sold at the top of the market, thank God However the last recession didn't have thousands of illegal properties hanging about! Fortune may favour the brave but not the stupid!
#8
Re: BBC Watchdog
Be careful though - it seems that if you default on Spanish mortgage payments, the banks can take your UK property
http://www.dailymail.co.uk/news/arti...iday-flat.html
http://www.dailymail.co.uk/news/arti...iday-flat.html
#9
Re: BBC Watchdog
Be careful though - it seems that if you default on Spanish mortgage payments, the banks can take your UK property
http://www.dailymail.co.uk/news/arti...iday-flat.html
http://www.dailymail.co.uk/news/arti...iday-flat.html
#10
Re: BBC Watchdog
Be careful though - it seems that if you default on Spanish mortgage payments, the banks can take your UK property
http://www.dailymail.co.uk/news/arti...iday-flat.html
http://www.dailymail.co.uk/news/arti...iday-flat.html
So many ppl. just don't seem able to apply a little basic common sense to their financial affairs these days, and end up sticking their necks out far too far, without considering the possibility of a future recession or more difficult times for a host of other reasons.
At the end of the day they need to remember that Bankers still Rule, and will always insist on their pound of flesh, or quite a bit more, at the end of the day.
#11
BE Enthusiast
Joined: Apr 2008
Posts: 385
Re: BBC Watchdog
no sympathy here either.
holiday home will be repo d, sold in an auction attended by errr, the bank managers brother, & the shortfall chased, plus costs.
some of the current prices in Spain would clear out most UK homes.
holiday home will be repo d, sold in an auction attended by errr, the bank managers brother, & the shortfall chased, plus costs.
some of the current prices in Spain would clear out most UK homes.
#12
Re: BBC Watchdog
It may have been a foolish risk to take on two homes (why wasn't the UK mortgage paid down over the 20 years?) but I still feel some sympathy. Losing one house may be unlucky - losing two must be a real kick in the teeth. How do you come back from that?
#13
BE Enthusiast
Joined: Apr 2008
Posts: 385
Re: BBC Watchdog
it's tough & I do feel for them, but I prefer to see the sum negative equity of repos being targeted at the perpetrators, not smeared across the whole tax paying community.
Banks are businesses & are already v expensive.
Banks are businesses & are already v expensive.
#14
Lost in BE Cyberspace
Joined: May 2009
Location: Alicante province
Posts: 5,753
Re: BBC Watchdog
I do feel sympathy for people in that situation. Who could have forecast what happened in October, 2007? The best brains in the world missed it.
Had it not happened, people would have carried on paying their mortgages and enjoying life, as they had intended when they bought their second home in Spain – and we’re not talking about palaces here, just a little holiday flat where the mortgage could have been paid instead of paying for a couple of expensive hotel holidays every year.
Had it not happened, people would have carried on paying their mortgages and enjoying life, as they had intended when they bought their second home in Spain – and we’re not talking about palaces here, just a little holiday flat where the mortgage could have been paid instead of paying for a couple of expensive hotel holidays every year.
#15
Re: BBC Watchdog
I don't understand the situation with these two.
They had a 140k mortgage in Spain and a 250k mortgage in the UK. They say they couldn't afford the payments but with the lower interest rates the payments must have gone down considerably over the last year.
They are both employed as paramedics so their income will not have gone down.
A bit odd?
They had a 140k mortgage in Spain and a 250k mortgage in the UK. They say they couldn't afford the payments but with the lower interest rates the payments must have gone down considerably over the last year.
They are both employed as paramedics so their income will not have gone down.
A bit odd?