poshnbucks

Well here we are, The UK appears to have a ray of hope as the fixed mortgages are beginning to filter back onto the market.The Bank of England kept rates as is and people flew over to the dollar as one can see from almost 2 to the pound to last seen 1.87. The good news is Europe thought they could weather the storm but ohhhhh no keep your eye on the EU bank and their rates.SPAIN is in big trouble. I think you could be raking back your losses back end of the year early next. Here have a peek at today's Telegraph below. I am pleased that Mrs Posh ploughed all her money into shoes and handbags over the years She must be keeping them for worse times in their cloth bags as all I have seen her wearing since we arrived unless we go out to a nice restaurant or friends are Crocs in pink, white, and ice blue ohhh yes you must have correct colour with cropped pants, and her Birkenstocks pink and black. Anyway here's the news article........ I notice near one of our beaches they sell fake crocs the thing is they are not the same material and your feet will just sweat and do your tootsies no good at all. http://stores.ebay.com/busytoes


http://www.telegraph.co.uk/money/mai.../cneuro115.xml

Red Devil

Have read the article and whilst I do not understand much about economies this does look bleak for Spain. My daughter is hoping to move out in the next couple of months to start a business and will have a spanish mortgage.
Should she reconsider ??

Rotor

I`d be ultra extra careful setting up any business in Spain at the moment ,doing it on a mortgage? for me definitely not, I`m no business expert but I have over 20 mostly successful years experience running my own small to medium sized business, currently in third year of trading here in Spain and belive me Ive never had it this bad, if I had a mortgage and no savings I`d have to pack in and get a job,but even they are very hard to come by.

If your daughter is relying on an income from a business to pay a mortgage she will be very very lucky to do so unless she has a one in a million business plan,better to rent until the business is up a running ,by then property prices will proberly be at rock bottom, a good time to buy for those with the money.
Yes my reply is all doom and gloom but you have to be realistic, I`ve seen endless Spanish shops closing down after less than 6 months trading!

Good Luck To Her Anyway,

Rgds

Rotor

chrismortley

If the ECB cuts the euro base rate which the so called experts forecast,one would like to think the mortgage rates will follow suit.

Beachcomber

The EU gravy train has come to the end of the line for Spain now that it is a nett contributor rather than a nett beneficiary. With criminal mismanagement of EU funding over the years and at least half of those funds going straight into the pockets and private bank accounts of crooked politicians, road builders and constructors we are now on the slippery slope into despair and oblivion.

Anyone with a mortgage and without private means is going to find it very difficult to survive the next few years.

Fred James

I wouldn't bank on it. Mortgage interest rates are based on EURIBOR rates and they are independent of the ECB rate. The EURIBOR rate is slowly rising and is quite a long way above the base rate.

As the economic situation worsens the gap could widen and wipe out the effect of a rate cut.

chrismortley

Thanks for the info. Fred
You learn something new every day
I have always wondered why our mortgage rate has not always changed when the base rate

Rosemary

Another possible problem could be the long term liquidity of some Spanish banks and cajas.
Graham.