bigglesworth

I think what some members are missing perhaps is that the houses being repossessed in the UK do not generally belong to fat cats. Most of them are people just trying to get on the housing ladder. And are now falling off.

I (for my sins) attend the Housing Conference every year, and for the last 5 years or so there has been tremendous pressure from the social sector, particularly local and national government, to find ways of enabling lower income families to buy in any fashion possible. Some of these idiots have even persuaded people to buy as little as 10 per cent on a shared ownership basis.
The Government has a clearly established policy of encouraging home-ownership. Like so many other policies, they never bothered thinking about what would happen if the bubble they were inflating were to burst.
This in no way means any change in my complete contempt for bankers, whose only connection with brains is that both words begin with "B". But it was the combination of a reckless Government and greedy and incompetent bankers that brought this about. Neither could have managed it without the other.
So please don't blame the poor bu**ers who got caught in the middle.

Hillybilly

I think most of us were talking about the housing/mortgage/repossession situation amongst expats in Spain, not the UK.

scampicat

But if they borrow 130% they start off in negative equity straight away!

Say you borrow 130k for a £100k house, then you have to have a 30% rise in house prices before you break even.

Seems like a total no-brainer to me, but then my husband and I bought ONE house in 1976,(on a 70% mortgage) paid for it for 20 years and still have it (in the UK) . We were just glad to get rid of the mortgage debt.

We have never had a mortgage on our Spanish house and with only a small Pension to live on , would never have come here if we'd have had to have one.

Seems some people don't consider the consequences.

I hasten to add, I know that not everybody has been irresponsible, I know you can do plenty of planning and still lose your job or become ill and for those people I have every sympathy and I hope things work out for you.

bigglesworth

OK, sorry guys

pazaz

Is Dessiree about? Iam interested in asking him about his experiance of dacion en pago (Handing the property keys back).

I am currently writing to my Bank to request this?

I tried to leave a PM him but am not able untill I have three posts.:curse:

Had our property valued in Oct 08 at 179,000.00 Euros and have a Spanish Mortgage or 128,000.00 and see this as our only option other than re-possesion.

Anybody else have any experiances of this?

Any advice appreciated.

rachelk

Pazaz have a look here

http://britishexpats.com/forum/showthread.php?t=587326

- people who've managed to come to an agreement with the bank rather than simply handing over the keys.

Dessiree

I take slight offence at your post. The experience I went through was by no means simply handing the keys back. Also, once it gets to this stage do you not think that coming to an agreement with the bank has already been tried.

I can assure you that giving our house back to the bank after 4 years of living in it and paying the mortgage and then having nothing to show for it was not easy in the slightest.:curse:

Mitzyboy

I think you misunderstand the poster, I cant see why you would take offence. She was simply pointing you in the direction of another thread on the subject, which is only being helpful

pazaz

Unfortunatley we are not in a position to re-negotiate Mortgage terms should the Bank be able to assist in this way.

We joint own the property and the other party is emergrating to Austrailia in the near future.

We have tried to sell privately for approx 12mths now which has obviously proved un sucessful.


Our last hope is dacion en pago other than re possession:curse:

rachelk

Sorry, none was meant. Just wanted to point out that there are alternatives.


PS - a case of mistaken identity above, I think. It wasn't pazaz who took slight offence

pazaz

Not sure whats going on here now!! Why wont I get many responses?

Hillybilly

Mitzy, I think you've got your posters muddled up!

Mitzyboy

OOOpps Sorry Pazaz obvious a confused confuddled moderator senior moment

jdr

Put the bottle down...

rugbymatt

This would never have happened in jdr's day, this place has gone down hill you know!