savannah_boy

Hi everyone. Has anyone had experience of a private mortgage in Spain? I have a buyer for my home which I own 100& (do mortgage or debt) and wondered if this was a better option than what the Spanish banks are doing at the moment in Andalucia.
Any advice would be great.

stuboy

As a seller my main concern would be if I had the resources to recoup the money if the mortgagee defaults.

Without an in depth knowledge of the Spanish law regarding these types of arrangements I would tread very carefully.

I personally would prefer my money up front and walk away.

From a buyers point of view then a good independent lawyer should be able to enact this type of arrangement. The main advantage maybe that a private mortgager is more tolerant and less punitive than a bank in the event of a default.

Porth

Hi a family member did exactly that and for a relatively small amount of money and the borrower was not from the UK but let us say from Russia.

Yes the Abogado drafted the agreement and tightly but yes you guessed after a few payments no further payments have been forthcoming.

The Abogado who prepared the first agreement is now trying to evict the guy. So far 15 months and costs?

I agree money up front is better than a promise of money in the future.