Hi everyone, we all know the current situation is crippling all of us who have paid a deposit or are paying a loan on a spanish property so lets start talking about it and raising our concerns. Its not going to go away for a long time and decisions will need to be made by all of us.
There must be many of us who are now facing a loss in equity on our British homes which were going to be capital against a new build Spanish home, or are now not going to be able to get a sufficient mortgage to cover a vastly inflated price due to the weak pound. Maybe you have an apartment you were going to sell to finance a new one but are now looking at the glut of new flats and villas which will be sold off on the cheap. We hope each month that the pound will strengthen again against the Euro but it just gets worse, who could have forecast this a year ago? From what I've read its going to take 5 years for some kind of recovery but even then the Eurocrats will be doing all they can to keep it close to 1 to 1 on the currency. That will affect all of us, devaluing all your assets by a third and just wait for the influx back from Europe of pensioners who can no longer afford to live abroad.
I'm not here for scaremongering, I want to know what are the options and who has got more expertise in these areas and can give some advice.
You all look at this site so lets start making some noises and helping each other, its not going to go away.
Thanks.