22 Jun 2008 10:31 AM:

Morning.


Thanks to everyone for your help and information.


Kevellen


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17 Jun 2008 10:42 PM:

Hello Eva2008.


Thanks for your reply.


The mortgage repayments quoted seemed manageable last month before the credit crunch seemed to get out of hand.


We were hoping to be able to bring in @ 600 Euros per month for the 3 bed 2.5 bath apartment on the Costa Del Sol to help towards the mortgage costs and utilities/ community charge costs. 

Ideally we would rent out the apartment for 11 months and then holiday there for 2 weeks and spend 2 weeks repairing and repainting if necessary.

During the last month or so we have heard how hard it has become to rent out a property in Spain.

We could sell our property in the UK and clear the mortgage at the moment but are not yet ready to move over.

If house prices keep falling and the mortgages and cost of living keep increasing we could end up in trouble.

Maybe now is not the time to take that risk and we should walk away 6,000 Euros poorer but with some peace of mind.

Have any other members walked away recently or wished that they had?

We would like to hear your stories.

Thanks Again.


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Tuesday, June 17, 2008:

Hello from a New Member


Sorry if I may have also posted this in the  Estate  Agents Forum.


We are in the process of purchasing an apartment on the Costa Del Sol and paid the 6,000 initial reservation deposit a month ago.


Our intentions were to rent it out long term for a few years and take holidays there.  

We would then move over to live in Spain when our child gets to say 11 years old.

The process has been ongoing for a couple of months now and we are close to paying a 10% deposit to secure the deal.

Considering what has been happenning recently with increasing prices for Mortgages, Food and Fuel, we are having serious second thoughts.

Does anyone believe it is a good time to buy now or am I better off playing safe, cutting my losses { 6,000 euros } and walking away.

We have secured a substantial mortgage which has high monthly repayments so if the Credit Crunch gets worse and prices continue to rise then we will be in serious trouble.

Wlii we be better pulling out and looking to buy in Spain in a few years time when the prices and the economy are hopefully more stable?


Any advice would be appreciated.


Thank You

Jamiejedi



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Tuesday, June 17, 2008:

Hello from a New Member

We are in the process of purchasing an apartment on the Costa Del Sol and paid the 6,000 initial reservation deposit a month ago.


Our intentions were to rent it out long term for a few years and take holidays there.  

We would then move over to live in Spain when our child gets to say 11 years old.

The process has been ongoing for a couple of months now and we are close to paying a 10% deposit to secure the deal.

Considering what has been happenning recently with increasing prices for Mortgages, Food and Fuel, we are having serious second thoughts.

Does anyone believe it is a good time to buy now or am I better off playing safe, cutting my losses { 6,000 euros } and walking away.

We have secured a substantial mortgage which has high monthly repayments so if the Credit Crunch gets worse and prices continue to rise then we will be in serious trouble.

Wlii we be better pulling out and looking to buy in Spain in a few years time when the prices and the economy are hopefully more stable?


Any advice would be appreciated.


Thank You


View thread...

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