25 Sep 2017 9:15 AM:

Carmody - a few responses to the gratefully received comments and especially for Roberto.

Firstly we can count on one hand the number of weeks the property has been let - depite a rental gurantee scheme set up by Inside Track.  Our intention was to overpay using the rental income so that when the end of term was reached the capital would be minimal.

The property is seriously in negative equity if indeed there will be any interest in it.  If is only that the interest rate has been so low that we have managed to maintain our payment. 

It is the fact that the bank have increased our monthly payments to 1770 Euros per month without any discussion or notice which has started our quest for a solution - hence we contacted Costaluz lawyers to see if we would qualify for the service.

Many thanks for all of the comments

 

 

 

Thread: Repurchase / repossession - advice needed

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21 Sep 2017 1:06 PM:

Our monthly repayments on our interest only mortgage taken out with Halifax and now with Sabadell Bank, via Inside Track has jumped from 122 Euros to 1770 Euros per month.  We were not notified of this and despite several requests for the mortgage agreement nothing has been forthcoming. The explanation for the massive increase is so that we pay off the capital by the end of the term.

We have been contacted by Costaluz lawyers - found through Eye on Spain - who suggest we implement repurchase proceedings.  This appears to be credible but I wonder if any other owners have tried this route and been successful.  We are very tempted but it is not cheap.  My husband and I are both retired now and having been duped into this investment remain concerned that we may not be able to sustain these payments.

Any comment / advice / guidance greatfully received.

Kath Carmody

Thread: Repurchase / repossession - advice needed

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