The ones that are being kicked out of their homes by banks are not Spanish

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03 Oct 2015 09:38 by rubencito Star rating. 11 posts Send private message

Hello

I have been viewing properties from banks for seven months. Most of them belonged to English, Dutch or German people. They had a mortgage with a Spanish bank, they did not pay and did not mind to lose their second home. 

They are part of the problem in Spain. In England, Holland or Germany they only show poor Spaniards in the news being kicked out of their homes.

Spanish banks are fed up are very carefull now before giving a mortgage to immigrants.

RR


 




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03 Oct 2015 10:30 by Roberto Star rating in Torremolinos. 4534 posts Send private message

Roberto´s avatar

The recently introduced so-called "gag law" seems to effectively make it illegal to protest about evictions anymore, so there may be more Spaniards getting the heave-ho, but the bad publicity surrounding evictions may have made the banks a bit reticent about kicking folk out of their homes. Foreigners, in particular holiday home owners, however, are an easy target, since they are less likely to generate the same kind of media fuss (especially if they are not even in Spain at the time of repossession)

That said, it stands to reason that many of the bank properties were owned by foreigners, since the bulk of their stock is on urbanisations in the middle of nowhere where ordinary Spaniards would never want to live, built during the boom and sold to unsuspecting "investors" with promises of infrastructure developments etc. that never materialised. 

Just out of interest, are you exclusively looking at bank properties? From what I can tell, they are not cheap (more importantly, often not good value, for the above mentioned reasons). Banks have pretty much balanced their books and are no longer under any great pressure to shift their property portfolios, so if you're looking for a bargain, you're probably barking up the wrong tree.



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"Get your facts first, then you can distort them as you please"

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03 Oct 2015 10:59 by newworld Star rating. 937 posts Send private message

Here is a bank property with many parts of the house missing aircon, kitchen parts missing god knows what else,I have seen a bank property with cement poured  down the sinks and baths. full kitchens and bathrooms missing.  http://www.solviarealestate.com/Apartamento-a-Bank-property-in-Sucina-2-dormitorios/48766_3/house_62705.html

Same resort sold fully furnished nothing missing NOT a bank property http://www.murciagolfproperties.co.uk/HR468#.Vg-X17vlvmQ

31K EURO is the difference on this property , plus less IVA  to pay on with NON bank property, plus no F&F to buy and no handy man needed to do all the work and plus your time hassle. Your looking at well more than 40K EURO  difference.on a private sale vs a bank property on a  like for like 2bed same resort.

 

 


This message was last edited by newworld on 03/10/2015.



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03 Oct 2015 11:56 by Mickyfinn Star rating in Spain and France. 1837 posts Send private message

Actually it's illegal for any Spanish institution to discriinate against anyone with a diffent nationality. The principal in the EU is everyone is equal under the law.

So I doubt the OP's suggestion that Spanish banks are reluctant to lend to "immigrants". They apply the same lending criteria to Spanish people as everyone else.



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Time is the school in which we learn Time is the fire in which we burn. Delmore Schwartz.



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03 Oct 2015 12:00 by newworld Star rating. 937 posts Send private message

I think the banks want a bigger deposits for non residents, when buying a property.





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03 Oct 2015 13:18 by Roberto Star rating in Torremolinos. 4534 posts Send private message

Roberto´s avatar

"Actually it's illegal for any Spanish institution to discriminate against anyone with a different nationality."

And therefore, it doesn't happen. frown

Spanish banks are no different to banks anywhere else - they do what the hell they like, because they can. Anyone who thinks otherwise must have been asleep for the best part of the last decade or so. Banks here are known to give a mortgage on one of their own properties, but refuse it to the same borrower for a property they sourced elsewhere. Explain.

 



_______________________

 

"Get your facts first, then you can distort them as you please"

Mark Twain

 

 

 




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03 Oct 2015 14:30 by Mickyfinn Star rating in Spain and France. 1837 posts Send private message

Yes maybe so but the OP alledged Spanish banks discriminated against 'immigrants'. In my expereince like UK banks they are simply being a lot more careful who they lend money to 'immigrant or resident national. I welcome it the banks fuelled the crazy boom and destroyed many peoples lives and aspirations.



_______________________
Time is the school in which we learn Time is the fire in which we burn. Delmore Schwartz.



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04 Oct 2015 12:56 by Mickyfinn Star rating in Spain and France. 1837 posts Send private message

Perhaps I am wrong? It seems in the UK many established lenders are leaving the mortgage lending market due to a change in EU laws. Others especially in Spain are bound to follow.

 

Their departure from the market has been triggered by the EU Mortgage Credit Directive, due to come into effect in March 2016, which among other things requires lenders to monitor exchange rate fluctuations on mortgages lent against income derived in another currency.They will be obliged to warrn borrowers if any exchange rate changes breaches specified limits.

For mortgages denominated in a foreign currency, lenders will be obliged to offer borrowers the option of switching the loan into sterling, effectively shifting the currency risk from borrower to lender.

So for loans in Spain to borrowers with a Sterling income, Spanish banks are very likely to say no. It's easier to refuse than take the risk. Discrimination will soon become institutionalised.



_______________________
Time is the school in which we learn Time is the fire in which we burn. Delmore Schwartz.



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