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Vivo en... Bromsgrove, Worcestershire


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Bromsgrove, Worcestershire and Jardin 3

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01 Jan 2012 10:17 PM:

Thanks for all your comments. All very helpful
Regards

Thread: What would happen to a Euro mortgage, if Spain dropped the Euro?

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29 Dec 2011 12:00 AM:

I am currently in the process of buying an apartment from CAM bank, with the bank providing a 90% mortgage.

No one can say for sure, how the issues in the Eurozone will finally play out, but one possibility could be that Spain would return to the Peseta or a new currency which would devalue against the Euro which would then make Spanish exports more competitive and boost tourism.

If this new currency were to be worth say 30% less than the Euro, then are there any guarantees that the mortgage debt would also be converted into the new currency.

Otherwise property owners would immediately move to a position of being in negative equity.

Any thoughts on this?

Has anyone been able to get a guarantee of conversion to a new currency written in to their mortgage agreement? 

 

 



Thread: What would happen to a Euro mortgage, if Spain dropped the Euro?

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