22 Oct 2008 1:00 PM:

Hi Sharon.  

The villa was surveyed last November and valued at 590,000 euros and the outstanding mortgage on the property is approx 180,000.  We would like to increase the mortgage to around 250,000.  I don't know if the property will have dropped in value now though!  

My job is okay - albeit a bit quite (I work in a solicitors office which is mainly conveyancing) but my partner has his own business and things are not great with that at the moment.  Its  still okay but just not making what it used to, although we have been spoiled in the past with how well things were going.  We still have sufficient income to sustain the house but who knows what the future will bring.

The property is on the outskirkts of a lovely urbanisation.

Thread: Spanish Re-mortgage

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22 Oct 2008 12:27 PM:

Thanks to you both Sharon & Claire.  

Our Villa is at the cross roads of La Nucia and Altea.  We haven't even started the marketing process yet and I'm not really sure what to do on that front either!  It has been used as our holiday home and although the intention was always to live their eventually none of the children are keen to leave their friends now (two of them are now in their early teens).  It has served its purpose and we need to move on.  We are not in a desperate need to sell but now that the decision is made we need to get on with it. 

I agree with what you say Claire about keeping the price down and that is what we intend to do as there is plenty of equity in it now anyway.  

The bank we use at the moment do not seem to have the option of interest only mortgages which is why we thought of another lender and releasing some equity in the process still only having a 55% mortgage - would this make a difference Sharon?

Thread: Spanish Re-mortgage

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21 Oct 2008 12:00 AM:

Hey there.  I'm new to this kind of site so don't really know how to start but here goes.  

We have a villa that we bought as an investment 8 years ago.  As times are now tight and both of our jobs are suffering we need to release some equity in the house to pay the mortgage until it is sold (which in this climate may take some time!!).  Every spanish bank I get access to is in Spanish and UK sites insinuate that re-mortgage is not easy.  As we need to do this from the UK with a simple trip to Spain to "seal the deal" can anyone let me know if they have tried to do this before and how easy a process it is.  Any ideas would be welcome.

Many thanks.

Thread: Spanish Re-mortgage

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