18 Sep 2008 12:00 AM:
Help me out.
I bought an off plan property through capital eyes 3 years ago, put down a £20k deposit. The property was then valued at 180k Euro's as so I could get the mortgage sorted on a place which was being sold at a 145k Euro's
The place is in Vera and is not attracting the kind of rents I was expecting or promised and now the interest only period is over the mortgage is over 900 euro's a month and with a long term rent I cannot hope to achieve more than 450 Euros a month.
Now I could afford to make up the shortfall if it was rented by that is not happening and I can't afford to keep topping up my Spanish account with £700 every month.
There are properties going up all around our development advertised for from anywhere between 120 - 140 k and they look similar so the chance of selling at a suitable price are nil
I've tried to speak to my bank who have said all they can tell me is that if I missed 3 months worth of rent they will start proceedings to take it to public office.
I'd be happy just to hand the keys back and cut my loses but I'm worried that they will then sell my place at public auction and because the current market situations in the area they will get a minimal price for it leaving a massive balance for which they will chase me in the uk for.
Is there any benefit that the bank valued the place at 180k euro's and the fact that was way above what it should be? Or could it work in my favour the bank that they valued it at 180k I've got a mortgage of 125k euro as so handing back the keys is the best option for both parties?
Any help is greatly received.
Regards
Jon
Thread:
To walk or not to walk ?
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