Negative equity - Page 2

RichT wrote on Sat Sep 25, 2021 1:41pm:

Firstly, you should check your paperwork to understand if the rate increase was properly explained - it probably was, but occasionally banks make errors.

You then need to accept and understand your error, so you don't do something similar again - simply, if you had a mortgage of, for example, €80,000 and were paying €43 per month, which is about €1,000 per year, how long did you think your mortgage was going to be - 80 years?...

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Looking forward - closely look at your income and outgoings. Although it's a big jump, can you actually afford the mortgage if you cut down on spend elsewhere - you need to be harsh, or you'll lose your house.

Finally, you may be able to extend your mortgage period and/or swap to another mortgage with a lower rate of interest. What interest rate are you paying? You should be able to get a mortgage for about 4%, so if you're paying more than that you should look for other options - depending on your age, income, etc. which would reduce the monthly payments

paulsav wrote on Sat Sep 25, 2021 3:03pm:

RichT,  12 months at €43 month is €516 and would take even longer than 80years.I can't even believe there was ever a mortgage payment as low as €43 month, gosh that's only €11 week. This is unbelievable. 

Regards 

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Pauline 

GeorgeT wrote on Wed Sep 29, 2021 12:24pm:

your best bet would be just to bite the bullet and sell before the bank gets hold of the property.  The banks take no prisoners in spain, in the UK you would likely be able to negotiate a deal of some sort.