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Mortgages abroad...Help
170Bob
Posts: 4 Newbie
Have a problem.
Situation: My wife and I live in a house in England, with a high mortgage. Also have an apartment in Tenerife (paid for) which is up for sale at £110,000.
Last year, we put a deposit on a villa in mainland Spain where my wife and I hope to retire to next year.
We are currently paying a mortgage on the Spanish Villa. Our money has nearly run out; because we thought that the property in Tenerife would be sold by now, and the proceeds from that sale would more or less pay off the villa.
However, we do not want to reduce the price of Tenerife any more (reduced twice already) as it is below the current price of similar properties).
We would like to get a loan which we will not have to pay back for about a year (or until Tenerife is sold).
1. Can we get a “holiday mortgage” from the bank in Spain who we have the mortgage with, so that we do not have to pay the mortgage for a year, and the mortgage is thus added an extra year to the period?
Or:
2. Can we release any of the Tenerife apartment’s £110,000 equity, somehow?
Would appreciate any advice/ ideas you can give.
Regards,
Bob.
Situation: My wife and I live in a house in England, with a high mortgage. Also have an apartment in Tenerife (paid for) which is up for sale at £110,000.
Last year, we put a deposit on a villa in mainland Spain where my wife and I hope to retire to next year.
We are currently paying a mortgage on the Spanish Villa. Our money has nearly run out; because we thought that the property in Tenerife would be sold by now, and the proceeds from that sale would more or less pay off the villa.
However, we do not want to reduce the price of Tenerife any more (reduced twice already) as it is below the current price of similar properties).
We would like to get a loan which we will not have to pay back for about a year (or until Tenerife is sold).
1. Can we get a “holiday mortgage” from the bank in Spain who we have the mortgage with, so that we do not have to pay the mortgage for a year, and the mortgage is thus added an extra year to the period?
Or:
2. Can we release any of the Tenerife apartment’s £110,000 equity, somehow?
Would appreciate any advice/ ideas you can give.
Regards,
Bob.
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