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Enforcing servicing only mortgage debt in Spain
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porschewanted
Posts: 5 Forumite
Having had an interest-only mortgage for 4 years in Spain I was extremely disappointed when having collated all the relevant information on my financial viability,I was forced to resume full capital repayment terms.
Bearing in mind non-residents in Spain generally put down 30%, even with current market fluctuations this seemed harsh.
Question is could I insist on just servicing the debt - ie interest only? or would they accuse me of reneging on the original deal and start reposession proceedings?
In the U.K. I believe an offer by someone to service the interest on a debt is viewed as 'something is better than nothing' - any ideas abroad ? Can they really foreclose when a debt is being serviced ?
Surely the fact we're all under EU law now must count for something ?
Bearing in mind non-residents in Spain generally put down 30%, even with current market fluctuations this seemed harsh.
Question is could I insist on just servicing the debt - ie interest only? or would they accuse me of reneging on the original deal and start reposession proceedings?
In the U.K. I believe an offer by someone to service the interest on a debt is viewed as 'something is better than nothing' - any ideas abroad ? Can they really foreclose when a debt is being serviced ?
Surely the fact we're all under EU law now must count for something ?
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