SPanish mortgage sold and offer of reduced mortgage - is this for real?!

leodog

We had a mortgage with Bank Inter for our apartment in Spain but last year we were notified that it had been sold to AG Finance Sarl. The mortgage stands at 135,000 euros and a company called 'Credit Limits' from Barnet has written to us and phoned us offering to accept the mortgage being paid off if we can raise 100,000 euros ie if we can re-mortgage they would accept 100,000 rather than the 135,000.

Obviously this represents a saving of 35,000 euros which is not to be sneezed at but we wondered whether anyone else had heard of this or done this and if there were any pitfalls or anything they could tell us.

Credit Limits have posted us the mortgage deed from Bank Inter, a land registry document showing the mortgage with AG Finance, an authority letter from AG Finance and Credit Limit's consumer credit licence showng they have traded since 1987. The letter shows them to be registered ui England no 02122483.

Any advice or help would be appreciated as while the saving opportunity is great they potential for a huge !!!!-up and loss likewise is huge!

VIGILANT22

Have you had difficulty paying the mortgage recently?

ILW

I would get a solicitor to check it all out before agreeing to anything. It could be a scam.

Trollfever

We live in unprecedented financial times and nothing would suprise me. But take independant professional legal and financial advice.




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andydw

Well done "moneysavingexpert" rather than moderating my post you have just completely deleted it....I am a EXPERT in my field and I challenge any one on this site to answer the OP´s post in a more comprehensive manner than I did.
You people really nee to take a good look at yourselves.
You seem to have no idea about the subject at hand and far more worryingly it would see that you don´t actually care...
What kind of forum completely deletes HONEST and VALID advice? I could understand if one of your sycophantic members had a reliable retort on which you could rely but I have provided the only credible response to this query and you have deleted it outright.
Absolutely ridiculous - well done for driving people in to ht hands of bull_s-h-i-tter's and scammers - really good effort "money saving expert"...

Funnily enough I spoke to a mortgage broker yesterday who warned me that so far as providing legitimate advice - this forum was an utter waste of time.
I´m going to monitor this thread and I´m looking forward to the "spam monkey" who thinks they know more than me about this subject because at the end of the day nobody gives a toss about your moderation b-o-ll-ox, they just want answers - which I can and have provided.
You guys really need to pull your heads out of your a-ss-es and get real... but who cares - have a guess, make it up - hell whats the worst that can happen?
Delete the EXPERTS response - we don´t need that, we can can just make c-rap up so long as there´s no advertising who gives a to-ss about real valid advice!!! What a brilliant forum...

Wutang_2

andydw wrote: »

Well done "moneysavingexpert" rather than moderating my post you have just completely deleted it....I am a EXPERT in my field and I challenge any one on this site to answer the OP´s post in a more comprehensive manner than I did.
You people really nee to take a good look at yourselves.
You seem to have no idea about the subject at hand and far more worryingly it would see that you don´t actually care...
What kind of forum completely deletes HONEST and VALID advice? I could understand if one of your sycophantic members had a reliable retort on which you could rely but I have provided the only credible response to this query and you have deleted it outright.
Absolutely ridiculous - well done for driving people in to ht hands of bull_s-h-i-tter's and scammers - really good effort "money saving expert"...

Funnily enough I spoke to a mortgage broker yesterday who warned me that so far as providing legitimate advice - this forum was an utter waste of time.
I´m going to monitor this thread and I´m looking forward to the "spam monkey" who thinks they know more than me about this subject because at the end of the day nobody gives a toss about your moderation b-o-ll-ox, they just want answers - which I can and have provided.
You guys really need to pull your heads out of your a-ss-es and get real... but who cares - have a guess, make it up - hell whats the worst that can happen?
Delete the EXPERTS response - we don´t need that, we can can just make c-rap up so long as there´s no advertising who gives a to-ss about real valid advice!!! What a brilliant forum...

Are you a tad annoyed?....Hence all the punct--u--ation...

andydw

Well not really, but I won´t be putting the info back on that I spent time writing before.
I´m sure you all know as much as me about the situation at hand (except you don´t...) but just haven´t had time to answer the original post.

It says a lot when 100% of responses are solely concerned with someone adding their website to a post. No one seems at all bothered about the actual content!!!

Given I answered the posters question in its entirety it seems a tad ridiculous to delete everything when nobody else can actually answer the original question.
I wont write it all again, if you don´t want your readers to know the definitive answer to this then fair enough...

Great "money saving" forum when they delete information which could save Spanish mortgage clients over 20% of their outstanding balance and by "Great" I mean "Bollox"

A forum that doesn´t advertise, makes 100% of its substantial income from affiliate links. Its no wonder at all that truly independent advisers are subject to such restrictions... Keep your heads in the sands and keep posting!!!

Conrad

OP - can you make clear bullet points as I dont understand.

You say the property was sold - so normally that would mean the mortgage on it was cleared from the sale proceeds???????? Why then do you need to cough up anything?

Also if it were me Id sooner go bankcrupt (after protecting any asset by for example putting abroad or somesuch) than pay this! My Brother went bankcrupt and life has been sweet for him since.

luckyfool

Conrad wrote: »

OP - can you make clear bullet points as I dont understand.

You say the property was sold - so normally that would mean the mortgage on it was cleared from the sale proceeds???????? Why then do you need to cough up anything?

Also if it were me Id sooner go bankcrupt (after protecting any asset by for example putting abroad or somesuch) than pay this! My Brother went bankcrupt and life has been sweet for him since.

Conrad, I believe he is saying that his original mortgage lender sold the mortgage on, not that the apartment has been sold. i.e. The new owner of the mortgage has offered them a discount if they remortgage away or otherwise pay them off.

Relatively common in the UK with some of the specialist lenders, I'm not surprised if it is happening with some Spanish mortgages given the precipitous decline in new build property prices over there.

To the OP, seek advice, but if you have access to the cash, or equity that would allow you to remortgage away at the discounted redemption figure then I would bite their hands off (assumings its genuine).

ILW

andydw wrote: »

Well done "moneysavingexpert" rather than moderating my post you have just completely deleted it....I am a EXPERT in my field and I challenge any one on this site to answer the OP´s post in a more comprehensive manner than I did.
You people really nee to take a good look at yourselves.
You seem to have no idea about the subject at hand and far more worryingly it would see that you don´t actually care...
What kind of forum completely deletes HONEST and VALID advice? I could understand if one of your sycophantic members had a reliable retort on which you could rely but I have provided the only credible response to this query and you have deleted it outright.
Absolutely ridiculous - well done for driving people in to ht hands of bull_s-h-i-tter's and scammers - really good effort "money saving expert"...

Funnily enough I spoke to a mortgage broker yesterday who warned me that so far as providing legitimate advice - this forum was an utter waste of time.
I´m going to monitor this thread and I´m looking forward to the "spam monkey" who thinks they know more than me about this subject because at the end of the day nobody gives a toss about your moderation b-o-ll-ox, they just want answers - which I can and have provided.
You guys really need to pull your heads out of your a-ss-es and get real... but who cares - have a guess, make it up - hell whats the worst that can happen?
Delete the EXPERTS response - we don´t need that, we can can just make c-rap up so long as there´s no advertising who gives a to-ss about real valid advice!!! What a brilliant forum...

Calm down dear.