Equity release from a property

Posted: Fri Oct 28, 2022 6:19pm

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Markpat

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Location: Playa Flamenca

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Hi

I’m looking for advise on how to release equity from my property which is mortgage free, who can I speak with

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Posted: Fri Oct 28, 2022 6:59pm

DUI

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Posted: Fri Oct 28, 2022 6:59pm

Markpat wrote on Fri Oct 28, 2022 6:19pm:
Hi
I’m looking for advise on how to release equity from my property which is mortgage free, who can I speak with

Is it a thing in Spain?Back in about 2010 I was struggling with payments in UK and Spain and thought I know,make an appointment with the bank in Spain and transfer the mortgage to interest only for a a few months.My lovely lady bank manager was horrified,cannot happen,no such thing,etc,etc.Continued making payments and luckily started to earn well in UK again.Spanish banking is not as flexible as UK banking in my experience.

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Posted: Fri Oct 28, 2022 10:16pm

Markpat

Original Poster

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Posted: Fri Oct 28, 2022 10:16pm

This post that was quoted has been deleted.

Hi

A Spain proper

Posted: Fri Oct 28, 2022 10:36pm

Kimmy11

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Posted: Fri Oct 28, 2022 10:36pm

Hi Markpat,

Equity Release schemes do exist in Spain, but you would need to be sure that you're dealing with a trustworthy and reputable company. I have no experience of these schemes in Spain, but this article explains more:

https://fluentfinanceabroad.com/equity-release-capital-raising-mortgages/

However, do proceed with caution - although this article from Euro Weekly News refers to equity release schemes on the Costa del Sol, it offers some general, helpful advice and warnings too:

https://euroweeklynews.com/2022/09/21/equity-release-schemes-on-the-costa-del-sol/

Kind regards,

Kim

Posted: Sat Oct 29, 2022 12:16pm

NigeF

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Posted: Sat Oct 29, 2022 12:16pm

Markpat wrote on Fri Oct 28, 2022 6:19pm:
Hi
I’m looking for advise on how to release equity from my property which is mortgage free, who can I speak with

Hi, i found the following however please be very very wary and look at all other options, family help, down sizing etc etc. See link below.

https://www.moneymarketing.co.uk/analysis/equity-release-deal-opens-up-france-spain-and-portugal/

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Posted: Sat Oct 29, 2022 1:22pm

Stephanie86

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Posted: Sat Oct 29, 2022 1:22pm

A friend who has lived here for fifty years, is completely bilingual and was a business owner, looked into this on retiring. He owns an extremely valuable property, mortgage free.

He consulted two Spanish firms specializing in this over a considerable period of time. In the end he decided against any action of this kind as the sums offered were derisory in comparison with the official valuation of his property and his personal circumstances.

Be very very careful.

Posted: Tue Nov 1, 2022 10:39am

Xata

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Location: Denia

Joined: 16 Jul 2021

Posted: Tue Nov 1, 2022 10:39am

Be very careful. I looked into this they offer you between 40/50% the value of your property and that is it you live in the property till you die then the property is theirs not like the uk it is not a life time mor