Hello Some friend own a property in Spain but are struggling to make their mortgage repayments. They have told us that although they have £80,000 equity in the property that if they are unable to pay their mortgage paymentsthen the house will be taken from them and they will lose their equity. does anyone know if this is the case with spanish mortgages?
Not only will they lose the 80k equity but all the amount they owe still even If the property is sold off at an auction they’ll have to pay off the difference. It’s the same in every country. Depending on their uk assets they might be sold off aswell to repay the mortgage.
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