Reply To: Mortgages in Spain

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@peter Good wrote:

@mg wrote:
OK. so your client may only work part time. Why no pay slip or have records of payment?
Is it cash she is paid and is it declared 100%

You client owns 2 properties outright, total value 365,000€. Does your client use both or is there a rental from one perhaps, which could be included as registered income?

“Even though she is “equity rich” – the banks needed proof of earnings.” Does that mean you consider the bank to be out of order in protecting investors and savers interests?
Should they lend to anyone who does not have proof of income to support the loan?
Assuming the business is less than say 70% the value of the properties, and considered very profitable, why not consider offering the premises as collateral?
Or, if you consider it a fail-proof venture, why not fund the acquisition against the deeds, yourself.

Katy, certainly agree with you there. More often than not, people use brokers when failed elsewhere and it is their last option.

mg – mg – mg- relaxs for heavans sake. No one is conning, deceiving or trying to bring down a large banking institution for goodness sake.

The fact was in my clients case, she fell foul of the proof of income requirement. She was only trying to buy a business that she had worked for for 8 years. The employer/owner was not prepared to pay all the associated costs that the Spanish socialist draconian laws state he should pay just to employ her for 15 hours per week, it would virtually cost him the same again as her wages to do it officially. She was quite happy with the arrangement.

And she declares all for tax purposes?
You also failed to give a respone to the query regarding rental income?

“Clearly you do not understand the principle of profit for effort???” If you say so, must tell that one to the professional advisors we use and are retained by us. Could give as much entertainment as telling them a broker can can a better deal from a bank.

What about protecting savers and investors interests. Should they lend, especially in the current climate, to someone who “falls foul”?

“Try looking in an encyclopedia for the explanation of “conducting business” Alternatively, you could look up “soviet state farming”, both would be more enlightening than reading the “Anglian Windows Brochure” that has obviously just dropped through your letterbox ” Sorry, do not read the brochures that you are familiar with, for whatever the reason.

PS. Me, totally relaxed at the humour in the comments and claims.