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We are considering buying a flat in Barcelona and would welcome any advice or views on the subject. The flat would be intended as a permanent home for our daughter who is working there and has been living in rented accommodation in the city for the past 3 years.
We would be able to purchase a small flat for cash but are considering the possibility of my daughter (or ourselves ) borrowing part of the finance either in the UK or Spain.
My wife and I are retired and living in the UK.
We are new to the forum and hope some of the ‘old hands’ out there can offer some valuable advice.
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Not having enough background. Please be aware of the following:
a) Your daughter may have a job today however this does not mean she will have it in future. It is nearly impossible to get a job in Spain. My Spanish friends who were with me during my student days are back in London looking for a job in the twilight of their working lives..b) If the apartment needed to be sold your daughter will be struggling to sell and not to forget the buying/selling cost of say15%.
c) If you take out a mortgage this will also attract additional charges of Notary fee & taxes.
d) Taking funds from UK will be exposing yourself to currency fluctation as it expected that the £ will appreciate against the €, further if Greece leaves the € other currencies will be under the spot light, there will be run on the Banks & where Countries are to exit the € a substancial devaulation will take place of the currencies of those Countries.
e) You are also depleting your nest egg in the UK & in the current climate you may not be able to raise funds if required for health or other reasons.I feel that filling the landlords pocket is a cheaper, flexible option at present & perhaps for the next five years or so.
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