[Anonymous]

I am about to default on my Spanish mortgage due mostly to non paying tenants . Apartment probably now worth a bit less than the mortgage and other debts ( Community charge, local taxes) I have offered the apartment back to the bank, which hopefully they will accept. But if they don’t , what are the options ? Can they chase me up in the UK , I am non resident in the UK ( permanently resident in Kenya) but do have a bank account here and might be a Director of a company next year ?
Any advice would be appreciated . Thanks

[Anonymous]

Jambo Jez,

I’ve moved this question to the Mortgage questions forum. If you look around in this forum you will find lots of questions from people in a similar situation.

The lender can chase you back in the UK, but I doubt they will chase you in Kenya. Where is your declared residency on the mortgage deed?

Are lenders chasing people back in the UK? I’ve asked this question many times, but never come across anyone to whom it has actually happened. The banks have to weigh up size of the mortgage and the cost of pursuing the borrower outside of Spain.

In your case, if the lender thinks they gave to chase you in Kenya, and don’t know about assets in the UK, they will be more likely to accept a dación en pago (handing back the keys).

[Author]

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