Re: Re: Costa nightmare could cost us our UK home…

#104714
Anonymous
Participant

According to another forum discussing this case, this couple originally paid under £90,000 for the house. So before feeling too sorry for them, questions should be asked:

a) how come they racked up a mortgage with the Halifax on this property for £250,000?

b) on top of that mortgage/borrowing, they then take out another mortgage in 2004 of £145,000 with Banco de Sabadell for the Spanish appartment.

As the Halifax comes first with any financial grab (£250,000) on the UK property if it sold, there would only be peanuts left for the Spanish bank. Maybe the banco has realised it’s all not just worth pursuing?

Seems like there’s been some reckless borrowing/spending and misguided assumption of property’s continuing increase in value by this couple, and now they’re crying to the press.

£400,000 of borrowing? Beyond madness.