I’m Patrick Cassidy and my wife Joy We live in Saltash on the Devon Cornwall border I run a long distance taxi Co getting people to and from any UK airport.
Both myself and my wife have taken out separate spanish mortgages through La Caixa Bank in La Manga we bought from an individual through an estate office called Eden based in la manga Sp. This is run by an english guy Tony Parkinson and his wife ?
We paid way over the top for our appartments in Ribera Beach Mar De Cristal. We were led to believe that rental income would be very easy and so we were swayed. The reason we paid more than the property was worth was to have enough money left over from the sale / purchase to pay the tax, Furniture and provide a cushion from the time to sort out a rental Co. and get enough income to cover the mortgage. We did get some money paid into our a/c but nowhere near the 80 thousand euros we borrowed over the top.
Very quickly we worked out that we were in an uphill struggle to get any income we also had a problem in that one of our appart had no water. We had paid every bill and the water co (Aquaest) would not believe that we had no water as the bills were being paid and water usage was shown but they had the meters marked up wrong and we were payng for an neibours water. it took 10 months and an age on the phone then 2 visits to spain 7 days then 11 days and still no water we had the lawyer Juan Carlos the estate agent the bank manager and the local commitee all saying that we were not getting water but the water co would not listen and finaly I took video footage and stills showing the meter missing from our water cupboard. and after a further 6 days we were told that water had been supplied to the flat no mention of the bills we had paid or any compensation and we have just about given up on it.
The other property was rented out to a mate of mine from the navy he had been living in malta and fancied a change so he lived in the G/F flat for about 7 months he is now back in the UK. So both are mt and the Exchange rate is not so good at the moment also the Mortgage rate has increased. In a nutshell we are taking a pasteing.
“What I need to know is if we walk away from this deal can we just go to the bank and hand them the keys? and if we can can the bank come after us here in the UK for any drop in value between what we borrowed and what they sell for?”
We were never asked to produce any paper work to prove an income and we are getting on wife 61 retired me 58 in feb 24th We have a mortgage in thie UK. We are Subprime but UK based as opposed to US and our property is in Spain? We are not the only ones in this boat in the Plymouth we know of around 60 people in the same situations and some of them are holding 5 or more properties in various names of their relations…..