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Released from pain in Spain with a lifetime mortgage.
Released from pain in Spain with a lifetime mortgages.
Over the last six months or so retired people living in Spain have been finding it increasingly difficult to make ends meet caused mainly by the £ versus the € exchange rate fluctuations. The weak Pound has effectively wiped nearly 25% off the value of UK pensions causing, in some cases serious hardship. To make matters worse, they are also finding it almost impossible to sell their property in order to downsize and utilize some of the equity and so find themselves stuck in a deepening rut. Most ex-pats who move to Spain on a permanent basis buy a property for cash and for many it’s the first time in their lives that they have been mortgage free. There are several reasons why taking out a mortgage in Spain is beneficial and the first is that you don’t know if you are going to like living in here and therefore if you don’t put all your eggs in one basket you will at least have an escape route back to the UK if things don’t work out the way you planned. Secondly, a mortgage will protect you against possible Inheritance Tax liabilities and this subject is something you need to find out about as soon as possible. In fact, don’t buy a property at all until you know all the facts, including the taxation system here. Getting back to pensioners feeling the squeeze I would like to let it be known that there are solutions out there and one of them is for home owners provided they are over the age of 60. Everyone's personal circumstances are different so there can be no one size fits all solution but there may well be a way for you to enjoy more of what life has to offer here in the Spanish sunshine without the continuing worry of lack of funds.
One of the mortgage plans available allows money to be released from your property that you can spend on anything you wish and perhaps to put some by to ensure you have a reasonable standard of living in the future. It’s called a Lifetime Mortgage and as the title says, it will last until you or the surviving spouse falls from the perch.
You will not have to make any monthly mortgage repayments and the interest you would have paid normally, is rolled up and added to the mortgage amount owed. Something else to give you peace of mind is that there is a “no negative equity guarantee” thus ensuring you will never owe more than you own. People often ask if they retain the full ownership of their property and the answer is 100% yes. There is no investment element whatsoever linked to this mortgage. Remember you have worked hard all your life to buy your home so why not let the equity locked away in it, work for you now? Don’t forget that it’s FREE to find out if this mortgage can make a real difference to your life. Speak with a CeMap qualified English speaking adviser to get a FREE unbiased and discrete consultation to see if there is a solution for you. There is no obligation for you to act on any advice that is given at any time; it is entirely up to you. For full details and terms of this Lifetime mortgage plan you can make contact through the website link. |
Spanish properties and mortgages
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