Do you think the Bank would accept us handing back the keys to our Spanish apartment

[Unregistered]

We bought an apartment on the Costa Del Sol 7 years ago now and put down 20% deposit and have been paying our mortage for 7 years. The bank valued the apartment at the time of purchase at 245,000 euros and we actually paid 211,000 which we thought was a bargain due to the high valuation by the bank.

We have to retire from our jobs next year and due to family commitments need to stay in England so we will not be able to afford our Spanish mortgage. Do you think Bankia would take the keys back in exchange for the apartment?

We currently owe 135,000 euros and would probably now only be able to sell for 100,000 - 120,000 euros if we were lucky enough to be able to sell.

[Marta]

Hello,

Unfortunately this is impossible to predict as it will depend on many factors involving the bank's current situation as well as your personal situation. By experience we can say that it is difficult for the bank to accept, but by no means impossible. We have signed a few ‘daciones en pago’ so far. So definitely worth trying if you are sure that you can no longer keep up with the repayments. If you would like us to assist you in this negotiation please don't hesitate to contact us.