Mortgage refusal after valuation.......

We are here out in Spain and we are suppose to get our keys to 113F La Isla today but our bank, Lloyds TSB has come back to us saying they will not lend us the 60% mortgage as requested because the valuation has come back as 125,000 pounds which is well under what we bought it for.  Has anyone else had this problem or can you suggest another mortgage company, any help appreciated?

I've sent you a P/M with details..

Try a chap called Stefan Onsmark at www.mortgage4spain (or www.mortgages4spain) as he has helped out a fair few folk on this forum (normally through Bancaja who are great to work with).  He gets back to you really quickly and is very efficient. All the best.  Arlene

I would also recommend Stefan at mortgage4spain, he was great.

Thanks for all your help, looking at a few options at the minute including Banco De Valencia - just waiting for their outcome, will let you know how we are doing but we are coming home on Thursday, hopefully we will have some answers by then.

Hi

I also had a couple of mortgage refusals but have secured a mortgage through Banco de Valencia.  They financed the project for the builder so its alot easier to get a mortgage through them.  It also works out cheaper as you will in effect be taking over an existing mortgage from the builder so you save on the additional stamp duty levied against 'new' mortgages.

Also - as posted earlier - Stefan Onsmark at is very helpful and excellent to deal with.

p.s. - I managed to secure a 70% LTV through Banco de Valencia which works out to about 480 euros per month.

Well the good news has finally come, Banco de Valencia has granted us a mortgage - Thank God, the last thing we wanted was to lose our 40% investment.

 Great news steve and shelly, must feel like weight of your mind, now you can look forward to living the dream.

Regards

Michael and Yvonne

Great news Steve and Shelly,

We to had a few set backs, but finally came through. Hope all goes well for you.

We just had our keys delivered, it's a great feeling.

See ya at the Clover

Neil and Helen

Got the keys yesterday, hip hip horah!!!!!!!!!  Now we can furnish the place and enjoy our holidays, see you all then......

Shelley & Steve

I am pleased that you are finally sorted. Do you know how the apartments on La Isla stood up to the recent heavy rains.

Best Regards

Jollyjack

Hi

We are in block 2 and been in contact with our keyholders Cath & Kevin and they say everything is Ok, we go out on Saturday for a week so will update you when we get back.