Just put our name down for an apartment at Mar y Sol...

The place sounds great.
Is it?
Cheers,
Jill
PS You lot sound really friendly.

Hi Jill, dont know the apartments, but someone in here will!  Where are they located?

enjoy the forum

Hi Jill,

 .

Ask away.......................  BTW where is Mar y Sol?

Hi Jill, is it the Mar Y Sol at Formentera,  we have looked at them they look very nice and it is a lovely area.   Good Luck Pat

Hi Jill

  Eye On Spain

Thought all this was going in the bucket club!!!!!!!!!!!!!!!!

All I did was welcome a new member, Leema. Do you have such a problem with that ?

This is getting very silly now!!!!!!

Couldn't agree more!

When Justin removed the "bucket" thread from the last 20 posts, that solved the issue that everyone was moaning about.

However, if the "bucketeers" want to use their pictures & glitter within a response to a question or as part of a welcome message - what is the problem?

Come on everyone, a bit of compromise never hurt!!

Noreen

Well that's probably another member that won't want to bother again,

I suggest pm's in future for comments that are relevant.

what a good idea Gina

If anyone seriously objects to my "signature" or avatar (as those are the only pictures or glitter i am posting outside of the bucket thread) please PM me .... and i will respond appropriately

This message was last edited by AuntieEm on 9/23/2007.

Thanks, Pat - yes, it's at Formentera.
Our agent is telling us that they have come up for sale on completion because the interest rate's gone up and folks are backing out.  He says that the builder's giving them their money back - and we don't have to put any dosh down for a year - on a 100% mortgage with cash back as well.
It just sounds too good to be true and we're wondering what the catch could be.
Thank you all, too, for your welcoming posts.
Jill
PS It's 'Astro' 'cos I do astrology -so in theory I ought to be able to work out the answer to my own question, eh?

Looks like the builder is having problems

Good developments in general do not have to offer give away terms and 100 % mortgages

All built in to the price.....just like guaranteed rentals!

However, if you do your research and make sure that everything is in order and you really like it , then it may just be the life style change you are seeking

And if you are paying too much now, and/or have a few problems in time it may turn out OK....and of course you would have had lots of enjoyment

Buying a holiday home or even part/full time is not just about making money.....it's about life style change

But if you are buying as an investment , only go for the best developments  

Gosh Jill ... you are right ... either that is a great opportunity or there's a catch ... the tricky bit is finding out which!   A bit of research needed

I am very interested in what you are saying so will send you a PM

Hope all goes well for you

 

Hi Jill, yes it is where I thought it was their is a couple that write in on here that have actually bought on that complex they might be able to help you more.  I would love to know who the agent is, it does sound to good to be true but perphaps that's what has to be done at the moment.   If so go for it as I said it is a great are and a lovely village, we are down the road to you  we came back in April since then a few more shops have been opened so I have been told and a few more bars.   Well please keep us all informed sounds very good.  Pat

Hi Gill that sounds very good, l have an apartment under construction at the moment on the Brisas del Mar blocks just in front of the Mar y Sol apartments, they are being built by the same builder (Palacios Mar) He (they have a good reputation) he has several finished projects in the area and they all seem of a very good standard,no probs with licences etc They have a proper built office in Formentera (not a porter cabin) l will be popping in myself when l am over 1st 2weeks oct auntie em l will try to find out more for you, so far l have found them to be good to deal with.unlike my first apartment in Almoradi (another Story). Gill have a word with lrene and Alan who bought one in March (l think) l have spoke with them and they are very pleased with there apartment.Regards Pat.

Thanks Pat, that would be great

We are going over on Tuesday, but we are still getting to know the area, so probably wont be able to find anything we are looking for! LOL

 

 Hi Auntie Em l will be following out next sun it is hard sometimes to see and do everything you plan to as events take over.Gill will you be going out to look around the area and speak with the builder etc. Auntie Em the weather has improved .Pat.

thanks Pat ... I will take the jumpers and balaclavas back out of the suitcase!

I cant wait to have a place out there to leave a selection of clothing and then i wont worry about what to pack!

You're right to do further research as this deal does sound to good to be true.

I'd be dubious about taking out a 100% mortgage in the current climate and with cash back you're over paying from the start.  I'd rather have that money taken of the outstanding balance of the mortgage or is supposed to help with the buying fees.

It would depend on your circumstances and also whether you are happy to stay in this apartment for some time.  If not then a few years down the line you could find yourself with a large debt if you sold it.

I did a lot of research before I started searching for a property and around the same time as Britain went into a recession Spain suffered as well.  The properties were halved in value and stayed that way until the Euro changeover and a lot of black money was used to purchase property.  I was looking around this time and couldn't believe how much property had gone up each time I went back over to continue searching.

We had to re-mortgage our house here in UK speculating on my husbands inheritance, when we went for our interview with the mortgage advisor I insisted he give me a forecast for what the repayments would be if interest rates rose to 8% (what I considered to be the worse case scenario at the time)

I suggest you do the same and as long as you can comfortably afford it then go ahead if everything works out ok.  You'll also have to factor in the yearly bills and some apartments can have large community bills in the first couple of years until the community is up and running.

Life in Spain is good as long as you walk into it with both eyes open and I'm sure you'll find your dream property even if it doesn't turn out to be this one.

Many thanks, SemiJubilada for your advice - we'll certainly take that on board.
You're right - Spain, etc is fine if eyes are kept open and brain not left at the airport!
Many thanks again - it's encouraging to know there are so many out there willing to help and avise.
Best wishes,
JIll

Glad to be of help, just remember that second sentance and you can't go wrong.

Carry on with the research through the numerous forums on the internet and I recommend reading Buying a house in Spain and You and the law in Spain.  A lot to read but it will be helpful, anything you don't quite understand then someone will be able to enlighten you.

Just when you've got it all sussed someone throws a spanner in the works.  The thing to remember is that different areas do things differently and not all information will be correct for every area.

My neighbours have been out in Spain since the houses were built and at first I thought they were brilliant but after a while I realised that some of the things I was being told didn't ring true. 

I then found there forums and after a good discussion then you can work out yourself who to believe.

I'm off to my Casa on Wednesday and I bet there are not many others who go out with Budgie Sand Paper in their cases.  My neighbour lost her husband last year and someone suggested she get a budgie for company, so each time I go out  I replenish her supply.

 

HI Astrojill,

You will find it very hard to get a bank to finance a new build property with 100%+costs+cashback at the moment.

You have to understand the current climate here in Spain to appreciate what is happening with the financial institutions at the moment.

Because of the past yearly increases in property prices the Banks would issue 100% mortgages because they were assured that in a year or so's time the capital value would increase and take the equity above the mortgagable value and loan amount,leaving them safe in the assumption that the house would be worth more than the figure than they actually lent against the property.

In layman's terms they knew if anything went wrong they would get their money back.

Now we have a different scenario,with the raise in interest rates and more and more people defaulting on their mortgages the bank's are getting their fingers burnt,where as the bank would lend 100% to a non-resident you will be lucky to get 80% at the moment,if you could get 100% as a resident you will be asked too add an insurance policy to cover any problems.

Once upon a time the bank would only ask for P60's and 3 wage slips,it is now common ground for them to ask for Experian reports!!!

The banks have been given a specific directive from the Bank of Spain not to issue 100% mortagages to non residents,i have heard of some cases where the notary will ask for a purchase contract to make sure the loan percentage is not for the full purchase price let alone costs,taxes and cashback!!!

Of course this will still go on and there are always ways and means for the builders, but my advice would to be careful and seek independent legal advice before pursuing any purchase,you may be breaking the law without knowing it.

We deal closely with the banks and it is not uncommon for them to repossess a property with more outstranding on the mortgage than it's present market value!!

Remember there is no such thing as a free carrier bag!!!!!!

Georgia

 

Hi Jill

The mortgage on these apartments are based on a 2 bed 2 bath  priced at 103,000 euros with a bank valuation of 135,000 euros it is a 80% mortgage with Caja Murcia bank in rojales, so they are willing to lend you 108000 euros which will give you a cash back of 5,000 euros ,    but i think you will have to find your 10% costs, unless the builder has a 10% discount to play with.

 

 

Anyone can post what they want as long as they do not break Justin’s rules.

 

Joe1 is a very satisfied customer but they are others who are not happy to have to wait 5 + years to get a property that they were told 24 months at the time of the sale. 

New or old posters we are all buyers of Trampolin Hills Development.  The forum is about sharing experiences bad and good ones about Trampolin Hills, so please let us express ours opinion freely just as you express yours without anyone attacking you.

So Joe1 you may have to put up with us until the development is completed.

 

eh!!!!!!!!!!!!!!!!!!!!?

Thank goodness for that Georgia - I was totally thinking I have lost it there!!! Think someone posted on the wrong thread???

i was more concerned there was an argument going on and i was missing out

Mental note;ignore forum,get on with the pille of paper work staring at me.

Yes I thought I had missed something Georgia. Pat

Presumably posted in error, meaning it to be posted on the message board for Trampolin Hills Development, I would assume. Georgia you say "pardon", not "eh" !!