Help with Subrogated Mortgage Info

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Friday, March 28, 2008 ajw Adosado I'm in Aberdeen I've made 286 posts Send private message to ajw	Hi When I enquired about taking on my builders (Polaris) loan the CAM Bank sent me an email saying that if I took the subrogated mortgage with them I would save the following amounts (in Euros): 400 valuation fee, 1,479 Tax Office, 1,500 Notary, 250 Registry and 190 Documents - amounting to €3,419 saying 'this charges must be paid because you are opening a new mortgage so you will have to pay all the taxes' (whatever that means), followed by In the CAM Bank all this has already been paid by Polaris for you. Today I received an offer from them with costs detailed thus; Tax Office 1,198 euros, Notary 1,500 euros, Registry 496 euros and Gestion (?) 220 euros = €3,422 I am very confused so I called and was told that these fees were all payable TWICE but because it is a subrogated mortgage I only had to pay once. Are their any mortgage/legal whiz kids out there who can help me make sense of all of this???? PLEASE!!!! _______________________ www.alhamagolfapartment.co.uk Spam post? If so please click here to report it
28 Mar 2008 4:46 PM Marksfish Villa I'm in Leeds, West Yorkshire/ Puerto Rey, Vera., Almeria I've made 1227 posts Send private message to Marksfish	Yes, Spanish mortgages are an eye opener!! When purchasing with a mortgage, you pay stamp duty on the property and stamp duty on the loan. You have notarial fees for both the purchase and the mortgage. The property has to be registered at the land resitry and the Gestoria fees will be on the banks side. On the plus side, with a subrogated mortgage, you have no 1% set up fee on top of all the others that go with it. HTH Mark _______________________ Marksfish (My fishkeeping homepage) Holiday Almeria (Apartment rental page) Spam post? If so please click here to report it
28 Mar 2008 6:10 PM ajw Adosado I'm in Aberdeen I've made 286 posts Send private message to ajw	Thanks for that info. Boy it doesn't half add up. None of this 'you too can own a beutiful home for £80,000' malarky. More like £130k all in. Thanks again for the info. _______________________ www.alhamagolfapartment.co.uk Spam post? If so please click here to report it
15 May 2008 6:39 PM vantage Parcela I'm in Murcia I've made 7 posts Send private message to vantage	Hi, Subrogation of a mortgage will have some advantages. You will not have to pay a valuation fee. You should not have to pay 'AJD' or stamp duty on the mortgage which is not 1% of the amount borrowed, but 1% of your total anticipated repayments, as the builder will already have paid it, and you are merely transferring .his mortgage to your name. You should not have to pay an opening commission. However, you would be billed for notary, gestoria and land registry charges, as they all apply. To be honest, if the loan to value is less than 70% CAM tend not to be the cheapest option anyway. If you think about it, saving 2% now on up front costs will soon be eroded if you pay 0.5% more every year in interest. A good deal at the moment, depending on circumstances, would be Euribor +0.7% ish. You can get Euribor +0.25, but that would typically be a young persons mortgage. EDITED - Please respect terms of posting Spam post? If so please click here to report it
16 May 2008 4:35 PM EOS Team Moderator I'm in Costa del Sol I've made 2141 posts Send private message to EOS Team	On the house that we recently bought we subrogated the mortgage. We saved a few grand in the process which is great. If you use our property purchase cost calculator you will see what the normal mortgage fees are without subrogating. Justin _______________________ Spam post? If so please click here to report it

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