builders mortgage

Hi all

my bank guarantees are with bankaja yet i have been offered a builders mortgage from cam es bank via e/mail can anyone explain why because i am now confused

i am buying on mar menor 2

thanks

 That does sound a bit odd to me.  Have you run it past your lawyer?

Justin

sorry i cant advise on your question but I have a question of my own on the same topic. Is a builders mortgage really so much cheaper to set up than from another bank? If so why would anyone even consider a mortgage from a bank other than the builders?

Essentially what happens is that the developer has already taken out the mortgages for each of the properties in a development.  So if you take the developer's mortgage you save the costs of opening a new mortgage, which is expensive in Spain.

Because of someone's circumstances maybe the developer's mortgage won't suit them so they may need to look elsewhere, but I think in most cases the developer's mortgage is the preferred option.

Justin

many thanks.

HI justin

my lawyer has the bank guarantees he e/mailed me a copy of them.I will e/mail him tonight to see what is going on