Beware of Caja Madrid developers mortgage

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10 Oct 2008 00:00 by HURRICANE Star rating in Essex. 10 forum posts Send private message

We have 3 properties with mortgages in Spain,one with Caja Sur which we are happy with as we pay Euribor + 1% for this.Unfortunately we have been unfairly sold 2 Mortgages with Caja Madrid both of which were developer mortgages.
We were promised Euribor + 0.75% for one and Euribor+ 0.9% for the other but in fact the solicitor signed the deeds for Euribor BOE ANOS + 0.75%  and Euribor BOE ANOS + 0.9% without noticing the difference. Therefore we are paying 6.11% and 6.25% instead of  5% and 5.15% respectively.This means we are paying significantly more for our 2  mortgages.
Caja Madrid calculates its mortgages using this method and will not tell you that you will be paying this extra amount,only that they offer a better deal on completion costs.
We recommend that any further persons completing do not use Caja Madrid  to mortgage there properties as they use sharp practices to entice customers who will then pay through the nose.
HIdden in the Spanish deeds is the calculation which you would only see on completion and cannot change at the last minute!
We will be complaining to the solicitor and the Spanish bank regulators about this disgracefull practice!

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