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26 Mar 2008 12:00 AM by Parador Star rating. 5 forum posts Send private message

So, has anyone decided on where to get a Spanish mortgage from as yet?

I am still trying to work out where to go for a mortgage as it seems internet brokers and Cam bank seem to be overcharging on the interest rates. Also I have not got a straight answer from Cam bank regarding there supposed €3,000 savings against another lender.

Can anyone help me out with some advice, as I'm getting a little worried now we are getting so close to completion.




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27 Mar 2008 12:17 AM by ajw Star rating in Aberdeen. 1088 forum posts Send private message

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HAGGLE with CAM - I got the rate down to Euribor + 1% without taking any of their products.  I think I could have even pushed my luck further had I more tenacity!!

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30 Mar 2008 3:03 PM by smivs Star rating in Oldham - Jardin 2,.... 700 forum posts Send private message

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Hi All

Not knowing much about Spanish mortgages can someone explain to me why there is a bank fee of .75% if you take over the builders mortgage.  If Polaris have already paid the set up fees when they started the mortgage why is there a bank fee if I just take is over, I don't get it.  Is this normal practice? Is it a good deal? The interest rate seems a little higher than other mortgages I have seen advertised anyone got any advice pleeeeease......!!!   Help !!!

Jax



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30 Mar 2008 10:49 PM by Migde Star rating. 120 forum posts Send private message

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Smivs,

What I'm about to say may be a lot of tosh but I'm sure I read this somewhere.

If your taking over the builders mortgage you shouldn't have to pay a fee, however banks will normally leave the fee in as standard and it's up to you / your lawyer to querie it with them and have it removed.

I'm sure when I was discussing the benefits of having a Spanish Lawyer, this was something that came up.

Midge




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31 Mar 2008 1:02 PM by smivs Star rating in Oldham - Jardin 2,.... 700 forum posts Send private message

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Thanks for that Midge I will try that one.

Jax



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31 Mar 2008 3:46 PM by cats Star rating. 23 forum posts Send private message




This message was last edited by cats on 3/31/2008.

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31 Mar 2008 4:58 PM by Kev1 Star rating in Condado De Alhama. 826 forum posts Send private message

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Hi, I'm on a later phase at Condado but am interested in the detail of the option of taking on the original Polaris mortgage. Could someone explain the full offer in a simple to understand way ? This may help those of us that haven't seen it yet come to an earlier decision on the way we would like to go. Gracias !


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31 Mar 2008 9:48 PM by JHMurcia Star rating. 753 forum posts Send private message

I think this fee is a change over/cancellation fee from developer to purchaser and from what I have read on various mortgage sites the purchaser should not be paying it and you need your Solicitor to argue the point if thats the mortgage you plan to take. It seems to be quite standard for it to appear on the fee's but it shouldnt.

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04 Apr 2008 7:11 PM by jaydee Star rating in Bangor N.I.. 122 forum posts Send private message

At first glance it looks a no-brainer taking the 60% builder's mortgage.

There is a reported saving of 3508E on fees etc, plus there is a 5-year interest only period at the beginning which would help.

I just wonder about the 3508 saving though,it itemises savings on tax and to the Notary.Surely you still have to deal with and pay a Notary on completion?

Does anybody know someone who has completed before and took the builder's mortgage?

I am about to email the CAM representative with a few queries and will post the replies when they get back to me.

Cheers

John   



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10 Apr 2008 11:36 AM by Sharon4 Star rating in Bangor County Down. 35 forum posts Send private message

Has anyone found out anymore about spainsh mortgages and the deal offered by CAM ? I'm in garden 3 but haven't heard about completion date .

 

Regards Sharon



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10 Apr 2008 4:40 PM by TonyandLiz Star rating. 35 forum posts Send private message

Sorry to be so ignorant but I am worried sick about what mortgage to take out and with whom.  I just don't know where to begin.  Because of the poor £1, is it better to take out a Spanish mortgage but then you have to exchange money each month to pay for it or am I just being really thick?




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10 Apr 2008 5:27 PM by payton Star rating in Doncaster, South Yor.... 331 forum posts Send private message

We were advised by Parador that it would be better to borrow as much as possible on a Spanish mortgage, because then you are not affected as much by the exchange rate.  We have decided to send just enough money over each month to cover that month's mortgage payment and when (or if!) the rate improves then we will send a larger amount to cover several payments.  That way you are minimising the impact of the low exchange rate at the moment.   All we can do is hope that the rate does improve substantially in the future.  If you take out an English mortgage, or transfer capital over to fund the balance of the purchase price, the impact of the low rate will be immense with the rate currently as low as about 1.25.

 



_______________________

Debbie and Paul   

APARTMENTS FOR RENT : FOLLOW LINKS BELOW

www.condadogolfapartment.com

www.polarisrentals.com/details.asp?PropId=206

www.polarisrentals.com/details.asp?PropId=207



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10 Apr 2008 5:29 PM by TonyandLiz Star rating. 35 forum posts Send private message

Thank you very much for your reply.

Regards

LizandTony




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10 Apr 2008 5:43 PM by chrismg Star rating in North Wales and gard.... 292 forum posts Send private message

Hi Tony and Liz,

       I was thinking of taking out a sterling mortgage but because of the weak pound this is'nt an option anymore. I haven't started looking at a euro mortgage yet but i'm going to have to soon. I sent my forms back to polaris 3 weeks ago about the cam mortgage but  i'm still waiting for a reply, they say you can save up to 3,000euro's with fee's etc.  Earlier on in this thread people are asking where the savings are from, so, i think i might have found the answer, if i'm wrong please feel free to correct me.

   I have opened a bank account with Banco Halifax Hispania, which you can do over in the UK and they have a branch in Mazarron. I'm thinking of getting in touch next week for a quote for my mortgage. If you go to www.halifax.es click on mortgages, then calculate cost of mortgages, you get 2 boxes up. put in value of property, shown on deeds and how much is owed. The next page comes up showing charges. One under Mortgages taxes  which include property, notary, register, management fees and the other property purchase taxes again include property, notary, register and management fees. The saving i think cam are on about are the mortgage taxes, we'll still have to pay the property purchase taxes. i'm tired now after typing all that.

       If you open a halifax account in Spain then if you have an account in the UK with halifax then it's free to transfer money over, obviously with their rate of exchange. If I do send money over in lump sums it will probably be  through a foreign exchange company as you get a better rate.

        Please, if i've got this wrong will somebody tell me, it is confusing and all help will be appreciated.

                                 Chris and Tracey.

 



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10 Apr 2008 6:49 PM by smivs Star rating in Oldham - Jardin 2,.... 700 forum posts Send private message

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Hi Chris and Tracey,

I too have an Halifax account and have done for a while now thinking I would just get a mortgage from them, however when I made the enqiries with them last Friday they told me they will only lend 60% of the value of the property and will not budge over 60%.  Unfortunately this is not enough as it doesn't cover the IVA element which is an additional 6k plus so I am back to the drawing board and very disappointed with the Halifax

Jax



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10 Apr 2008 6:52 PM by ajw Star rating in Aberdeen. 1088 forum posts Send private message

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Try Eva Malamenteniou at CAM bank, Torre Pacheco.  She is a star and really gets things done.  Her English is spot on and she gets back in touch with you with any queries immediately - which is more than can be said for my lawyer I have to say.....

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10 Apr 2008 8:20 PM by PGM Star rating in Cheshire & LOS NARAN.... 862 forum posts Send private message

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Hi ajw

Do you have contact details Eva Malamenteniou at CAM bank such as email address and phone number?

Regards

Phil




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10 Apr 2008 8:36 PM by ajw Star rating in Aberdeen. 1088 forum posts Send private message

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Her tel no is 0034 968 041800 or you can email her on emalamateniou@cam.es I got a 70% without any hassle.  They won't go higher than this though but since it's the Polaris mortgage you do save the 3,500 euros or so - which is just as well what with the rest of the malarky we have to pay!  Don't take the 1.1% on offer though - haggle and aim for 0.75 over Euribor and if you get 1% you're doing ok I think. Good luck.  It's been fairly painless so far and I'm all but there.

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10 Apr 2008 8:43 PM by shampers Star rating in Warrington & Jardin .... 1057 forum posts Send private message

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Some of this may help. I'm buying a 3 bed in jardin 4. Completion between 16th June and 16th July.

I'm dealing with Eva at CamBank by e.mail, very prompt responses and excellent English.

Evangelia Malamateniou
Caja Mediterraneo
0543 Polaris World Mar Menor Golf Resort
F. Conquetas 30700 Torre Pacheco Murcia
Tel: 968 041 800   Fax: 968041802
e.mail : emalamateniou at cam.es

I am dealing with Barbara (0034 968 030 380 ext 548) at Polaris Completions and the Property Delivery Department. Again very efficient so far.

Property Delivery Department
Polaris World Property Management

Parque Empresarial Polaris World
Autovia Murcia - San Javier, Km. 18
30591 Balsicas - Murcia

edv at polarisworld.com
Tel.: +34 968 012640
Fax: +34 968 012642

My solicitor is very prompt, speaks good English and he has English assistants who take phone calls, respond to e.mails. My solictor came recommended and i've visited his offices to meet him and his assistants last time i was over. They sorted out the NIE for me.

I have granted a general power of attorney to my solicitor to complete on my behalf (UK notary and Commonwealth apostle cost £137) so he is sorting out the completion date to suit him. I will also be giving a specific power of attorney to a snagging company to snag on my behalf (I have the wording from Polaris on a pdf file). This way i don't have to worry about flights / completion changes etc. I'll go out when its all done to sort out furniture and air-con, light fittings, shower screen etc

Costs of just the builders mortgage - I have discounted taking anything more than that as irrespective of the exchange rate you might as well borrow the extra in the UK due to additional charges/reduction in interest only terms (just my opinion). Taking on the builders mortgage means you save the fees that they have already paid to register it.

Breakdown of all the costs provided by my solcitor.

Price +Vat                                         € 146,376.00
Paid 40%                                          € 58,550.40
On completion                                 € 87,825.60
Mortgage                                           € 82,080.00

Costs:
Notary and Registration fee          € 2,000.00 ( Approx)
1% Stamp duty  ( 136.800?)         € 1,368.00
Set up fees ( 0.75%)                       € 615.60
Insurance                                         € 250.00
Legal fees                                        € 700.00
Nie                                                      € 50.00

Total                                                   € 4,983.60

Price + costs                                    € 92,809.20
Less mortgage                                € 82,080.00
Balance due                                     € 10,729.20 ( To be paid by me seperately)

Cam Bank Mortgage Offer to me

I have seen that you are purchasing Plot J0369. For plot J0369 Polaris has a mortgage with us for 82.080€.
For this mortgage Polaris has already paid taxes etc which means that you do not have to pay taxes for this mortgage any more, so you are saving at about 2.500€.
The conditions for this mortgage would be:
 
1.
Amount: 82.080 Eur
Initial interest rate: 5.75%
The first revision will be done on the sixth month. The following revisions will be done once per year.
Bank fee: 0.75%
Interest rate: Euribor + 1.10% this interest rate could be reduce to Euribor +0.75% contracting some products such as property insurance, credit cards.... (please see file attached)
Term: Max 30 years with 5 years interest  only
Advance repayment fee:0.5% for the first 5 years, since the sixth year you would be charged 0.25% of the amount you are paying off.
 
If you need more than 82.080 then we would make a second mortgage with the following conditions:
2. Second loan 
Initial interest rate: 5.75%
The first revision will be done on the sixth month. The following revisions will be done once per year.
Bank fee on this one 1,50% (60€)
Interest rate: Euribor + 1.10% this interest rate could be reduce to Euribor +0.75% contracting some products such as property insurance, credit cards.... (please see file attached) or Euribor + 1.00% without any bonus option
Term: Max 30 years with 2 years interest  only
Advance repayment fee:0.5% for the first 5 years, since the sixth year you would be charged 0.25% of the amount you are paying off.
If you decide that you need a second mortgage then the interest only period can be up to 2 years for the first and second mortgage.
 
Costs for buying the property:
Tax office: 1.368euros
Notary: 1.500euros
Registry: 462 euros
Gestion: 171 euros
--------------------
Total :  3.501euros
All these charges will be paid even if you do not get a mortgage.
These are not paid to the cam bank.
 
In order to open the account and start with the mortgage procedure you must send me the following documents:
 
DOCUMENTS THAT WE NEED FOR SETTING UP A MORTGAGE
 
(The whole documents should be provided by all the applicants)
 
·        A photocopy of the first four pages of your “Purchase Agreement” with Polaris world.
·        The NIE number from all the holders of the mortgage
·        The most recent P60’s.
·        The copy of your last three salary slips
·        If you are self-employed: Your Tax Return, a Certificate from your Accountant with your yearly incomes and the information about your incomes and expenses correctly signed by the Chartered Accountant or Tax Advicers. And also the same information concerning your business.
·        The original Experian Credit Report. It is also called: Equifax or Credit Bureau. This is the e-mail address for the application: https: //www.econsumer.equifax.co.uk/consumer/uk/order.ehtml?prod_cd=UKCPS.
·        (If you have a mortgage with another Bank we need you to bring the last three receipts)
·        Information of statements from your current accounts in UK
 
We accept scanned documents or sent by fax.
 
Cam bank will open a branch in the resort in about a year time. Right now the nearest branch is in camposol.
Any questions then please e.mail me at shampers67 at yahoo.co.uk
Dave
No longer 18mths and counting



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                  Dave                
 



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10 Apr 2008 9:17 PM by debs77 Star rating in Sheffield / Jardin 1.... 97 forum posts Send private message

ajw - what did you say to Cam bank to get a reduction on the rate? I've been emailing them and have asked if reductions are possible if only take some of there products, but they've just sent me a list detailing what reductions are available with which products (none of which we want). We're completing on the 30th June so I'm keen to get this sorted asap but want it as cheap as poss


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