Cuban Entertainment Required

Hello campers!

Had a letter this morning from Banco Popular offering a builders mortgage. Personally not required but hubby called to find out more and they advised that they intend opening a branch somewhere in the Condado resort within the next 12-18 months.

Good news that we'll have facilities on site.

Angela

Must be more than 1 Bank financing the development then.

CAM bank offering most people their builders mortgage.

CAM bank have also told me they will be opening a branch at Condado when the town centre gets going

Not surprising that there are multiple financers when your consider the size of the development really.

The more options the better for us I'd say.

We opened an account with Caja Bank when we went out last November but if they don't end up offfering facilities on site it'll be easy enough to transfer our account later on.

Hi All

Cajamurcia is financing our apartment, Polaris World tell me you know who is financing your part of the development by who provides your bank guarantee and this is also the same bank in your contract you pay your staged payments to so would be the bank you would apply to take over the Builders Mortgage if that is your intention.

Regards

Phil

Can anyone explain the benefits off taken on the builders mortgage against taken spanish or british mortgage

Hi hendert

The simple answer to your question is by taking over the builders mortgage you can possibly save about 2500 to 3500 euros in setup cost as these have already been paid by the Builder, but you would have to look closely at this to make sure the saving is worth the terms of the mortgage offered.

Spanish or British mortgage is personal preference.

For me:

British mortgage isn’t an option due to the poor exchange rate at the moment, as I would have to convert all the funds now.

Spanish mortgage is in the same currency as you are buying the property so it’s only your monthly repayment that has to be exchanged each month and when the exchange rate improves I will be able to transfer more funds for future payment at a better exchange rate.

If on the other hand you are moving to Spain permanently and will have a euro income then a Spanish mortgage would then be in the same currency.

Regards

Phil 

If you look around the Forum you will fined some good info in grater detail on this issue

Hendert.

The builder's mortgage,especially the 60% one,seems the best deal.

It saves the legal costs associated with setting up a mortgage.I enquired at Barclays in Mazarron re a 85,000e one that would cover all costs,but was quoted 3,500e in fees!!

See copy below.

The 60% option also has 5 years interest only,as opposed to the 70% which is only 2 years and has a 1200e set-up..

The 60% has none of the above apart from a 560e one off payment.

The downside is that I have to find approx 9000e to go to completion but this to me works better.

Good luck

John