Loan for a new property

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30 Jul 2015 3:53 PM by newworld Star rating. 940 posts Send private message

Just had a Spanish bank ring me ( very hard to understand ) ref. a loan she has sent me the link which i dont understand, can anybody tell me i would much i would pay PCM on a 20k loan, and also is the bank making me have there insurance ??? also on a 32k property she is talking 5k on fees i know IVA is about 2.500 euro, dont know where the other 2.500 euros comes from ?.Also cant tell if there are charging me for lending me the money. Here is the link advice please.

https://ww2.sabadellcam.com/cs/Satellite/BC/Mortgages-/1191355339633/en/





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30 Jul 2015 4:01 PM by Tadd1966 Star rating in Los Montesinos. 1755 posts Send private message

newworld I tried the link but it did not give much info or any detail (unless I missed something)

suggest you go and make a personal appointment face to face and ask teh questions

good luck



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“The greatest enemy of knowledge is not ignorance; it is the illusion of knowledge”



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30 Jul 2015 4:11 PM by newworld Star rating. 940 posts Send private message

I thought it was me, i cant see much from the link,





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31 Jul 2015 7:58 PM by newworld Star rating. 940 posts Send private message

A  few days have gone since i spoke to the bank, she said that there agent would contact me asap ( Nothing from agent so far) ive sent 3 emails to the bank asking questions about the property and the loan,  i get back is a link what tells me nothing like what i have asked for,I contacted 2 agents that  advertise on Rightmove asking for info, Again nothing. Why do agents pay to go on Rightmove then not bother to reply, when people are looking to buy, And the same with the bank, the whole set up is a joke.No wonder Spain has go so many house for sale.





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31 Jul 2015 8:28 PM by Tadd1966 Star rating in Los Montesinos. 1755 posts Send private message

newworld i agree property sales are a joke

IMO

1. Estate agents are shocking, do very little for their money, expensive and make UK estate agents look like angels. I have never met or even heard of a good estate agent in this part of Spain. Websites and brochures are so lacking in detail.

2. Corruption and greed by all in the property market from top to bottom

3. Taxes on property sales need to be addressed and reduce to say 3% as 3% of soemthing is better than 8% of nothing (or little)

It is so sad for such a lovely place to live, nice weather, nice people (a few exceptions), nice food etc etc etc 



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“The greatest enemy of knowledge is not ignorance; it is the illusion of knowledge”



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31 Jul 2015 9:49 PM by newworld Star rating. 940 posts Send private message

I think the word lazy comes to mind,





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03 Aug 2015 3:23 PM by claire T Star rating in Torremendo, Orihuela. 689 posts Send private message

EOS Supporter

Hi Newworld - I am an estate agent and have a few comments.

Firstly, low value mortgages in Spain are ridiculously expensive.  I had a client who wanted to borrow 20k€ and the fees were going to be 5K€.  My advice for small loans is always to try to raise the cash in the UK where there is much more flexibility.  Fees can also be very high - for things like writing the cheque for the mortgage at the Notary, so you need to ask for explanations on everything.

Secondly - regarding Rightmove.  I advertised with them until recently when I moved from one agency to another.  I cancelled my contract with them, but they are still running my ads - four months later!  

I know it is easy to tar all agents with the same brush but some of us actually do have integrity and work hard for our money!



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Claire



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03 Aug 2015 3:48 PM by Hephaestus Star rating in The Peak District Na.... 1235 posts Send private message

A little known fact about UK mortgages is that some lenders (usually ex building societies) will give you the option of leaving the loan at £1.00 instead of paying it off. This has the dual advantage of your deeds being kept in the lender's 'Deedstore' and you being able to to take a further advance (subject to status) if you wish to buy a second home.  



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03 Aug 2015 6:11 PM by newworld Star rating. 940 posts Send private message

Hi Claire thanks for the info, i am still waiting for the bank and agent to come back to me ( after a week ), i dont know what the banks fee are, i wanted a breakdown of the fees and still no joy, after reading your post i am thinking maybe  the IVA has not been included, and the 5k fees are all to the bank. If they are to the bank i will not be lending from them. And yes it will be better to get the bit of a loan i need from the UK, Can you tell me If i get all the money from the UK do you think these banks / agent (Soliva) will take a offer the asking price is 32k euro.

And yes i know all agents are not the same, its just me i am unlucky to find the lazy ones ( Soliva )





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03 Aug 2015 7:51 PM by claire T Star rating in Torremendo, Orihuela. 689 posts Send private message

EOS Supporter

Solvia are a total shambles. I would doubt they would take an offer on that kind of price but you can always try.  

I recently showed some properties from them, it took me two weeks to get them to open the properties for me and when they did send someone out they had given her the wrong keys!  And they made their poor agent drive from Torrevieja to Alicante for them, when they have a key office in Torrevieja!  

We try to steer clear of the banks, when possible, and we are often cheaper with standard resales. There are still a few bank bargains left, but you need to research the market very carefully first.  

Good luck!

 



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Claire



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