bank fees for mortgage

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28 Aug 2015 11:34 by rightmove Star rating. 42 posts Send private message

Just got this from the bank I am looking to about 25.000 euro they have sent me this can anybody explain or give the breakdown on this , I've ask the bank but no reply as yet------- Mortgage expenses: 750+ 500+ 4.314+ 500= 6.064 euros aprox
(opening mortgage= 750 euros
Valuation of the property= 500 euros
3 Ensurances needed= 4.314 euros
Notary= 500 euros




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28 Aug 2015 14:04 by johnzx Star rating in Spain. 5247 posts Send private message

(opening mortgage= 750 euros                               Application fee

Valuation of the property= 500 euros                     Valuation feee

3 Ensurances needed= 4.314 euros                          Annual Insurance

Notary= 500 euros                                                    Fee at Notary’s office to sign the mortgage contract.

 

The insurance fee looks a little odd,. Are there 3 of you who will be on the loan ?     I would question that item.

 


This message was last edited by johnzx on 28/08/2015.



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28 Aug 2015 15:32 by rightmove Star rating. 42 posts Send private message

Hi thanks for that info,your much quicker than the bank to reply, no there will only be me on the deads just in my name





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28 Aug 2015 16:55 by inspectahomespain Star rating in Orihuela Costa, Spai.... 2417 posts Send private message

Vip Supporter

3 insurances possibly, buildings, contents and life insurance but figure seems high

Legally we know that the bank will charge more than standard rates and that you can ask to decline but then you are unlikely to get the mortgage



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28 Aug 2015 17:32 by Hephaestus Star rating in The Peak District Na.... 1235 posts Send private message

Just a wild guess, but could there be a single premium PPI contract involved? Buildings and contents shouldn't be more than circa €400 p/a, unless you live in a palace or/and are situated in a high risk area. Life cover for €25K would not be that expensive either, I suspect that you are having your arm lifted, good luck.

    



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29 Aug 2015 18:47 by rightmove Star rating. 42 posts Send private message

Just got this from the bank guy, 

                                                                                                                           

opening mortgage= 750 euros aprox.

this is the opening fee paid to de bank when you contract a mortgage
 
Valuation of the property= 500 euros
Every mortgage need an uptodated valuation of the property, noticing to the bank that property value is valid to  garanteed the money lended.
 
3 Ensurances needed= 4.314 euros
Tree ensurances are needed:
Life ensurance, property ensurance and 5 years payment ensurance 
All those must be contracted to be accepted for the mortgage.
 
Notary= 500 euros
On completion day,  this is the fee paid to the Notary Office.




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29 Aug 2015 18:53 by Hephaestus Star rating in The Peak District Na.... 1235 posts Send private message

Yes I thought that it sounded like a single premium PPI charge, I'll leave it to you to work it out, however it would make me feel very uncomfortable.  



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29 Aug 2015 19:04 by rightmove Star rating. 42 posts Send private message

I think i will get the cash i need from the UK I am about 7k short, i think even if  i lent the money from the Wonga loan shark man i would be still  better off, at least i would not be tied into this insurance scam from the bank and all its add on fees, i would be a cash buyer. Spanish bank repos, lets knock money if the price of the property, then add it back on in the form of stealth fees on the loan. people wil fall for it. NOT





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29 Aug 2015 19:23 by Hephaestus Star rating in The Peak District Na.... 1235 posts Send private message

You're thinking smart, I'm sure that you will make the correct decision, good luck with your venture. 



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29 Aug 2015 19:30 by rightmove Star rating. 42 posts Send private message

Thanks i hope so,





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29 Aug 2015 19:52 by GB45 Star rating in Wiltshire and holida.... 130 posts Send private message

Don't borrow in Spain, righmove. If you must buy, borrow the money from the UK. At least they are not highway robbers.

Good luck with your venture.





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29 Aug 2015 19:59 by rightmove Star rating. 42 posts Send private message

I know these fees are a joke, you would think these banks would want these properties gone from the books, but still trying to rob of 1000s in the deal.





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29 Aug 2015 20:42 by baz1946 Star rating. 2226 posts Send private message

Rightmove.

Whats best for you, a sterling rate thats x amount a month, or a euro rate that goes up and down which needs sterling money to feed it.





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29 Aug 2015 21:13 by rightmove Star rating. 42 posts Send private message

baz1946=== I think its best to get the money from the UK at least when i turn £££ into euro i will know what rate i have got. and how much ive got for my £££. i could get a loan in the here 10k for 5 years £180ish a month that looks ok to me.

 


This message was last edited by rightmove on 29/08/2015.



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29 Aug 2015 21:30 by baz1946 Star rating. 2226 posts Send private message

Rightmove.

You got them figures correct, £800 interest for a £10,000 loan seems to cheap on the face of it.





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29 Aug 2015 21:34 by rightmove Star rating. 42 posts Send private message

Sorry it a pay back £180.12 a month for 5 years on £10.000 it's 3.6% a few lenders have got it around that rate. I bank with the nationwide bs

 


This message was last edited by rightmove on 29/08/2015.



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29 Aug 2015 21:41 by baz1946 Star rating. 2226 posts Send private message

Thats still only about £7.00 more interest, on a £10,000 loan, if the figures you have been offered are correct yes it's a blindingly good deal.





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29 Aug 2015 21:52 by rightmove Star rating. 42 posts Send private message

http://www.nationwide.co.uk/products/loans/borrowing-more/borrowing-more?et_cid=12676978&et_rid=724441609





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29 Aug 2015 22:01 by baz1946 Star rating. 2226 posts Send private message

Rightmove.

I saw your revised figures after I posted, it's about £1,800 interest, maybe plus a little more, thats about right.

Good luck with it.





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29 Aug 2015 22:06 by rightmove Star rating. 42 posts Send private message

Thanks a lot.





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