cam bank mortgage rates euribor & cajas

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07 Jun 2009 00:00 by coolrunner Star rating in la marina. 91 posts Send private message

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i have been with the cam since 2006,and i have a mortgage with them ,it has always been calculated with the euribor rate.my rate changed  this month and i thought my new rate did not come down enough so i went to the bank and the women their said i was on the cajas rate which she said is dearer but more stable ,i said i was not happy with this and have made a appointment to see the manager on tuesday as i want the cheaper rate,i have looked on the internet but cant find any rates for the cajas,can anyone give me any advice on this situation please...thankyou



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07 Jun 2009 20:59 by TechNoApe Star rating in Duquesa, Manilva. 1278 posts Send private message

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The Caja rate will be the rate at which you accepted your mortgage, which will always be a percentage above the Euribor rate.

Each Caja rate differs depending on which mortgage deal you go for.

We pay Euribor + 1% based on a six monthly revue, and this is with CAM.



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07 Jun 2009 21:09 by coolrunner Star rating in la marina. 91 posts Send private message

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as i said in my post,i have always been on the euribor rate and as you state its +1%,but this year they have changed to cajas rate .i have checked the euribor history and each year my interest rate has always been 1% above the euribor rate ,..if their are different cajas rates where on the internet can i check them



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07 Jun 2009 21:54 by TechNoApe Star rating in Duquesa, Manilva. 1278 posts Send private message

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There are no 'set' rates for Caja, as each deal is different, however most charge between 1% and 1.75% dependant on the deal.

However don't forget that most banks go back two months in order to pick up the 'average' monthly Euribor rate, and this includes CAM. The average monthly Euribor rate two months ago would have been based on March and this was 1.775 for the six month rate and 1.909 for the 12 Month rate.

So your monthly rate should now be, if you're one + 1% as you say, either 2.775 or 2.909.



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07 Jun 2009 23:38 by darren.wilkes Star rating in Bolton/Vegas. 742 posts Send private message

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My mortgage is also with CAM. I took this out in June 2008. I pay 1.1% above Euribor. This was reviewed after 6 months then annually thereafter.

My first review was December 2008 and they used the Euribor rate from 2 months before (October).

My next review is Dec 2009 and my rate will be 1.1% over whatever Euribor is in October 2009. For details of Euribor see the last column on this link.

http://www.bde.es/clientebanca/tipo/referencia/temas/tipos.htm

 



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