Non Resident mortgages are available

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21 Oct 2009 00:00 by rowlandsbb Star rating in Gloucestershire &Hue.... 771 posts Send private message

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The general impression of potential UK buyers is that mortgages are now hard to get in Spain

This is not so for all the market- CAM Bank will offer on the properties they are selling [ via agents ] 80% loan to value for non residents

They are also discounting prices by an average of 30% and properties are from 55.000 € up to 1.5m€

interest rates in Spain  are at their lowest ever, affordability is easier

Buyers have the security that they are buying from a bank

There are a lot of properties available on the Costas.....we mainly concentrate on CBN CBS & Almeria but have access to all the CAM Bank properties for sale

The range is so large that there is something for everyone and with the 80% LTV worth a look if you are thinking about buying now

Clearly CAM Bank are making buying for non residents as attractive as they can!



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10 Nov 2009 17:11 by europa Star rating. 6 posts Send private message

Your post is virtually an advert

It would be nice if the Spanish banks would come up with some products to help their existing customers that may be struggling

These deals are available largely because CAM were incredibly negligent in their lending practices during the boom years, and have been left holding the properties

Now they are trying to shift the debts onto new purchasers, rather than declare the bad debts in their accounts

They aren't doing anything for the benefit of non-residents

 





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17 Nov 2009 17:42 by Smiley Star rating in San Pedro de Alcanta.... 2502 posts Send private message

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And as CAM use their own in house valuation company instead of one of the independent Tasadors who is to say how much integrity their valuation has - based on the fact that most properties being sold off plan by developers were overpriced in the first place is a 30% recduction good value for money - hmmmm - based on the fact that popular perception on the Costa del Sol (I cannot speak for anywhere else of course) is that property SALE prices are down 40 to 50% on where they were at the peak 30% doesnt sound that great. It is not only CAM that are doing this - most banks have a portfolio of developer units (and resales) they wish to get off their books - CAM mortgages aint exactly the best in the world either.



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17 Nov 2009 20:20 by rowlandsbb Star rating in Gloucestershire &Hue.... 771 posts Send private message

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The only benefit for non residents is that if they do find what they want amongst the properties CAM have for sale then 80% loan to value is a deal which makes it easier to buy with  todays low interest rates

Every Bank in UK uses valuers of their own choice and who they can influence and Spain is no exception!

Every price is subject to negotiation!!

And this sort of deal is creating a lot of interest 

Now it will not help those with existing mortgage problems but it may help to get the market moving again which will eventually be of benefit to everyone 

The CAM properties are on all the Costas and Islands including for starters a 1 bed studio in the centre of Palma @ 37.000 €!!

But for life style buyers it is a matter of finding the property which meets your requirements...no use buying if it is not for you...unless of course you are a dealer/investor  


 



This message was last edited by rowlandsbb on 17/11/2009.

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17 Nov 2009 20:45 by Smiley Star rating in San Pedro de Alcanta.... 2502 posts Send private message

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Hi Brian I agree that it is a good thing for the market (and CAM specifically) if they get some of their bad debt off the books BUT from an objective view would you prefer a valuation done by an independent Tasador or the in house CAM valuer? While they may give 80% LTV if the buyer ends up paying more than they should for the property........

The point I am trying to make is that while someone may find an attractive deal with a CAM property they need to get their own comparisons of similar properties in the same general area to be able to judge whether they are getting a good deal or not.



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17 Nov 2009 21:49 by rowlandsbb Star rating in Gloucestershire &Hue.... 771 posts Send private message

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That is correct for any purchase anywhere

A good example is guaranteed rentals...always built into the price!

But CAM and other Banks want to get rid as much as they can asap

So anyone interested can always make an offer

 



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18 Nov 2009 21:53 by manorpark Star rating. 165 posts Send private message

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I would not recommend Cambank. They are unpleasant and difficult to deal with and very unhelpful. I now realise my property was hugely overvalued by their valuer and now it is in negative equity and has a mortgage which is double the value of the house. All requests for help are ignored. Avoid CAM if you can !





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08 Dec 2009 17:37 by sandrab Star rating in Bournemouth & La Ter.... 528 posts Send private message

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I have just remortgaged in our place in Los Alcazares and got a good interest only deal.  As previous posters have said, interest rates have come down, affordability is better but it's all down the valuation and the lending criteria.    Please pm me if you want details.

 

Sandra



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