06 Jan 2007 8:06 PM:

Hi Hotspur.

We obtained a mortgage through Bancaja, with the help of Capital Finance, a company recommended by Macanthony. It's interest only for two years with the initial interest rate at 4.25%, which is reviewed after six months. So our 173,500euros mortgage is costing us 636euros per month over 420 months. Bank charges can be hefty. Opening fee cost 1.5% of the mortgage (2,602.50euros). Considering we purchased for 202,000euros we had to allow another 20,000 euros for all the expenses, which luckily came out of the mortgage.

One thing we should have done was checked to see if we could a mortgage to cover the remaining 70% which we owed the builder. Macanthony made it sound like it was no problem, but the banks take into account your mortgage in England which we did not realise and we were lucky to get the mortgage to cover the remaining 70%. So take advice and check you can actually get a mortgage rather than taking anyones word.

Community thread: Causeway Bistro, Via Park 1, Playa Flamenca

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06 Jan 2007 12:00 AM:

Hi all

Just joined this messageboard.

My wife and I have just completed on our apartment in the block called Costa Azahar II, 2nd line lateral 202,000 euros. The bank have valued the property at 237,000euros for mortgage purposes.

We purchased through Macanthony Realty and are now trying to sort out all the utilities connections and rental. We have decided not to take Marina D'ors guaranteed rental as this does not give you much of a return as you have to pay for utilities and 25% tax. 

We have decided on a Long-term rental which I'm hoping will cover at least half of the yearly mortgage.

Community thread: Causeway Bistro, Via Park 1, Playa Flamenca

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