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Four months after submitting my application, I have been declined a mortgage just 2 weeks before I am due to go to Spain. 

The incompetency of CAM bank is truly breathtaking!!  I am in dire straits...any advice, words of encouragement...would be helpful right now :(

 

Hi Mary

Sorry you are having problems with this, you could well do without it at this late stage, if you look on the general forum there is a lot of information on mortgages, the three links I have put below are for brokers that have some good feedback on the general forum but I have no personal experience of them. I know its easy for me to say but try not to panic about it just make sure you get some good advise now.

 

patrick@marbellamortgages.com   www.marbellamortgages.com

www.mortgage4spain.com/index.asp

 www.themortgageservicegroup.com

Regards

Phil

This message was last edited by PGM on 7/25/2008.

This message was last edited by PGM on 7/25/2008.

This message was last edited by PGM on 7/25/2008.

Hi Mary,

Sorry to hear you are having difficulties with CAM Bank.  Just one or two ideas and thoughts for you that may assist as I can imagine that your head is spinning with everything at the moment:-

1.  First things first - make Polaris World aware of the position asap and see if they will agree to postpone your completion date.

2.  See if you can find out from CAM Bank the reason why you have been declined.  If it is because of other commitments/outgoings, it may be worth looking into consolidating any other loans/credit cards etc to bring monthly repayments down.  

3.  If you have bought through an agent, see if they can suggest an alternative provider for your mortgage - Parador Properties put us in touch with Bancaja for one of our mortgages, and although I would not recommend them in terms of efficiency etc, it is one option to consider.

4.  When you agreed to buy, did you get a "guarantee of mortgage" through a financial provider (Parador dealt with this when buyers reserved property) - if so, it may be worth approaching that Bank.  

5.  Approach a mortgage advisor, such as those suggested by Phil.  

6.  If CAM Bank are willing to offer you a mortgage but not the full amount you are looking for, look into the possibility of taking the CAM mortgage and then trying to get a top up from another provider.

Hope you manage to get something sorted out soon, but I think the most important thing to do at the moment is to make PW aware of your difficulties and get their agreement to postpone the completion date.  They will not be able to sell your property to someone else any quicker that you will be able to resolve the mortgage problem, so try not to panic.  

Good luck and kind regards.

Debbie

Hi guys

Thank you for your very valuable input!!

I'll take these on board - I am feeling a lot better now  :)

Hi Marymary

I used Mortgage4spain.com spoke to Stefan Onsmark he sorted it all out for me within a few days, all done via e-mail and fax.  As long as you have got a copy of your credit file and the usual passport docs, wage slips etc, once they were faxed to Stefan he sorted everything out and I had my offer withing 48 hours (I was in a panic also so I know how you feel).  They charge a brokerage fee of around 368 euros it was well worth it.......

Hope you get sorted

Jackie

Thank you again - I'll have a lot of contacts to make.  

Gosh, what a great bunch of people you are!

Think you should try to discover what it is they have decided they had to turn you down on. This may be something you can resolve- or have resolved since putting all the paper work and Bank Statements with CAM whilst they made their decision.

They will be concerned if your credit history shows a record of requests for loans- but it may be something you can be aware of and explain to another lender

Hi Mary
Try not to worry, I was turned down the first time but not so close to completitiom, but I got it from another bank without any hassle. I am sending you a four leaf clover to bring you some luck