Clutch kit.

Has anyone had a quote from CAM for the building insurance, contents even life cover.

We asked two weeks ago and again last week and after speaking to them today it seems likely the only time we'll see the insurance quotes are in the office as we collect our account debit cards and sign the mortgage. This will be two days before completion so probably difficult to go with anyone else by then. They are very busy apparently! 

I haven't checked CAM bank, but got a quote from Halifax, which was higher than Polaris, for same cover from same insurer - Zurich.  I have taken out the Polaris contract, at least you have that to compare, and you can do that day of completion if you haven't sorted anything else.

Ted

Thanks Ted, we didnt realise you could do that on the day- thought it had to be arranged. Thats much better as we initially planned on Polaris but thought we should compare with our mortgage lender.

I took the completed form with me, signed etc. and handed it over - dated on completion day. Insurance was all done as at that date, although docs were delivered a couple of weeks later.

Good luck with completion.

Ted

When over we took Cam Insurance, Buildings 80000 and contents for 18000 and we paid 215 euros. If you just take the minimum on buildings the quote was 171 euros(55000 buildings)
Once you sign all the forms(theres a lot) it will take a week to get your cards and they can be picked up at the Mar Menor branch.

Just incase anyone has been trying to contact Eva and got no reply she no longer works for Cam.

Paul.

 

Thanks for this info Paul. We know about Eva as we spent some time trying to get in touch with her and finally in a phone call we were told she had left I was actually told' she is out of this world' which I guess got lost in translation.

I posted the PW (Zurich) form back to PW a couple of weeks before my completion.  I shopped around for a couple of other quotes, and you could save a few euros by going elshwere, but PW seemed very competetive.   

On completion day at the Notary, there was a PW rep who handed over all of our paperwork work - including the insurance schedule which started at midnight the night before.   It was all very efficient, and I'd recommend it... 

I plan to shop around a bit more next year, but I don't think we'll save a massive amount by doing so.

Hope that helps..

we're going with the Zurich quote from Polaris as it seems reasonable and that's also who we have insurance with in the UK. 

Thanks everyone- we'd just become a bit worried that it was going to be a problem but clearly we've got plenty of time and can even make a decision  in completion week.

So here's the problem.
We have just got an email from CAM confirming the mortgage(complete next Thursday!)
However,firstly it is for 20 years,not 30.Secondly it is Euribor &1.1%,not &1%,and lastly they say we have to take their home insurance.This was not the agreement which was &1% and no tie-ups.I can't even ring anyone until Monday.
It's not good but they have us over a barrel I guess.
Has anyone else been able to challenge this?
Regards
John

The number of years may be just an error. We haven't had to take their insurance as you can see on the thread below we cant even get a quote off them. I queried the Euribor and they immediately dropped it to 1%- I referred them to the original offer from Eva

Hi John

Mine was quoted at euribor +1.00 = 5.75% and no add ons but came back at 6% and they stated I had to take out home insurance & Life insurance, all I did was take copies of my existing Life insurance and told them I had taken out house insurance with Zurich....they didnt even ask me for anything when I went to sign for mortgage.......It is a bit raw now only offering 20 yr mortgage and +1.1 ......I suggest you call them monday to find out why they have moved the goal posts...seems its not just PW that changes their minds when it suits without prior notice. 

Good luck
Carol

Hi John,
We had a couple of similiar issues - we agreed Euribor +1% with Eva and put this on the Mortgage Acceptance document but when our solicitors received the details from CAM they were Euribor +1.10% - when we rang up we explained we had agreed 1% with Eva and they changed it without question.  
We had already pre-empted the insurance issue as had picked up from this forum that they cannot force this on you so we just let them know that we have arranged the building insurance separately (Polaris send you Zurich insurance documents as part of the completion pack that they e-mail you) and they dropped that one - the last e-mail we had from them told us their Risk department insisted we take out their life insurance - again we queried it expaining we have life insurance in the UK -- we never had a reply to that email but never heard any more about the life insurance (yet).

However..... on Tuesday of this week, we were completing at 11:30 by Power of Attorney and had a call from out solicitors at about 12:30 saying the interest rate on the mortgage documents was higher than that in the mortgage documents sent last week and they were refusing to complete without our permission for the increased rate. It has risen from 6.29 to 6.46 so we told them to go ahead - we felt completely powerless and really wanted to get the completion done.
About 10 minutes after tthat I had a call from Marissa at CAM explaining that she had just sent me an e-mail with the revised mortgage interest rate - needless to say I told her what I thought. about their banking practices and while she was very apologetic it didn't change anything.....  So either way they seem to get your money.  We now have a second mortage rate which is almost as high as our UK mortgage rate - looks like its beans on toast for a while.

On a positive note, its soo exciting that at last we have our 'place in the sun', yeah its costing a bit more but it was good value to begin with  - what could you get here even in this market for the same price so we are just taking it in our stride and looking forward to our first evening sitting on the terrace with a glass of cold cava!
See you out there sometime hopefully.

Michelle & Paul
Jardin 2

Thanks all,I think the problem for us is that because the offers go to the wire,there is no time or leeway to press them.
It was good to hear that there wasn't a problem with house insurance,I'm already covered.It sounds like a ploy for a few quid at the last minute!
Regarding Michelle and Paul's last posting.They say that CAM accepted that the offer of plus 1% should stand,but they were then fixed at 6.46%.This however is the rate that I have been offered at &1.1%!
It sounds like they might agree with what you say then do as they please!Might be worth talking to them even though it isn't much in the scheme of things.
Thanks again and good luck.
John

Hi,

I'm completing in Los Naranjos - Jardin 8 in a couple of months. Re mortgage  - through Villa Cashback they have suggested Barclays with a quote of 0.75% above Euribor. They have suggested that this would be cheaper than CAM bank but would welcome thoughts from those that have arranged mortgages recently as I have just started to get quotations after being told that apartment will complete mid Sept -mid Oct after initially being informed that it would by July 09 and then Jan 09. Panic stations have set in.

Many thanks,

Paul

Hi Paul.
It's one for the calculator.
It is possible to get better rates,but I tried Barclays and the legal fees and charges were 3500e,this is only for setting up the mortgage,the legal fees for buying still apply.CAM rate(60% builder's mortgage) is worse but incurs a single bank fee of 560e,and has 5 years interest only. 
A bit of a minefield.
John  

Paul

My advice is don't delay too long if you're going for the Cam Mortgage, they get inundated with applications.

Most lenders have similar products but the Cam will be easier and much cheaper to set up as they already have all the property details.
So it then all depends on the interest rate offered.  Don't forget to ask about termination costs - Cam is 0.5% in the first five years and the 0.25% after that.

Many thanks for prompt responses. Got my solicitor on the case so will need to carefully assess the options.  Guess it was never going to be straightforward. Hopefully got enough time to get everything in place for an end of Oct completion

Paul