| The Comments |
Trying to get mortgage for Medina 23
Penninsula were guarantying 80% mortgage when I bought
now i'm trying to complete they are failing to offer 80%
Does anyone have any advice?
regards
0
Like
Spam post or Abuse? Please let us know
|
There has been an assurance fairly recently from Peninsula on this forum that we WOULD receive the 80 per cent mortgage,as stated in their advertising etc....suggest you contact Sonia or Celine at Pen to ask what is going on.Obviously,if 80 per cent mortgages are not being offered,most people will have difficulty in completing...so it makes no sense!!
0
Like
Spam post or Abuse? Please let us know
|
I assume they will only be able to offer them if they have the backing of other financial institutions. Although I agree that it wouldn't make sense for Peninsula not to offer this but they may simply not be able to as they are considered too much of a risk by banks etc.
_______________________
0
Like
Spam post or Abuse? Please let us know
|
Peninsula tell me that ,as with any mortgage,of course,each case is dealt with on its own merits.....but say that in general terms they are managing to provide them at Medina Elvira..They also said a while back that valuations were actually coming in much higher in some cases.
Have you contacted Sonia at Peninsula,Russ? So far,she has replied very quickly to my questions..
0
Like
Spam post or Abuse? Please let us know
|
I'd speak to them as we've just been offered roughly 90% by one bank and 76% by another based on the same valuation. The valuation came in just below the purchase price in its current condition - ie not finished.
0
Like
Spam post or Abuse? Please let us know
|
Hello,
It's good to read people articles in the forum and see what has been going on. Peninsula told me that the project would not be complete until very late in the year though so is now a good time to get valuations. Have you already paid for your furniture package and management fees? Have the developers still a discounted mortgage to offer?
I'd love to hear what people have to say on this.
Cheers,
Colin
0
Like
Spam post or Abuse? Please let us know
|
I suspect that most buyers' situations have changed in the last year or so, like most of the world's. With banks asking for higher deposits and being more stringent in their checks, getting a mortgate (let alone, 80% LTV) in the next few months is no going to be anywhere as straight forward as it was before the financial crisis. I dont't know if and how prices may have been affected and would appreciate any views on that. In any case, most of us will probably struggle to complete if the the developer's commitment to grant 80% mortgates is not honoured for whatever reason. Should that become the case, what opitons would we have? I doubt that any one would want to sell at a loss or indeed sacrifice what they've paid so far. The next question should be weather Peninsula would reinburse deposits to thouse who won't get 80%. One to put to our solicitors, I suppose.
0
Like
Spam post or Abuse? Please let us know
|
Thanks, that's exactly what I was thinking - I have £60,000 already tied in but if the appartment falls into so much negative equity and there is no help or price discount to enable me to get a mortgage then I will have to walk away from it all unfortunately. I guess people doing that will spiral the resort further into trouble on the valuation front and it's the last thing the developers and peninsula wants so let's keep our fingers crossed.
Colin
0
Like
Spam post or Abuse? Please let us know
|
Hi
Have to ask was the mortgage part of your contract with the developer ?
If so and it forms part of the contract and he has failed to be able to offer it that may be reason not to complete
In any event please get advice as being unable to complete on some contracts due to financials is a case it itsself
Sorry to be nosey but Maria Castro the forums soilcitor may be able to advise on this matter for you
Go to main General Forum and you will find her postings there.
Regards
Just Dan
0
Like
Spam post or Abuse? Please let us know
|
Hello everyone,
I have just been reading through the postings relating to the mortgage offers from Peninsula. I would be very interested to learn from highlander the actual mortgage valuation from the bank against the purchase price of the property.
From the information I gained talking to various mortgage lenders before committing to reserving a property, I was informed that an 80% LTV was only available on established properties and that anybody purchasing 'off-plan' would only be able to obtain a mortgage which is 80% of the purchase price, so I have worked on this principle which is the worse case scenario.
When I was communicating with various agents before buying, it was these people who were pushing the Peninsula mortgage, which I had some reservations about.
I will be talking to Peninsula and my solicitor about this subject, but I view this as a long term investment, the markets will recover in time. Each owner must weigh up their individual situations and decide if they proceed or not.
0
Like
Spam post or Abuse? Please let us know
|
Hello all
Just a quick update with some positive news around the valuations. Today, I have been talking to Peninsula about my property on Fairways. Fairways is due to be completed by Spring 2009. With regards to the valuation, Medina 23 has been valued over the original sell price which is positive. Peninsula confirmed that they will contact the buyers of Fairways in January to talk about the mortgage options. I asked if 80% mortgages where still available and I was told YES.
Regards,
Jonny
0
Like
Spam post or Abuse? Please let us know
|
|
Hi Simon
I have not had an official valuation as Fairways is not complete yet. The roof is being put on as I type! I have been talking to Celine at Peninsula and she was telling me that Medina 23 have been valued over the original sell price. In January, we will receive details of mortgage offers.
Where have you purchased?
Cheers
Jonny
0
Like
Spam post or Abuse? Please let us know
|
Dear Forum,
I feel obliged once again to post a reply on this forum, as once again, rumour, speculation and misinformation are running rife.
Firstly as far as I can tell, people posting here are not only Medina Golf clients but also Medina 23, Fariways, Tee17 etc. This in itself is causing confusion as each development is at a different completion stage. This means that what is relevant for one development will have no relevance at the moment to another.
Apart from this, I would once again urge anyone who has a query regarding any stage of their purchase to contact us direct at our head office either by phone or email. Asking questions on an open forum and receiving answers from other forum members is not beneficial to anyone and results in , as I stated at the beginning misinformation and incorrect advice.
I do not want to answer here in this forum any of the individual points that have been raised, but would like to give you a general overview on what is a "developers mortgage". Firstly, the mortgage is not created by the developer, it is created by the bank used by the developer towards the financing of the build of the development in question. The bank are offering up to an 80% mortgage of the purchase price , which as in any mortgage offer, is subject to the individual clients economic situation. In order for the bank to study each individual case, they will ask each purchaser to provide them with certain documents in order to evaluate their financial situation. As in the case of Medina 23, Peninsula are here to help you in this, we have a team of dedicated professionals who are here to guide you through this process. We are as a developer leaders in this field and are very proud of the success we have achieved with obtaining mortgages for the purchasers who are, as we speak, signing their title deeds in Medina 23. There are no "other financial institutes" involved except the original bank that Peninsula used to finance the build and we are certainly not seen as a "risk" to any of the Spanish banks that we are dealing with for our many developments in construction at the moment throughout Spain. Just to reiterate........Peninsula does not apply for the mortgage ( our financing is in place and has been since the very beginning) it is the individual purchaser that applies for a mortgage and they have free reign to either subrogate the mortgage through the "developers mortgage" or look to other bank entities ( which Peninsula will also be happy to do for you....free of charge, again as in the case of Medina 23) for alternative offers. Finally, the only people who can give you a bank valuation on your property are independant valuers who are appointed by the bank, a bank valutaion is not a re-sale valuation.
I appreciate that in the present climate there is a lot of uncertainty, but would like to reassure you that you are making a fantastic purchase with great investment potential through a transparent, solvent and professional developer, please take a look through other off-plan development forums and see how many other developers actually respond or care what is written about them. I hope that through this post and previous ones that we have made, you can see, that Peninsula stands out on its own as a trustworthy, respectable and as I stated earlier professional developer. Please , I urge you to contact us directly with any query you may have.
Sharon Hitchcock
Sales & Marketing Director Peninsula
0
Like
Spam post or Abuse? Please let us know
|
Misinformation was provided to myself and others at the time of purchase of our property regarding an estimate of rental returns (well below even considering the current economic climate). As a rental income contributes towards a person's financial circumstances then it may well be the case that an 80% mortgage is not available based upon the relatively poor rental returns. No wonder we are suspicious of the developer.
I would be interested to know how many people feel that Peninsula have offered good customer service and how easily they have managed to get answers to important questions. Presumably not many (as they are using the forum) either because of poor access to the right e-mail / telephone number or because messages remain unanswered. I have suffered from this personally and feel enraged that this organisation is using this forum to defend itself and berate us in the process.
Sharon H. - perhaps it might be useful if you published the completion dates for all of the phases on the forum and also a contact number / e-mail address that may be used by concerned consumers.
I hope your business is a strong as you state - is it a publicly quoted company - if so is it possible to find a link to its share price to see how it may have outperformed the rest of the market?
0
Like
Spam post or Abuse? Please let us know
|
Dear Simon P,
As I stated in my previous post I am available to discuss any concerns you may have through the normal way of email or telephone through our offices. I do not feel that using a forum to answer your queries is a professional way to do business. If you would like to discuss your concerns further with me, please email me with your full name and I will go through your file and respond. I would like to say however, that the 80% mortgage offer has nothing to do whatsoever with the rental programmes on offer. The rental programmes that would have been discussed with you have always been the same:- 5% guaranteed rental or a variable rental programme.
Please contact me direct and I will address any queries you may have personally. If you look back to my previous posts you can see that i have put my contact details on several occasions, my email is:- sharon followed by @ then peninsulapm with dot com at the end ( sorry, but this is the only way I can post my details here). If you wish to know more about our company, please refer to our web page.
Thank you.
0
Like
Spam post or Abuse? Please let us know
|
Surely my "economic situation" depends upon my flow of income? If my income is going to be considerably less than estimated through the variable rental income scheme at purchase then I will be experiencing more difficulties in obtaining an 80% mortgage.
Just visited your website - noticed that you seem to be offering "up to 100% finance" with only "10% deposit (finance available)" - seemed like a great deal so I rang the number 0800 6626900. Guess what "the number you have dialed has not been recognised." was the response. This seems to confer that business is booming and that you can't be bothered to deal with any more custom.
Is this a professional way to do business?
Why not be open to reasonable questions regarding completion dates? At least many people will be saved the time and trouble of trying to find out independently and we might not use this forum. Perhaps publish this information on your website or even contact individual clients - our deposit money has been earning you interest for long enough so I am sure that you will be able to afford the postage.
0
Like
Spam post or Abuse? Please let us know
|
I would be grateful if any client has a query regarding any part of their purchase could contact me direct in order that I may deal with their enquiry in a professional and individual way.
Kind Regards
Sharon Hitchcock
Sales and Marketing Director Peninsula
0
Like
Spam post or Abuse? Please let us know
|
In reply to question
I have only been offered 60% of the
Purchase price
Not the current valuation
I do not have 20% cash anywhere
So I'm rather worried at the moment
Highlander
0
Like
Spam post or Abuse? Please let us know
|
|