Mortgage problems?

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14 Oct 2008 12:00 AM by Rustad Star rating in Kent. 89 forum posts Send private message

Hi. I am just wondering whether anyone is having mortgage problems during the these current turbulent times. My penthouse completion is now delayed until just before Christmas which gives me time to play with, but I have now been rebuffed by Barclays Spain. My IFA tells me it is just the current situation. I would almost certainly have had no problems a month ago. I am investigating the construction mortgage option now - does anyone know if it is just one bank involved with all penthouses or are several involved? Is anyone having any joy on the mortgage front anywhere else at present? All info gratefully received.

_______________________
Alan R www.condado4rent.com rentals@condado4rent.com alanrustad@gmail.com


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15 Oct 2008 10:18 AM by snorkychopper Star rating in England / Spain. 226 forum posts Send private message

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Morning - we have agreed in principle with Barclays for 82K EU but I know last week they have reduced to loan to value factor to 60% so maybe your mortage was more than this ?

We worked on the value of our Naranjos Penthouse being worth the original price although my neighbour has a vaulation of approx 5K more so maybe we wil be lucky.  We were initially turned down by Kuxta Bank a few months  - but Barlcays Spain have come through ok

I am using Patrick Robinson of Marbella Mortages and can heartily recommend him if you.

Rgds
Mark



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15 Oct 2008 7:18 PM by tribeca737 Star rating in Blackpool. 28 forum posts Send private message

Recieved a call from PW re completion today. Mentioned I was waiting for COH and Bank Guarantee for 2nd payment.
She said Bank Guarantee was meaningless as the property was already built (need to consult solicitor on this) and that COH would be ready end of October.
She also went on to say that once the COH was in place we only had 20 days to complete or we were in breach of contract. Nice!

I must admit that I'm loathe to complete at the moment. I have a couple of mortgage offers but articles like this one don't really inspire me with much confidence.

Next stop solicitor i suppose.

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15 Oct 2008 7:33 PM by barney111 Star rating. 1133 forum posts Send private message

Polaris really do seem to have some communication problems - have they ever heard of customer service? 

We are kept in the dark over everything and they just seem to do what they want.

Just had difference of opinion with Parador who I think ar c....p.

Anyway bit stressed out at the moment trying to empty house etc. so don't feel like PW's best friend!

Barry & Sue

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15 Oct 2008 8:36 PM by Kev1 Star rating in Condado De Alhama. 826 forum posts Send private message

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I get an error message when I try to link to the article mentioned. Can you give me the address ?


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17 Oct 2008 6:53 PM by tribeca737 Star rating in Blackpool. 28 forum posts Send private message

I'm sure that link was working the other day. Here it is again. http://www.propertywire.com/news/europe/hard-hit-spanish-property-developers-200810031766.html

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18 Oct 2008 2:16 PM by skell2 Star rating. 37 forum posts Send private message

Hi Tribeca,

I cannot access the thread either.......not sure why not.  Could you save the article & PM it out to anyone interested?

Cheers
Nick


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18 Oct 2008 5:32 PM by lytton Star rating in Bath & North East So.... 422 forum posts Send private message

Hi,

It worked for me. Try copying and pasting it into where you type a web address and it should work.

Phil


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19 Oct 2008 7:19 PM by tribeca737 Star rating in Blackpool. 28 forum posts Send private message

Woes of hard hit Spanish property developers continue

Print E-mail
Friday, 03 October 2008
Investors get reprieve from Spanish court judgements
Investors get reprieve from Spanish court judgements

Developers in Spain are being brought into line with a series of judgements that are benefitting hard pressed property investors.

A judge in Valencia has ordered a local developer to pay 49 clients almost €3 million in compensation for misleading marketing. It is a decision that could set a precedent for buyers who feel they have been mislead by their developers.

Property investors sued two companies belonging to the developer Bautista Soler for marketing the Playa de la Patacona development in Alboraia, on the coast just north of Valencia, as front line beach locations with sea views knowing full well that this would not be the case.

Buyers at Playa de la Patacona, developed and sold in the 1990s, were given brochures promising 'front-line beach quality of life, and magnificent sea views' that have now disappeared behind a wall of cement. The same developer has built another development between them and the beach using the same marketing slogan.

The judge decided that the developer was perfectly well aware that its marketing claims would turn out to be false

Meanwhile the deadline for creditors to register their claims against failed Spanish developer Martinsa-Fadesa has been extended to 25 October, as a result of lobbying by Spain's Association of Users of Banks, Savings Banks, and Insurers (Adicae).

The extension has been confirmed by the administrators, and announced on the official website for Martinsa-Fadesa's insolvency proceedings.

The move is intended to give creditors living outside Spain, especially in the UK and Portugal, a better understanding of the situation, and more time to register their claims.

British property investors who bought homes off-plan from Martinsa-Fadesa but have not received anything in return for their staged payments can now join the company's many creditors, especially if they do not have a valid bank guarantee.

'It is vital for people in this situation to register their claims before the deadline, or risk losing all claims to the money they have invested with Martinsa-Fadesa,' said Spanish property expert Mark Stucklin.

The news comes as another large Spanish developer, Polaris World, is beset by financial problems. The Spanish press claims that it is struggling to pay some of its debts to local government.

It is apparently struggling to get banks to guarantee millions of Euros that it owes to municipal governments in Murcia for planning agreements. It is looking for an extension on its debt payments, with company executives blaming a temporary lack of liquidity, rather than structural problems.



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19 Oct 2008 9:06 PM by Kev1 Star rating in Condado De Alhama. 826 forum posts Send private message

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Derrr. Is there some sort of a financial crisis going on ? Crisis, what crisis ?


Sorry - sick to death of hearing it every time I turn the TV on, the radio on, open a newspaper and now log on to the forum !


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20 Oct 2008 11:03 PM by tribeca737 Star rating in Blackpool. 28 forum posts Send private message

Article was posted because of the last paragraph actually. Don't know if you read that far.
With so much at stake it's important to keep abreast of any news featuring polaris.
sorry if you choked on your sunday roast.

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22 Oct 2008 11:34 AM by sharonw Star rating in Coin, Malaga. 281 forum posts Send private message

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Hi Alan,

Obtaining a mortgage need not be problamatic - depending on your financial circumstances.  Barclays have been down to 60% LTV for several weeks now but it is still quite possible to obtain a 70% LTV mortgage.   Going with the developers option will enable you to save on upfront costs and certainly worth looking into - I guess it comes down to what your mortgage requirement is and if it fits;  It is very important to get the right product for you in the long run as re mortgaging costs are high!

   

_______________________

Regards

Sharon

sharon@tmasspain.com

 www.themortgageservicegroup.com

 



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27 Oct 2008 8:31 PM by Kelly V Star rating. 144 forum posts Send private message

Hi Alan R,

Have you managed to delve deeper into the mortgage situation?

As Polaris were pushing us to complete and deutcha bank reduced their LTV from under our feet after we had been accepted, we panicked (well i did) and contacted many brokers and banks directly, only to find that I worried over nothing as we received a few acceptances back.  We found the best acceptance was from Bancaja through Stefan at Mortgage4Spain and they only take a fee of 350 euros, which is lower than the usual 1% charge.  Plus they offer 5 years interest free and its 70% LTV so we are borrowing 100,000 euro's. 

My husband owns 100% shares in his business, so is classed as self employed and with only 1 year of accounts, so we were not a straight forward case.  So I wouldn't worry too much, but I know you do until you have the offer in black and white!!!

Kind Regards

Kelly

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Looking for affordable motoring in the UK?  Then visit www.nationalvehiclesolutions.co.uk 



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29 Oct 2008 12:16 PM by jonew Star rating in Leeds & Los Naranjos.... 95 forum posts Send private message

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Hi

We have finally been told that we can have a mortgage with Cam after weeks of stress but we have only been offered 50% as we have a very complicated financial situation due to my husband owning his own company and the business he is in. We can just about raise the difference but can anyone tell us what interest rates they are being offered as we think what we have been offered is on the high side. 

Thanks 
Jo



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29 Oct 2008 12:16 PM by jonew Star rating in Leeds & Los Naranjos.... 95 forum posts Send private message

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This message was last edited by jonew on 10/29/2008.

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29 Oct 2008 12:47 PM by Kelly V Star rating. 144 forum posts Send private message

Hi Jo,

We are accepted with Bancaja and the interest rate is 0.90% above euribor, which I believe is 5.44 at the mo.  The first 5 years is interest only.  Did you go via a mortgage broker as there are still companies out there offering 50% for non status, so full status mortgages should offer you a better LTV%?  Their redemption penalties are also 0 for partial and 1% for full.  They also do not insist that we have life insurance.

I can recommend Stefan at Mortgages4Spain.

Regards

Kelly

_______________________

Looking for affordable motoring in the UK?  Then visit www.nationalvehiclesolutions.co.uk 



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29 Oct 2008 1:32 PM by sharonw Star rating in Coin, Malaga. 281 forum posts Send private message

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Best margin at the moment is Euribor + 0.75 (60% LTV or purchase price, whichever is lower) and Euribor is at 5.02% currently, but of course this may have changed come day of completion!

Jo, I would definately shop around more, if you have the time - if you feel the rate you have been offered is on the high side; it may be worth seeing if your circumstances would allow for a higher LTV.

Unfortunately there are NO self cert or Non Status products available any more!

 



_______________________

Regards

Sharon

sharon@tmasspain.com

 www.themortgageservicegroup.com

 



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29 Oct 2008 9:25 PM by jonew Star rating in Leeds & Los Naranjos.... 95 forum posts Send private message

jonew´s avatar
Hi

Thanks for your replys.  Have just heard from another broker  that have been agreed in principle for a loan with Banco Valencia but just need to know the details, hopefully it will be a better rate and higher LTV than the other one.

Thanks again for your replys.

Jo


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29 Oct 2008 9:35 PM by Kelly V Star rating. 144 forum posts Send private message

Hi Jo,

I am so pleased for you. 

I know what the feeling is like when you start to juggle money in the UK to make up the shortfall of the offer.  

I had many a sleepless night, all because my hubby owns 100% shares in a LTD company, but I need not have worried. 

We even spoke to banks and brokers, who said that they could not help, yet we managed to achieve 6 seperate acceptances and one was for a non status 50% LTV in September? So there are still some out there...

The recession is real but banks still need income and as long as your income stacks up with proof then you will achieve a better LTV. 

Chin up, you will see light at the end of the tunnel.

Take Care 
Kelly



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30 Oct 2008 9:21 AM by sharonw Star rating in Coin, Malaga. 281 forum posts Send private message

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Hi Kelly,

Great to hear you will be completing shortly, not sure why you were informed that due to your hubby being 100% shareholder in a Ltd company it would be a problem, that really should not have been an issue!

The Non Status product was pulled as of the 1st October and that saw the last of these type of products!

 

_______________________

Regards

Sharon

sharon@tmasspain.com

 www.themortgageservicegroup.com

 



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Previous Threads

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Street signs - 1 posts
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