mortgage

Hi all, don`t know if anyone finds themselves in the situation we`re in but due to £ euro we find we have to get a mortgage to complete, after looking @ various spanish mortgages where total setup costs are between 4 and 10000 euro we decided to remortgage on our uk home, have got an excellent broker who has got me a deal with the woolwich 4.5% no set up costs and no early repayment penalties seems sensible to keep my debts in sterling and investments in euros as it appears that by spring the pound could be 1 to1 with the euro, any one want his details pm me

Bob

Hi Bob,

Did exactly the same as you Bob - with no regrets.  I needed to borrow approx £60k to complete on ours.  With all the additional legal costs, mangement fees, valuations, future currency fluctuatiions required to complete in Spain, I decided to borrow against my exisiting home with my current lender - I have an offset mortgage with Nat West - there were no fees, no valuations, money in bank same day @ 4.9%...which allowed me to buy the Euro's I needed - which currently seems a reasonable rate (€1.256).  

Cheers

Nick

Hi Nick, couldn`t do that with my lender but like you no regrets , could`nt walk away from my 40% already paid,it did cross my mind but glad the thought did`nt take root'

Bob

Hi everyone

Just for all those who have taken a Euro mortgage, I read this at the airport in 'The Costa Calida Informer' dated 21st Nov - 4th Dec

BETTER TIMES ARE ON THE WAY! FOR SOME!

If the BBVA Bank's prediction of dramatically lower Euribor rates for 2009 is correct, this will have a huge effect on mortgage repayments, will be substantially lower,easing homeowners' finances considerably.  BBVA has forecast the Euribor interest rate to be just slightly higher than 2% by the end of 2009. 

Thanks for that Scapa, great to hear some good news for a change!.  Hope it falls soon.

Regards

Kelly & Simon

We don't have enough money to complete after our valuation came in low. It looks like we will have to subrogate the builders mortgage as a last resort. Has anybody done this? or does anybody have a mortgage with banco popular? Are they any good?

Hi Ooch,

Yes we took over the builders mortage. When did Polaris did all the leg work for us and organised this through CAM. We found it very pain free (thankfully!!)

Tamsin & Alan

Hi Tamsin and Alan,

That sounds re-assuring. What were the terms like? Did they tell you everything up front?

Hi Ooch,

We were approved with Caja Murcia, who are the developers morgagees for Condado but they would only borrow 86,000 euros, this was based on 70% LTV of their valuation, but we required 100,000 euros, so we had a little help with the fees etc and based on the purchase price this should have equalled 70%.  As you can imagine this was no good so we went with Bancaja who borrowed 70% LTV and their valuation came in a couple of hundred euros over what we paid, so had no problems with the 100,000. 

When we were speaking to people out there it would appear that Bancaja have not yet encountered a valuation problem with Condado.

I suppose that what this suggests is the amount the bank will borrow is strongly advocated by the company that conducts the valuations as we have noticed there is a huge difference between these valuations, which have already taken place by external independant companies.

Hope you get sorted.

Kind Regards

Kelly &

Hi Ooch,

We were approved with Caja Murcia, who are the developers morgagees for Condado but they would only borrow 86,000 euros, this was based on 70% LTV of their valuation, but we required 100,000 euros, so we had a little help with the fees etc and based on the purchase price this should have equalled 70%.  As you can imagine this was no good so we went with Bancaja who borrowed 70% LTV and their valuation came in a couple of hundred euros over what we paid, so had no problems with the 100,000. 

When we were speaking to people out there it would appear that Bancaja have not yet encountered a valuation problem with Condado.

I suppose that what this suggests is the amount the bank will borrow is strongly advocated by the company that conducts the valuations as we have noticed there is a huge difference between these valuations, which have already taken place by external independant companies.

Hope you get sorted.

Kind Regards

Kelly & Simon

Hi Ooch,

Sorry I'm having a blonde moment (am actually blonde lol so I'm allowed hehe) I let Alan do all figures, I just signed. I do know that the builders morgage was €78,000 (cant remember the exact amount). As I'm not working at the mo I was really worried that we wouldnt get it as we had already been turned down by Banco Halifax, which put the fear of god into me!! They sent us loads of emails telling us what we had paid, what was needed and the difference if we did take over the builders morgage. I'll pm you the details of who helped us in the legal dept.

Tamsin

Thanks Tamsin

We also went with Bancaja and had no problems with the valuation. The person we deal with in the branch has been fantastic. Highly recommend them.

Mandy

Banco Popular also hold a lot of the mortgages on Condado. We used them as first choice before heading down the broker route.

So far, so good as Polaris have helped with the communications and i don't think there is the same problem with valuations.