subrogation

Hi All

Received e mail from  Banco de Valencia about 3 weeks ago, regarding possible mortgage with them, on the apartment I am buying on la isla del condado, as they are the bank that financed the complex, and were offering very good deal, I have sent various e mails, but as yet received no reply, does any know if they are just slow in replying, or has any one any advise, or had dealings with them, as not sure what to do now, as don't want to start mortgage application with my bank in spain, if they are offering better deal.

Regards

Michael and Yvonne

Hi,

With limited knowledge of the market but after trying to secure a mortgage since September, my advice would be to keep trying to contact them via e-mail and phone but also contact other lenders to keep your options open. It's worth noteing that even though Banco contacted you, this dosen't necessarily mean they'll offer you a mortgage.

Iain

You'll find them slow as most did when using Cam with their subrogated offer.  This is usually due to heavy demand as you'll save considerably on set up costs.  When the time comes it's best to try and visit them in person, first time to apply and then again to sign paperwork when they've agreed your offer.  I found that when I was actually in their office things moved much quicker.

Michael & Yvonne

We are on Condado - Los Naranjos 8 - just completed Nov.  We originally applied to Banco Valencia for mortgage and got approval without too much hassle, but then discovered that with the builder's mortgage you do not have to pay second Notary Fee or Valuation Fee and it worked out cheaper on the expenses side.  We saved approx Eur 2000 we think.  The builder's mortgage we took with Caja Murcia and they were quite easy to deal with as well.  We found that they were quite slow to respond sometimes to emails but then Spain is a bit like that with everything.  We now find that solicitors and bank are not responding to any emails at all now so we think they must be having internet problems or something.!!!  Anyway Caja Murcia are on the web if you want to make any enquiries with them, but builders mortgage can save a lot on the fees.

Good luck

Malc

Roadster

You do save on costs but the downside is that the mortgages tend to be less flexible particularly on duration. Banco Popular would only offer us a 20 year maximum term with no interest only option. The good thing at the moment is that the original valuation normally still stands with the builders mortgage so you don't have to worry about getting a low valuation like we did and not having enough to complete.