Mortgage payments to Cam bank.

Hi all,

Does anyone know why interest only mortgage payments would vary month by month to Cam bank ? From my understanding of the standard Cam set-up, there will not be a change in the payments up or down until 6 monthly intervals. Now even though euribor rates have fallen since signing for the mortgage (and I am not expecting any fall in payments for 6 months) I find that this month's payment is 12 more euros than the last two months. There is also a recent debit of 7.50 euros titled CARG. INT and one back in September for 30.88 euros.

Anyone familiar with this ??

Regards,

Mine has been the same each month so I suggest you contact them.  The €7.50 is an account maintenence charge which you should not be paying if you have a mortgage.  

I also have this charge and have been advised by Cam's on line chat service to ask for it to be returned at the branch or via telephone 901 20 90 22.

When we enquired we were told  the variation is down to how many days there are in the month, the more days the higher the payment.  Can't wait for February!

Didn't know about the €7.50 maintenance fee though, will have to ask for it back.

Hope this helps,

Pauline.

It is days in the month.

If you have CAM Online Banking then you can actually look at all your future payments if you click on the loans bit (at the current interest rate)........... and I do mean all of them !!!!!!

Feb 2009 is a cheap month !

Shampers, you are with CAM also arent you?

When you took out your mortgage, did they force you to have home insurance and life assurance with them as a condition of the mortgage?  Just checking if I was stitched up on this, as I know with other banks, people have been able to buy their insurance elsewhere as long as they had some

Cheers

Martin

hi martyn,

just to let you know your not alone, they stitched us up on the completion day, cant wait till nxt november so we can tell them to stick it where the sun dont shine

 cheers pete

Martin,

We took out our own insurance policy and were in no way obligated to take the Cam home or life insurance. Our policy is with Intersure (backed by Lloyds) and was the most competetive deal on offer.

Regards,

House insurance is a condition of the Cam mortgage although it's not compulsory to take it with them, as long as you can prove you have it on the day of completion.

As for life insurance you'll probably find it's cheaper in the UK.

Anybody know what is happening the Euribor and how it will affect the mortages with Cam?

I think I am at 6 something percent,Euribor plus 1.1..

Does anyone know what it is now and an idea of the likely rate at February when my rate is due to be re-set?

What  type of difference would that make to say a 400e payment at present??

Ta

John 

The 12 month euribor rate closed at 2,924% today.

If your rate is about 6% on Euribor +1.1 % the difference (1.96% reduction) will be approximately €1.64 per €1000 of borrowing.

www.euribor.org for current & historical rates.

Noreen

John

The Euribor rate is the rate the banks lend to each other and it is steadily coming down. I can't attach a link (not enough posts to the board) so will send a private email with a link that will show you the latest rate, it can change daily.

As with most things financial, take it as a guide until CAM confirms. Hope this helps.

Cheers

Neil.

Although the Euribor (Euro Inter Bank Offered Rate) is the rate at which euro Inter Bank Term Deposits within the eurozone are offered by one prime bank to another prime bank, it is this rate plus a margin at which many mortgages in Spain are agreed.

Therefore the reduction in the Euribor rate that has occurred over the past few months will certainly be reflected in any payment reviews that take place.

Noreen

We have just completed on 08/01/08. We were also stung in the notaries with CAM insisting that we had to have life insurance through them. Is this not the case ? Can we buy life insurance elsewhere ? Mark

You certainly do not have to have their insurance.  I did mine in the UK as i found it to be much cheaper.

Before I completed I made sure that this was the case and notified my solicitor who completed on my behalf.

Fozzie

They tried to insist on both, but i refused to take their life cover as i have sufficient already, they backed off after originally insisting it was compulsory. I took their house insurance anyway as it was just simple to do at the time.............

and it´s 16c today out here and sunny !!!

Cheers Shampers (and Others)

Having committed, I will let it run for a year and then look to terminate the life assurance.  As you say, the home insurance probably is only marginally more expensive, so will probably leave there just for the convenience

Comments on Euribor - I check each week on the internet what this is doing, and the 12mth rate has gone down every day since it peaked in October.  For me the 6 mth review date in Apr cant come soon enough as this will make a huge different in what I am paying (with CAM I am on Euribor +1.1% which is applying at 6.6% in total at present!)

Martin