Mortgages

Hi Ya All

Has anyone had a builders mortgage where you were asked to open an account which was free with the bank in order to process the  mortgage application, only later to recieve an email  from the bank asking you to deposit 600 euros into your account  to make the process faster? Is this normal practice? Any feedback on this greatly appreciated.

Jane & David

The deposit they are asking for is most likely to tied into the valuation they will do.  €600 sounds alot, but they will want to take the valuation fee from your account before they will progress any mortgage offer.

Fozzie

I took the builders mortgage with Cam and didn't have anything of the sort.  I opened a current account with them as it seemed the logical thing to do.

If you're taking the builders mortgage you should not have a valuation fee to pay as the bank already has the loan.  That is were your saving exists - very little mortgage setup fees.

Ask them for clarification and detail of costs etc.

Thanks Fozzie

I have emailed Banco devalencia who are offering the builders mortgage today to query the 600 euros hopefully they will get back to me soon.

Cheers

Jane & David