Taray's "Developer Mortgage" with Banco Valencia

Hi

Can anyone help with any info regarding the above?

Have taray arranged mortgages for all buyers on phase 1 and 2 ? Is it stated in our contracts that we have to take up these mortgages? Do we have to pay extra if we do not take them? On another thread about phase 2, it mentions an extra 3000 euros in fees.

Has anyone had any contact from Banco Valencia?  how do these mortgages work?

I appreciate any help on this matter.

I can't get  any answers from anyone at the moment.

Thanks

Carol

To the best of my knowledge you would apply for this mortgage as normal, its certainly not compulsory.

The savings are in fees incurred if you go elswhere for your mortgage as Taray have used Banco Valencia.

They will give you a break down if you contact them.

 Hi we were in SC this week and met with our solicitor who ran through all the legalities etc.  She told us that you pay  the spanish equivalent of stamp duty twice if you take a mortgage - 1% of the purchase price for the property purchase and 1% for the mortgage.  However, we won't pay the latter if we take the developer morgage as this has been paid by Taray; we believe there are other costs - search fees? -that they have also paid but would become due if we chose another lender.

Taray told us that the houses are all finished - apart from fitting the kitchens.  There is work going on to complete the paths etc and the pool.  They are confident for a Sept completion date and even suggested that August may be possible then added that they have still to sort out utilities so that is unlikely.

Mick & Chris