Experience of Subrogation of Builder's Mortgage?

Anyone been through this process?

Been offered this option but the offer seems to be conditional on taking life and home insurance with CAM bank.  Is there anyone who has experience of negotiating on this type of conditional offer?  Haven't seen costs of insurance yet but something tells me it will not be cheap.

David

we took our mortgage with cam bank, you do not have to have there insurance, they will want to see your buildings insurance, we didn't show them until we were over in Spain after we had completed by POA, personally I have never had any problem with cam bank as long as you tell them what you are doing.

We too went with the builder's mortgage from CAM.

They did insist we took their buldings and contents insurance but it was onyl about 130 euro for the year.

They did contact us about life insurance but we just didn't answer and they haven't chased up - we completed nearly a year ago.

The staff in the CAM bank in Camposol are very friendly and have been brilliant in answering any queries we have had.

MG 

Thanks for the replies.

Very helpful.

David

We have a CAM mortgage, and completion was done by POA on our behalf.  When I got the full details through, completion included taking their Buildings & Contents insurance, which looks reasonably competitive at just over €100 (cant remember the exact figure).

Where I advise you to be more cautious though is for Life Assurance.  My solicitor signed this off on the basis it was positioned as a condition (and I was very nervous in the financial climate for the mortgage to fall over, having lost one shortly before).  The costs when I saw them were very excessive in my opinion (just under €500pa for me only on €82k mortgage).  Shopping around back here, I plan to get this for 2010 at a fraction of this.  I have already spoken to the assistant in the Camposol branch of CAM to check that I can source this myself next year, and they have confirmed I can.  I just need to have the quote with them, with the beneficiary CAM bank for the mortgage, and they will then terminate my policy with them from 31/12/09.  I expect to save significantly once I have this in place

When you complete, I am sure that you can challenge any life assurance and as long as you get something set up, no reason that you shouldnt avoid this expense and them taking liberties with you.

Cheers

Foz

I took the mortgage with CAM and wasn't pressured into taking any insurance, my solicitor confirmed that this was not a condition of the mortgage.

Worth considering arranging your life insurance in the UK as it is much cheaper.