Distressed Cleaning!

I have been offered today (from Palmera Properties) a Mortgage Deal obtained by the builder.

No valuation to pay for or Mortgage Stamp Duty.

Also the apartment has aparently been valued at 150,000 euro's which seems a really good increase - I wonder if it is inflated to try an ensure the Bank maintain the business or this is a genuine valuation.

I would be interested to hear from others that have been offered the same and whether or not you plan to take up the offer - appears it could save us a lot of money.

Anyone found any hidden bad points?

Thanks

Jason

Hi Jason

I know a few people who have gone for the builders mortgage and they are happy with the deal they got, you do save money and it is with Caja Murcia, they have a branch in rojales but i think you have to open a account with them to get the mortgage, but i am not sure about that, as for the valuation it sounds good for us but will the bank put there money where there mouth is?,  and say lend us 80% of 150000 = 120000?  I suspect it will be 60 to 70% = 90000 to 105000 euros,

So if you  get  70% = 105000 add deposit you have paid say 20000 euros = 125000euros maybe this is the true valuation?

Alan

Hi Jason

We havnt got as far as a valuation or mortgage offer yet but we have a 2 bed 2 bath on block 4. Are you serious about the 150,000 valuation. Even if this is inflated I would be delighted with such a return. Please let me know.

Regards

Mark and Jan