Mortgage

Hi,

   This is my first posting.......Can anyone recommend a lender.

What sort of interest rate can i expect.

Wanted to compare it against the Developers Mortgage.

Completing on 2 bed g/f brisa on phase 4.

                              rusty 1

Hi rusty 1,

Have just come across your post and re your question on alternative funding; the rate depends on the type of product you prefer and how your criteria fits. You may want Interest Only, which is available up to 5 years or you may want a higher level of borrowing than the developers mortgage gives you.  There are products based on either the monthly, quarterly and annual Euribor and all margins differ.

In comparison you may be aware that there are upfront savings to be had when taking the developer mortgage e.g. there is no stamp duty to pay on the mortgage and no valuation fee to pay, plus notary & registry fees are lower;  however if there is a poor rate on offer and compulsory life insurance to take, these savings may not equate to your benefit.

Hope above helps,

Hi Sharonw

Good Evening to you and rusty 1

Do you no the Resort that rusty 1 is asking about ??? ( Roda Beach and Golf )

The reason I ask is that a friend is looking for an 80% Mortgage with 2/3 year interest only Mortgage if that is at all possible in todays Markets

Any help or pointing in the right deirection would be very helpfull ( there is no Builders mortgage)

Warmest regards

Cristina

Hi Cristina,

If your friend is a non resident the maximum mortgage available is 70% and this is based on the lower of valuation or purchase price. Up to 5 years Interest Only is possible.

There are banks that are offering higher level mortgages but only for the properties that they have for sale direct.

Hi Sharonw

Good Evening

Many thanks have passed on your information to my friend , they are non-resident

if they need anynore info will revert

Most kind again

Regards

Cristina