It's Me -- Again

Hi all,

We have purchased an apartment on phase 3 and will be going out there at Easter  to see progress of the development  and also to shop around for a mortgage. Can anyone recommend any bank that they have dealt with or intend to use.

CajaMurcia were offering a decent rate re La Torre, but CAM seem to have the builders mortgage for HR, so should have a better rate for HR, Both have branches in Sucina and Torre  Pacheco, what either are offering, shop around would be my advice

Mike

Audi posted a message a while ago advising that Barclays had opened  some branches in the area recently and are offering fabulous opening offers. 

I've tried e-mailing Audi a couple of times for more details to no avail. Has anyone else got any info' about the Barclays mortgages as I'm buying on Phase 7 and am currently 'shopping around' for the best deals.

Look forward to hearing from you.

I was seriously considering topping up my existing mortgage with Halifax but it seems the top up has to be at the current interest rates which are around 6.5% apr

CAM Bank have come back to me with the following projection if I take over the PW mortgage:

THE PW mortgage is about 13,000 Euros below what I actually need so I would have to take out a 2nd mortgage which will have the following costs:

- Murcia treasury = 280 €

- Notary = 350

- Land registry fee = 170 €

- management fees = 180 €

All in all, to take over the PW mortgage and set up 2nd mortgage to cover the differenc, the total costs are 6000 Euro's. OUCH!

Anybody else had any experience with CAM? Or any better offers?

AJ

Hi,

I have also been reviewing the mortgage situation.  I needed a top up of around 25k Euro and the cost of aranging this were prohibitive as it would be a second legal mortgage.  If you're not to to for a single mortgage with somone else (by not subrogating), you're better to find the money in the UK or raise finance against UK assets.  A sinlge mortgage from another provider would incur a single set of chanrges, just like the second top up mortgage from CAM.

Regards interest rates, the credit crunch is alive and well in Spain.  We were quoted EURIBOR (currently 4.72) + 1.25% - that's 5.97% (only slightly lower than my UK mortgage).  OK so no currency risk if you go with teh Euro denominated loan.

Finally, the serevice from CAM in Sucina was fantastic.  We met with Maria del Mar.  Very knowledgeable, friendly and excellent English

Hope this helps some,

Neil