advice please

we have applied to cam bank for a mortgate to purchase a repo from them they have had our dep for 6 weeks and all our paper work for 3 weeks and they havent given us a desion yet our lawyer says we just have to wait is this normal any feedback would be appreciated as we are a little concerned at the time taken.

Thing in Spain do progress slowly

Cam bank has a number of properties in Condado and are also a well established bank in Spain.

Make sure you and your Solicitor stay on their case to move things along

Good Luck & Welcome to CDA

I think I read Cam bank has been taken over by another one of the spanish banks....basically bailed out by the gov and sold for a €1 to another spanish bank.

If this is right it may have had a delaying effect.

I'm with CAM and I have been informed that Sabadell has taken over all branches, staff and accounts. At first it seemed they would retain all branches and staff but, predictably, that seems unlikely.

No more info as yet I'm afraid. Just watching developments. Sabadell looks like a safe(r) set of hands - they actually made a profit last year (no toxic mortgages etc). Legal advice is to sit tight just now and see what Sabadell says regarding the retention of the Puerto Mazzaron branch (Sabadell already has a branch there). I don't have a mortgage so I'm in a different position - but the advice to check things with your Spanish lawyer is sound and that's what I'd do. (i"ll be sounding out my own lawyer shortly).

if I hear more, I'll let you and others know. Meantime the info on the bail out can be found here -

www.simplynetworking.es/news

Hope all goes well for you,

Peter

(As a RBS and a CAM bank account holder I'm beginning to wonder whether I'm jinxed and I'd be better hoarding my dosh under the bed....)

Think of this way Peter.  Two of your banks have gone under and you haven't lost a cent!!

thanks for all your replys i feel a wee bit better now.  Chris How long did it take from when they recived your paperwork till you got your mortgage ofer and then how long for keys, just a guide please.

We bought off Cam Bank over the summer. We originally signed end of April and it took 3 months. We sent over paper work almost immediately and waited and waited and waited and worried at the same time!!! They sat on our mortgage application most of the buying period and once approved things completed within 4 weeks. From what I can remember, another office had to approve it before the branch could approve it and one of the parties involved didn't look at applications 5 days a week but I could be mistaken.

Once purchased we used the following people who I can recommend;

Furniture - Direct Furniture Spain (DFS)

Aircon - Climazone

Key holding - Lyn & Eddie Gallacher

Spanish Mobile Phone - Phil Tan

I'm quite sure you can get furniture and aircon from other suppliers cheaper but as we only use the apartment for holidays and live in the UK we had to use companies who we can really trust.

Hope this helps, keep the pressure on to keep things moving and good luck.

Andrew

We visited Condado in August and are in the process of buying from CAM Bank.

Like Tee 5, I can't say that I've been particularly impressed with CAM Bank. At one point they managed to lose our deposit which was a little worrying.

We have agreed to pay for the valuation of the property to be undertaken, but as yet have not had a mortgage offer. I understand that the process for screening applicants is now far more rigorous than it has been in the past. The imminent purchase of CAM Bank by another bank will also have been a factor.

Hopefully the process will speed up in the new year.

My concerns at this stage are

1.  Will Sabadell Bank offer mortgages on the same terms as CAM Bank?

2.  It is in the realm of speculation - but what would happen if 12 months from now Spain was forced to leave the Euro and returned to the Peseta which would then devalue by a significant percentage. Would our mortgage debt be automatically converted into the new currency as well?

I think it may be worth those of us that are in the process of purchasing with a mortgage from Sabadell Bank to make contact with each other so we can compare notes and be able to act as a group if required 

Dont pay  more than these prices if you are buying an apt,  http://www.murciagolfproperties.co.uk/CDA1