New Buyer to Condado from CAM but still not had mortgage offer after 6 weeks!

 Hi,

I have recently purchased a property on Condado Jardine 13 from Cam bank through an agent. I signed docs and paid 10% deposit late Oct. I have sent all information to the bank via agent and solicitors but still heard nothing regarding a mortgage offer!! The contract I signed said the completion date should be by the 22nd December.

I have contacted solicitors and agent and they in-turn have contacted the bank who said nothing but the offer is not ready yet! Is anybody else in the same boat as us? Just want a little reassurance that all is going ok and it is juts the bank being busy with sales due to the recent discounts.

Also does anybody know if the building insurance as part of the monthly fees is acceptaed by the bank. Just thinking they may try and put insurance in the mortgage offer (if I get it) and it may not be needed.

Any help / comments greatly appreciated.

Darren.

 Hi Darren, we have also at least two clients waiting for CAM bank's mortgage offer, seems they are busy with the integration into Sabadell Bank. Regarding the insurance they will come up with an offer for the building in their favor which responds in case the property goes under, might be tricky to get out of that. Rupert - Quality Homes Costa Calida at Al Kasar CC on CDA

A friend of mine recently tried to purchase through CAM. I purchased at exactly the same time through CajaMurcia. 4 weeks from deposit, I had completed. 8 weeks from his deposit he had heard nothing. Finally, CAM came through after around 10 weeks, with a very poor offer. He switched to CajaMurcia and is now done and dusted. Overall, a very bad experience of CAM

We where due to complete next monday had a call today to say cajamurcia wont sell to us now the properties have gone to the bank of debt .so we are all lost money blue med as the villa been painted and lighting installed and solicitors for all work done .why is this happening all the money in tbere in the bank for monday and morgage sorted we are gutted now.is this a safe bank

Really sorry to hear all the problems, especially yours huntsman hope all goes well. Starting to feel a little worried, solicitor called CAM today and they said mortgage still not ready call back Monday - nightmare! Just want it sorted either way. Thanks all for info..

 I am waiting for mortgage from CAM too for a purchase on CDA. I just got this from our lawyer this morning....

 Dear Customers,

 

We have been informed by Solvia-Mediterranean that the mortgages processes have been stopped until the transfer from CAM to Sabadell is definitively made.

 

They will contact us as soon as this transfer is finished.  

 

Best regards

 

Get there in the end im sure!! Wasnt expecting it to be quick.

Have asked how long the takeover will take and will post again when i hear from them

 

Hi,
I seem to remember when we bought ours a couple of years ago that there were penalty clauses once the 10% deposit had been made. It was something like if the buyer pulled out they would lose their deposit, but, if the seller pulled out they would have to refund the 10% deposit plus pay an additional 10% to the buyer. This was put in place to stop people pulling out of agreements once the 10% deposit was made. Don't know if this is still the case but if it is then I'd say your purchase should be safe but will take a bit longer than normal to complete. Also remember that the cam are being taken over which will slow the process down and the fact that its nearly christmas and very little with regards to the banks gets done over the festive period in spain. Hopefully in the new year all will be sorted and good luck.
Ian

 Hi Ian,

Yes im not worrying at present.

We do have that clause in that if they pull out for some reason we get double our 10% back which would be a nice sweetner if it goes pete tong!

Lawyer did confirm they had absolutely no idea of timescales now though!

:)