Easyjet Sale

Hi All

Has anyone started looking at the mortgages yet, is anyone accepting the builders mortgage (subrogar) ? anyone found any good deals yet?

Hi Chris,

We have completed our mortage at home via equity release from our current property and stayed with our existing mortgage provider here in England rather messing with transfers, exchange rates etc.

Regards

Sharron

Hi Sharon

Thanks for that just getting some ideas at the mo!!

Hi Christine

We did something similar to Sharon, here in Ireland. I think it would be too much like hassle to organise it from spain

Regards

Marie

Hello,

I have just set up a mortgage with CAM bank in Spain and it was surprisingly easy. They have kept in contact and explain anything we are not sure of. They have just valued my apartment (mary sol block 2) and we are now waiting to complete then the property is ours.

Regards Sue

Hi

La Caixa are very good the first 2 years is intrest only at 4.5% , and they have a branch in formentera they are also linked with the bank of ireland.    uk tel  02079306962 email avalera@lacaxia.es

Alan 

Hi Twiggy & guys

When you say that they have just valued your apt so you can go ahead with the mortgage, is the mortgage based on the valuation of the property now, or the original purchase price . Was the valuation just to ensure the property was at the right price.?  Thanks to everyone for their advise.

Hi

Really speaking it should be on the price you have paid, but at the moment  the banks are lending around 80% of the valuation on the day,   it is possible at the moment to cover 100% including tax on some propertys, some banks will ask you to take out a indemnity policy to cover them for non payments, it is a one off payment which is included in the mortgage costs its about 1% of the amount borrowed.

Alan

Christine,

Cam bank change their offers all the time and we were going to get 70% of the valuation but as our completion is late (should have been dec) the offer had changed when we were ready to complete so we now have 80% of the purchase price.

The bank valued the property and ran land checks to ensure the property and land it is built on does not belong to anybody else. CAM bank also offered us house and contents insurance for 170euros a year which seems a good price as some of the quotes i have had have been much higher.

Regards Sue

Hi Sue

Did the bank lend you 80% of the valuation or the original purchase price?

Alan

Thank goodness we didn't have a mortgage (& we've paid off our UK one too,  but we are old now !)

I'm sure I couldn't have got my head around any more info at the time we bought.

Good luck.

Janice

Alan,

80% ot the original purchase price. although we would have been happier with 70% of the valuation but thats the way it goes.

Sue

Janice,

How lucky you are to not have a mortgage.I keep trying to be positive and say only another 25 years to go!!!!!!!!

Heres hoping my lottery numbers come in tonight.

Regards Sue

Hi Sue

I think you are wise to keep your mortgage on your spanish apartment in spain, and not to link it with any property/investment in the uk.

Good luck tonight   Alan