Will my mortgage ever be approved

Hi all

we came on an inspection trip in Easter last year and put down a deposit in June on a 110% finance deal. To this day we are still awaiting our mortgage approval. Are we being conned? Will it ever happen. Is there anyone else our there waiting or just recently approved in the same sort of timescale. Has anybody ever got their deposit back? Has anyone hot any advice on how we can move things forward.

any advice greatly recieved.

thanks

Dear Findings,  

We had ours just done. We had also put the deposti down back in May. 

No special tips, only pressure, pressure and pressure. Read also your deposit contract, you may be entitled to get your money back without any prejudice on the purchase. Not sure about this, but I think I read somewhere somebody saying this. 

There are also another recent threat here talking about the agents... maybe worth a look.

good look and wish you the best outcome on this long and painful process. 

I too have been waiting some time for approval from my application which was made last August,

I believe it is with Madrid for final approval. My agent has been trying to push along but there is little they can do about it.

I am sorry but there is no way that it takes this long to approve a mortgage, I have just had 2 approved with Sabadel and one with Santander in 7 days, never 5 months

If there are problems normally the bank will come back with queries

Which agent are you dealing with

You should insist that you can talk to the bank directly to get the real truth

Also check with another agent to see if the property is still available

I am sorry but there is no way that it takes this long to approve a mortgage, I have just had 2 approved with Sabadel and one with Santander in 7 days, never 5 months

If there are problems normally the bank will come back with queries

Which agent are you dealing with

You should insist that you can talk to the bank directly to get the real truth

Also check with another agent to see if the property is still available

The bank is Banco Popular and there have been may posters on here who have experienced similar delays.

I have not thought to check the property is still available through another agent but I am dealing with Andy at Condado who in fairness told me at the time of reservation that I should expect delays. I am not sure whether it would be possible to talk directly as the approval proces has been referred to Madrid having been agreed locally at Alhama.

Also, the deal is 110% so I suppose there is more risk which I think may be part of the hold up, the other being the number of applications that have been made over the last 9 months.

Thank you to everyone who has responded to this thread or  sent a private message to me for your support and offers of help. I hope all in the queue at the bank get their dreams fulfilled eventually.

Dear Roy,

With which agent(s) goes the mortgage approve the most quickly ?

Regards

Bart

I will PM you rather than quoting on here but it is more the bank rather than the agent and how much mortgage you need because most of the banks have properties to sell

This may be your problem because according to the press~~

The last bank to be issuing 110% mortgages to non resident buyers in Spain has now reduced their maximum offer on their bank repossession properties to 90%. They claim a higher default rate as reason to offer international buyers less.

Banco Popular were the only major Spanish bank left offering 110% but only on properties that they had repossessed.

Most of the other banks in Spain have joined the government bailout programme known as Sareb. This meant the government “bought” their properties or in some cases such as Sabadell bank, assumed most of the loss. It left those banks with no incentive to offer higher, riskier mortgages so any loans for properties were at “arms length”. These days that means risk avoidance by the banks and hence in most cases offers of 60% – 70% for overseas buyers. The bank properties in Spain are selling steadily and Sareb which is now ultimately responsible for the losses on the properties has no means in itself to offer financing. So finally we are back to more realistic levels of borrowing where the loan is detached from the purchase.

http://www.gesaliseda.es/ is the Banco Popular website you can see the list of their available properties and prices plus details on the actual mortgage deals available. They do work through agents,

The terms are in Spanish on the site based on 100% but can be easily translated

Definatley stick with it because you are nearly there, i put my deposit down May 14 and completed on 16 December, everything Andy is telling you is true, the clown in the bank in Alhama is just that a clown, everybody i spoke to who where dealing with banco popular has had the same problem on average 7 months to complete with the 110% deal really slow to approve the mortgage, i just got a call from our solicitor at Pals on the day  and they said can you complete this afternoon we never heard one word from the bank at all!, stick with it its worth the wait i know how you are feeling, regards paul.

This message was last edited by Germangeezer on 03/02/2015.

Dear Paul. Thank you for your encouragement. I wonder did you get a survey or see the survey that the bank had done before you completed. We asked to see this and they all responded as if we were mental. In the uk it is mental to buy a property without seeing a survey.

no we didnt get a survey done and they didnt offer one either and the solicitor didnt mention it, we did give the property a very good inspection and Andy will give you the keys whenever you want them to keep looking at it, just remember they are sold as seen so it will require lighting, air con, ect, ive got some lads doing all my work now and can highly recommend them, the first one we viewed didnt even have a boiler because the builders had been back robbing them for the newly built ones that polaris couldnt pay them for completion of works to get paid, fortunatley we secured one with everything in it except the lighting and air con, they are generally in good condition and will just need the basics to get them back up to scratch, after all they are brand new 7 year old apartments

This is the email for Banco Popular in Alhama if you wish to chase it,    00750029@bancopopular.es  good luck, they are just very slow!!

We dealt with the master agent for Banco Popular on site, they sorted our mortgage directly as they seem to have the best contact with them anyway as all sales go through them. Our contact was Rupert, we can only recommend him and his company. We had to wait some 3 months and all was fine, seems it depends on the agents as the closer you get to the bank the better. We also asked for the survey but have been told that this is by no means a survey regarding buiding or issues, this is just for the mortgage so no good for any snag repairs or similar. Sure, once signed, you will soon forget the waiting and just enjoy CDA as we do.

Rob

Dear Findings,

I am in the same situation, i am still waiting 10 months now. Also on the 110% deal. I have lost hope now and will try to get my deposit back.

I understand the problem is with with the Banco Popular, but how long does it take to approve or not approve?

Does anyone have any advice?

hi there stick with it weve just been approved took from june 24th 2014 till jan 20th 2015 ,long wait but worth it 

Dear Rob,

Have a proper look on your deposit contract. You may be intitled for the money back without any prejudice. 

I dont know for sure, but the contract should be 2 ways... they guarantee the house for 2 months, and your money gets stuck for this amount of time too. 

maybe worth a good look.

othet than that... I wish you a good outcome. 

Cheers

Hi all

I am both comforted and sorry to see that there are people in the same situation as us. I do know of some people who have got their deposits back and even one couple who got theirs back but still went on to buy. THe only bonus is all the time we don't own them we are not paying a mortgage but it would be nice to have it up and running for the summer. Property prices are on the rise so we do have to consider whether to move our money elsewhere before we can't afford anything. 

Good luck to you all. Please keep posting when you do get approved . Many thanks 

 finding

The thing to remember is that there are 4 different banks selling properties on Condado, all with varying prices and mortgage deals, typically with a standard mortgage deal for non-residents of 70% and the mortgage rates then vary by bank plus the extras that some banks insist to pay, for example life and contents insurance

I don't know how much the initial purchase price is but banks are offering them now from €59k, so you can save the difference between the 110% and speed up the process with another bank

If somebody wants to get an idea on the numbers and offerings, please PM me