not accepted for 110% mortgage: help

Ahh After 7 months wait the bank have said they can no longer offer us 110% mortgage. We have not been given a reason as to why yet but we are pretty sure that it is not our finances that is the problem.

The bank have told us that we can have 100% and that we can make up 12,000 euros now. Obviosly this eats into the money set aside for setting the place up.

Is anyone out there experiencing the same thing and what have you done about it?

many thanks

As I explained on a provious post I do not believe that this bank are offering 110% mortgages anymore, only 100% which means that potential buyers will have now to fund their legal costs, around 14% of the property purchase price, still not too bad considering typically the maximum mortgage for a non-resident in Spain is around 70%

What you have to check carefully is the terms and rates of the mortgage, any conditions on early settlement, life insurance charges and details of the interest rates

I would alos be checking the charges being made by the agent and I certainly wouldn't pay out any money till I had received a FULL breakdown of ALL charges and compare these to the commercial rates because now you will be paying these and you cam potentially use an independant lawyer for the completion

In the UK a borrower would have to have a very good reason for consideration in respect of a 95% loan, such as having just gained a degree and landing their first job. No financial commitment from the borrower makes it far easier to walk away from their responsibilities. As for 'setting up costs' , there is loads of nearly new furniture and fittings out there going for a song, I well recall that we saved and waited until we could afford stuff, something that appears to be ancient history to today's young folk. 

may of the properties include white goods and a BASIC furniture pack but you still need to purchase AC because it is teh main source of heating and cooling

We have no information that Banco Popular has changed their lending conditions and we continue to offer this possibility for all properties we represent on Naranjos offered by the bank. In some cases, depending if you use an agent or deal directly with us, the bank might come back with a lower offer as this is always subject to risk criterias. Please send me a PM in case you have issues with that. Rupert-Quality Homes Costa Calida

Witch agent did you wordked with to purchase the apartment ?

Bart

Dear Finding, could you please answer my PM to follow up the case, we cant find anything under "Finding" in our files so in case you really want to know whats going on please respond, otherwise I dont understand the sense of the thread, thanks, Rupert-Quality Homes Costa Calida

Dear Findings,

We are sorry to hear about your problems. But then again, Im not surprised. The way they handle things in Spain is just too weird sometimes. it simply does not make sense after so much time, such barrier appear... but then again, having passed this ourselves, it kind of not suprises me. 

In the end, I would say that if you could make the extra money without needing the bank, I would highly recommend. Ours was 110% as well, but in the end the values and the intakes and out takes of our account are still not accountably closing... I'm still dealing with the bank after months signing the deed to try and understand their financial movements. 

Best of luck and Im sure in the end all will work out. 

Give the detals to Rupert at LaMangaClub, he should be able to help, 

** EDITED - Against forum rules - advertising **

** EDITED - Against forum rules - Spam **

Hi Rupert 

Sorry to bother you again, but have you another contact for the bank in Campasol having no luck in contacting them 

Cheers Ross

Apparently I had my earlier post edited as spam, and my account was blocked as "under review". obliging myself to create a new account. 
such lame situation, I can assure I'm not a spam nor a robot. 
In fact I had expressed my opinion related to one company that operates as agent @ CDA, and is included on this conversation. This deletion of my threat reflects that you may not be intitled to express your opinion here, not at least if is negative.
So if you are looking to buy at Condado and want an opinion on agents, please PM me. I will be delighted to help you out.

Dear Finding, curious ot hear the development on your history. I hope it wotked out well!

Hi, I was wondering if anybody else has been advised that they are only able to get a 100% mortgage. I put my deposit down just over 3 months ago for the 110% deal and am concerned if I may lose out on my deposit and or be charged legal fees if only offered the 100% mortgage. As I would have to pull out if only offered the 100%.

I understand as is the seller (Bank) who is not accepting your offer, therefore you should be able to get your full deposit back.

Fight for it. 

hi everyone just too let you all know we completed on wed 4/3/15 with the 110 % morgage deal with a very good agent in purto de mazarron,the bank is running slow at the moment expect about 8 mths too complete with 110 morgage deal.i can honestly say this is an offer not too be missed and well worth the time wait.yes at times it did seem like for ever but hang in their iam over the moon ,mark and lesley

After 6 months we have not been offered the 110% we put in for but 100% which we have had to turn down. There is a reason for going for 110%, that is to include the fees that, coupled with the other costs (solicitors, agent fee, etc) would have been too much for us. So we have to pay half the solicitors fee for work done so far and we do not get our deposit back as apparently there is a clause on the Aliseda website that lets them off the hook. We weren't told this by the agent, we asked if we got our deposit back if we didn't get offered the 110% and the answer was yes.

Good job agents, and thanks for your non-existant contact since it went down the pan.....