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30 May 2007 12:00 AM by womble 2 Star rating. 43 forum posts Send private message

Has anyone else gone with the developers mortgage?

Would prefer to stay with our own bank, Solbank?

Any advice most welcome.

Fionnuala & Derek

Ireland.




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30 May 2007 4:16 PM by Pitby Star rating in Andalucía. 1904 forum posts Send private message

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Hi womble 2

See this link about the developer's mortgage - all useful info in here! (hope the link works!!)

www.eyeonspain.com/Secure/MsgBrdsPosts.aspx


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30 May 2007 9:17 PM by John 777 Star rating in West Midlands. 109 forum posts Send private message

Pitby,

Thanks for putting the link to developers mortgage in your post. It looks though as if Phase 3 has been financed by a totally different bank & so not all previous comments are relevant.

Womble,

We have rec'd a letter from Caixa Catalunya as well. Terms look competitive from a 1st read through, as long as the 0.95% + Euribor continues after the 1st 18m. Needs checking. Also need to ensure  life insurance premiums are not loaded.

As mentioned in a number of other threads, you do not need to take the developers mortgage if you don't want to. If you do need to raise a mortgage though, your costs will initially be higher if you go with another Spanish lender using the Duquesa apartment as security.

I am involved in Commercial Banking in the UK & rates Caixa are quoting are cheaper than those currently charged by our subsiduary in Spain, so as long as no hidden extra's/surprises looks as if worth considering.

John 777




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31 May 2007 4:48 AM by Pitby Star rating in Andalucía. 1904 forum posts Send private message

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Derrr ..... just realised what Caixa Catalunya was!  Thanks, John!

So, obviously, Banco Andalucia isn't involved in Phase 3.  Is that usual for a developer to have different banks financing different phases?  Just out of interest.





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31 May 2007 6:53 AM by JC1 Star rating in Manchester and La Du.... 963 forum posts Send private message

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It looks as though John is correct although I have asked Ignacio, bank manager Banco Andalucia in Duquesa, this very question. His response was they still are funding but depends upon the address ie which phase. And the savings illustrated in the letter received from Caixa are simllar to those through BA.

_______________________

Regards

 John

 


 

 



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31 May 2007 8:48 AM by michael52 Star rating in Bushey, Hertfordshir.... 308 forum posts Send private message

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From Barclays Spain web site

BARCLAYS NEW MORTGAGE  LOAN 
  It’s easy to get your mortgage right.
- Trate from the first year: EURIBOR + 0.70* (5,12% APR**).
- Reviewed annually.
- Term of up to 40 years.
- For an amount of up to 80% of the appraisal value of the house.
- Origination fee: 0.50% (€601 minimum).
- Free access to Banca Próxima: Online and Telephone Banking.

However note that the bank will retain a sum in respect of the redemption of the developers mortgage and this will not be refunded until the developer files his papers.

My wife and I have been waiting since last October for Ros Y Falcon to do this and threats to their legal department have met with absolutely no response.

 




This message was last edited by michael52 on 5/31/2007.

This message was last edited by michael52 on 5/31/2007.

This message was last edited by michael52 on 5/31/2007.

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