Help with moving to Spain

Has anyone taken up the mortgage from Roda Golf Builders?  We have been told that we have the opportunity to do this but do not have any details.

Hello,

We have taken the builders mortgage on as it saves costs on getting a survey carried out and administration costs. We also found Pedro at the bank very friendly and helpful. It normally takes around 1 month to go through.

We also went for Roda's air con and i think the more business you do direct with Roda the better the relationship and service.

We are due to complete on phase 2 by the 27th July, fingers x.

Patrick and Linda

Hello Brian and Sam,

The builders mortage will be offered to you automatically when you are near to completing. Here are some of the savings you can make:

1. Taxes = E3970

2. Notary = E1000

3. Register Note = E18

4. Gestory = E350

5. Survey = E280

TOTAL = E5618

You will also need to get NIE numbers. We got our solicitors based in La Manga to organise this. I ca recommend them to you Angel Morenilla Zamora of MSB Tel: 0034968175146.

The bank contact is Pedro Zamora Banco de Valencia St Javier tel: 0034968571421.

We have purchased a 3 bedroom apartment on Phase 2 and will be renting.

TEL: 01325-307094

pconnelly@flexipol.co.uk

Good luck!

Patrick

 

 

Hi Celtic

Just interested to know how much admin was involved in the Builders mortgage.  Is it just like a normal one?  We got an offer in principle from a company some time ago but because so much time has elapsed they will still want to see more tax returns, bank statement copies and accounts.  It seems because we are self-employed it is more difficult and our accounts are particularly complex because we have more than one business.  What sort of proof of income do they require?  What sort of rates do they offer?  Hope you do not mind the interrogation!

Kind Regards

Mrs H

Hi Celtic what is the interest rate like compared to other morgages available?

Kev/Lou

Do you know if they do intrest only for 3-5 years.

Thanks for info to date. 

My mortgage adviser told me that if i took the builders mortgage they would only give 60% LTV (loan to value).  This was not suitable for us.

 

I've been told I can borrow 80% LTV at .8% above the euro Bor, possibly on a 3 year interest only mortgage definitely 2 years.  The builder’s mortgage was not as competitive because i need to borrow more money than they will give me.

Go to p12 of Patrick Robinson's interview with Justin on http://www.eyeonspain.com/ContactUs.aspx and I quote: " The down side to a builder's mortgage is that, because they're a developer you are taking over the developer's mortgage terms. There is generally a lack of flexibility....There will be penalties for life of the loan and no flexibility".

So you need to balance the pros and cons

Mike

 Hi all, as we said earlier we have taken rodas builders mortgage, the intrest rate is the same as the halifax. we have no penalties for early payment of this mortgage as we only hop[e to have it for a couple of years,and saved best part of 6000 euros on fees! they will let us have 2 years interest only and then repayment .we borrowed 60%.it took 1 month to sort out and my husband is self employed so they wanted proof of earnings (3 months salary slips and p60 ) same as they would for any other mortgage there are no tie in penalties. so all in all not any different from any other mortgage, apart from saving 6000 euros on fees!!!. If anything changes halifax offer (at the moment) a free all fees paid mortgage transfer , so if we dont like anything we will swap.  patrick and linda