Hi George,
Great minds think alike - although Corvera completion still some time away, I have spoken to a number of mortgage advisors as well as a bank in Spain. The best advice I got was from Patrick Robinson (from Eye on Spain) and he is the only one that mentioned the benefits of the Developers Mortgage. It all seems to depend on the deal you want and you have to weigh up expensive loan set up costs to better mortgage deals per se. I think Proof of Income and Outgoings is becoming more stringent though and La Caixa has now started asking for UK Credit Reports (although at present they say ' a UK credit report would be helpful'). The original documents detailing the NIE numbers are now also neessary, rather than just copies. The mortgage market in Spain is still evolving and by the time Corvera is built there will be different deals and interest rates on the table. The Rhoda Development message board is quite useful as some people have recently bought mortgage products. I quote one of the messages:
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
Ash