Moving to Spain

Morning Everyone

We are almost at the completion stage for our apartment in phase 2 block 8. We originally expected to complete by the end of May but with the change of developers we were delayed.

Our Spanish Mortgage is for 175,000 euros, @ 70% of the value of the apartment.

I have been offered a life insurance package by the mortgage arrangement agents which will cover me for the term of the mortgage { 25 years }.  I know how important it is to have this type of insurance to protect my family's future if I die.

The life insurance offered will cost an extra 128 Euros per month for 25 years which adds up to a total of 38,400 Euros extra.

In the UK I pay an endowment insurance on my mortgage and like most other people I will not get back any where near the amount of money originally  forecast by the Salesman.          "Ripped off again in the UK".

Does anyone know of better deals or even different ideas regarding life insurance on a Spanish Mortgage please?  I don't want to feel as if I have been ripped off in Spain like I am constantly in the UK.

Does anyone know the street or road name for phase 2 block 8 please?

Thank You

Kev and Helen.

Kev, I think that all that the bank cares about is to have a life insurance in place naming them as a beneficiary during the mortgage period, they really don't care where the coverage comes from. So if you have an existing life insurance you could ask your insurer to add the bank as a beneficiary for up to the mortgage amount. The bank will probably ask for commitment from your insurance that the coverage will not be revoked for the period where the mortgage is in place. Otherwise, you probably need to shop around, chances are that you might be able to get a better deal from other insurers. Just make sure you don't prepary the insurance, which would give you the flexibility of changing insurer.

 Hi, Kev and Helen,

We are in phase 3 block1, the street name is "Avd de Cibeles" this runs down past the CHARE hospital then over the roundabout heading towards phase 4, all of phase 2 run along this road.

Regards,

Michael & Diane.

 

 

This message was last edited by codhead on 8/4/2007.

I can't believe the cost of life insurance for mortgage protection ... this is excessively high surely. Here in the UK it's around £20/month for  about 100k and decreasing as the morgage decreases.  What is going on here - surely Abbey  or Halifax or HSBC can come up with life insurance .... ?