Has anyone obtained their mortgage through this bank?

If you have - how well did they value your property? In particular I am interested in a 2 bed 2 bath ground floor apartment.

Thanks

Noreen

Caja Murcia Bank have been extremely efficient and gave us very good personal service

We had a 2 bed 2 bath ground floor and I think they valued ours at around 187 euros

Hope this help - but let me know if you need any further information

Regards  Sue

Hi Sue

Thanks for the information & it is good to hear that they were helpful & efficient.

Noreen

Re banks

its worth contacting BANCAJA    they allow  between 3000,,,and 3500 euros per sq mtr  so work it out for yourself

wetone

Has anyone had a ground floor 2 bed, 2 bath apartment valued by Caja Murcia?

I know from2 people on here that they have had theirs valued at roughly the same amount but mine has been valued initially at 17,000 Euros less than theirs. It has now been increased but is still 9,000 less.

My broker is trying to get it changed but ideally needs supporting evidence, such as an email or letter to present to the bank.

If anyone can help me, I would be very grateful, but obviously understand if you do not want to provide the information. Please PM me if you can help.

Many Thanks

Noreen 

Hi Noreen

Hope you had a good holiday

I have just got off the phone with Cristina at Caja Murcia as we are having to scurry around looking for a back up plan. She told me that Key Mare properties usually value very well. We are buying a 1 bed apart on the AA Resort and she thinks it should have no problems reaching the valuation that we want. It may be worth dropping here a line and asking the question. I'll have a look for her email address and pm you later.

Mark

Thanks for your reply.

Any help gratefully received.

Noreen

THE BEST BANK TO GO TO FOR A RE VALUATION IS  BANCAJA IN MOJACAR CENTRO COMERCIAL   3000-3500 EUROS PER SQ MTR ON ALL KEY MARE PRODUCTS....WORTH A CALL

WETONE

Thanks Wetone

We did try Bancaja & they valued at 192K but would only allow 70% = 134,400

Caja Murcia valued ours at 172K (7K below what we are paying!!!) but have since increased it to 179K

The issue is that Caja Murcia have valued 2 apartments the same as ours at 187K & 189K.

Therefore if we can achieve that value with them (& why shouldn't we?) they will lend 80% = 150,000

Ultimately this means we retain 15,000 in our savings account

Thanks for taking the time to reply though & also for all the other great advice & help you have been providing.

Noreen

Hi Noreen

The intrigue deepens. I have spoken with Cristina at the Vera branch (hopefully you have done too by now) and she said a 80% LTV isn't a problem on KM properties. Looking at the Caja Murcia website shows that the bank only lends 70% LTV , so I wonder if they have some sort of a deal that allows the extra 10% on their properties?

Mark

Hi Mark

I emailed Christina & I got an email from the broker yesterday, indicating that my Bank Manager was waiting for something from Christina & then hopefully the value will increase.

I guess there may well be some sort of arrangement re KM properties & offering 80% LTV but that doesn't explain why 3 properties have been valued so differently by the same bank. I could understand if Caja Murcia were valuing lower than say Bancaja but there is really no explanation for the inconsistency.

Thanks for the contact details again, it seems that this might be the turning point.

Noreen

Hi all

My mortgage is with Cristina and they DO lend 80% of the value if required. Brokers talked to me about 70% and infact a couple didn't believe me when I said what Caja Murcia were offering!

Cheers

Hi All,

Does anyone have an email address for this bank in Vera other than 1C6@cajamurcia.com as i am supposed to be completing in a couple of weeks but the lady i am dealing with is on holiday until 3 days before i complete and nobody returns my emails on the above address. Tried ringing a few times but with no success either. The phone number i have is 0034950390575. Again if anybody has a different one let me know.

Thanks, Kris

Just to warn any of you expecting to get a mortgage for 80% of your valuation, Caja Murcia have apparently changed there policy in light of the current instability in the financial markets.

They will only lend up to 80% of purchase price.

Also, be prepared to question their valuations - our apartment was initially valued at 179,000 Euros but because we have challenged, we have finally got it increased to 187,000 Euros.

It doesn't actually help us now that they have changed their policy - half way through our application - but it just goes to show that there is nothing scientific about the way that valuations are done in Spain.

Noreen

Hi Noreen

Was everything okay with your valuation in the end? We have just had out apartment valued on AA Resort and it is valued at less than the off plan selling price, let alone the increase that Phill and Lee told us about after 3 years!! Looks like we will be pulling out unless we can get some compromise on the sale price.

Mark

Hi Mark

We finally got our valuation up to 187,000 Euros but that was still 25,000 short of what Lee led us to believe.

I just don't understand how they assess the valuations as our first figure was 172,000, then they moved it to 179,000(purchase price) & then 187,000 - I can understand some slight variations between valuers but when it is the same bank, I don't understand why they do not query such a huge difference.

Sorry to hear you are having similar issues. We put pressure on the Bank because we were aware of what other apartments were valued at & we provided that information to them, thanks to a couple of people on EOS. Hope you get something sorted out.

MRI strikes again!!!!

Noreen

Unfortunately it wasn't just MRI that struck though, the builder's representative also played up the price. The valuation isn't with Caja as cristina proved to be too unreliable. Ours is a 1 bed apart and there aren't many of them there as KM apparently don't build them any more, so I don't really know what the valuer used as a comparison. I wonder if he took into account the fact it is a gated urbanisation? Probably not.

The valuation has come in 10,000 Euros short which is something that can't be absorbed by us, and in any case, would you go to Currys and pay £300 for a washing machine that was only worth £250? Incidentally, wen Lee first spoke to us about this apartment, he mentioned the price was 9000 Euros less, it was Phill that told us it was 9000 Euros more. We would have been okay if Lee had stuck to his guns!!

Mark

We have only paid the reservation deposit and our independent solicitor made sure we had written down that the purchase would only proceed upon a satisfactory valuation and mortgage offer. We aren't pulling out because we don't want to buy any more, we would still like it to go ahead, but when the valuation is less than the purchase price!

Mark

Hello

Who said you  couldn't  cancel without losing the deposit?

I'm looking into cancelling as well.  I've read through my contract and the main terms are

Key Mare had to complete by Sep 2007

If they didn't them the purchaser has the right to the return of payments on account plus interest

I thought these were pretty much standard terms that had to be included.  I'll go and check again