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Hi i have an apartment in Block 21 just wandering if anyone had any news on the completion date, was Sept! Also has any one any advice on intrest only morgages in Spain? Can they be done through the Developer? Any reccomendations gladly received.
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Have a look at this existing thread for some information on mortgages etc
http://www.eyeonspain.com/Secure/MsgBrdsPosts.aspx?thread=5277&dev=D1&name=Duquesa%20Village
Steve
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Hi Simone
Please get in touch with "smiley" on this forum - Patrick Robinson of Marbella Mortgages. We have found him to be extremely helpful with interest only morgage - We could not have done it without him!!
Regards Mimmie
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With regards to the alarm system the RfY brochure for DV clearly states
" pre-installation for alarm system".
Does anyone know what this pre-installation comprises and how it might be connected?
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Simone,
I think you will find that the builders Bank will write to you with what they can offer, once Ros & Falcon have advised them that block is nearing completion. We had a letter from Caixa Catalunya a couple of months ago, but we are in block 17, which I think is a little closer to completion.
Rates were competitive & worth looking at in competion with what Smiley or other brokers might be able to obtain for you.
John 777
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Re the developer's mortgage, has anyone been able to negotiate the flexibility for partial redemption if/when required without incurring penalties, plus the requirement to exclude life insurance from the mortgage conditions (due to Spanish IHT implications)?
Re the completion date for Block 21 we had been advised from our agents that the revised completion date was " end of this year", however we have yet to be informed of this by our lawyers.
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I negotiated a variation on term length on the mortgage and know from personal experience BA charge 0.5% for any additional payments outside the contracted repayments.
_______________________
Regards
John
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"the requirement to exclude life insurance from the mortgage conditions" ??????
I have taken on the developers mortgage in April 2007 (representing about 60% of the sale value) and at no point was Life Insurance mentioned.
Maybe this is a requirement?
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The builders mortgage on Phase 3 is with a different bank to that used on earlier phases, certainly on block 17 it is Caixa Catalunya based in Estapona.
Life insurance is listed in their conditions, but they were ready to drop this when I challenged. I think as long as you can justify why you don't need it, they will negotiate. At the end of the day they are looking at how debt would be serviced should anything happen to you.
They were also happy to offer an initial Interest only period as well, which is not mentioned in the original letter they send out. Basically if you are interested in their mortgage negotiate with them to tailor the mortgage to best suit your own needs.
One point that they might be a little stricker on, is that they look for combined repayment of any UK mortgage + your Spanish mortgage to be no more than 40% of income.
John
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Not sure where I picked up the 40% figure from, I think it must have been when talking to the Bank or a friend that I know has used them. Its not mentioned in the original letter I rec'd & can't see a comment on their website either. Therefore can't be sure if it's gross or net income.
The web site, which is in English is worth looking at though www.caixacatalunya.es
Tel No. for the Estepona Branch is 00 34 (9)52897754
John
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