Anyone on twitter?

Anyone who has already completed & particularly anyone with a mortgage from Caja Murcia - can you help me please?

I am due to complete on Thursday & I have been given a breakdown of costs by the Bank, which are far higher that I expected.

I have purchased for 179,000 & have already paid 20% deposit + IVA of 7% on that amount.

The mortgage is 143,200 & I have already paid my solicitors fees.

So I know that I have to pay the IVA on the other 80% = 10,024

I also know that there is a 1.5% opening fee for the mortgage = 2148

Then they are telling me 7038.08 for Handling expenses (notary, registry, etc - they don't say what the etc is!)

They are also charging 800 for Bank Expenses & are trying to charge us 871.21 for life cover ( that we don't need)

I have asked the bank for a breakdown of the figures but as time is of the essence, I thought I would ask those of you that have already completed.

Any help gratefully received - Thanks

Noreen

Hi Noreen,

You will find that a big chunk of the expenses are stamp duty, which i could not believe you have to pay twice.  A certain % of the purchase price 179000 in your case and also a % of the mortgage amount 143000 was it you said.

My costs worked out at 14.5% when we were only ever told 12% from the beginning, i know its very frustrating so i have sympathy for you the cost seems never ending.

Buying costs are 10% if you do not take a mortgage but 14.5% if you do. This was never explained to us properly by MRI! at the beginning but they just want you to buy.

Hope this helps,  your not the only one who got a shock.

Regards Stuart,

With regard to stamp duty, it depends on wether you take the builders mortgage or one with another bank. Phase 1 is Caja Madrid and Phase 2 is Caja Murcia. If you take the builders mortgage you only pay stamp duty once otherwise you pay twice.

Stu

How right you are, the curse of MRI strikes again!!!

We were only ever told to allow approx 10 - 12% - there was no indication that these additional costs would apply.

I have to say that Caja Murcia have been brilliant - we are now switching to the builders mortgage & costs are going to be greatly reduced, including the 800 Euros bank expenses.

Fingers crossed that it all goes through tomorrow & we can get the apartment all sorted out next week when we are over.

Thanks for all your replies.

Noreen

I completed last week and took the builders mortgage. The lady who was dealing with mine was away on holiday until 3 days before completion and everything was still sorted out in time. I think it makes it a bit easier if you have the builders mortgage.  Virginia Martínez Gracia at Caja Murcia Vera town centre branch was the lady who dealt with ours and she was excellent.

Kris

Kris

That is great to hear as this is the same person that will be sorting out our completion.

We have also been dealing with our branch in Javea & the manager there has been absolutely brilliant as well.

Having worked for a major high st bank in the UK for the past 29 years, I have to say that there customer service puts ours well & truly to shame.

Noreen

This whole thing has cost us in excess of £12,000 more than MRI told us. Lucky for us, we have managed to cover this - what would we have done if we weren't able to raise these funds?
It is blatantly obvious that they do not give a damn about anything other than getting the sale - that is our experience anyway.

Same with us Noreen. We have had it confirmed by a resident at AA Resort today that exactly the same apartment we were buying was 10,000€ less off plan price. This was after MRI and Key Mare promised us that the price we were to pay was the off plan price and we could have it at that because IT WAS LAW (how gullible were we?). Phill, you have slighted MRI before in our private correspondence, but you should be ashamed of your involvement in this deception too, Key Mare haven't come out of this situation squeaky clean.

Conrats on being a new home owner Noreen.

Mark

We have also had very unsatisfactory dealings with MRI

They will stop at nothing to get the sale. This include blatent lies.

They are wolvesin sheep clothing!

Surely whatever each member of this site has experienced regarding mortgages etc. depends upon each individuals circumstances.  Although it is interesting and possibly helpful to a degree, to hear what has happened to other members, where mortgages are concerned we cannot walk in each others shoes.  There are too many unknown factors. All I would say is that It pays to research offers and negotiate with the preferred bank or mortgage provider concerned.  What they offer is just a starting point for negotiation.  One thing is certain, if a bank or mortgage provider want your business and can be shown that a better offer is being seriously considered, they will improve their offer. (Just make sure you get it in writing - to the letter!)

Temp2

Temp1

Obviously you haven't been affected by the MRI lies!!

My original post was not specifically to do with the mortgage itself, which obviously is personal to individuals, but was in respect of the costs for completion which one would assume would have common elements.

For example, no matter how much your mortgage is, if a figure of say 1% land registry or 1% notary fee is something that someone else has experienced, then I would hope that I am intelligent enough to work out how much the actual figure is in relation to my own mortgage, in order to compare.

I also find it a bit insulting that your post insinuates that research wasn't done because it was & we are quite happy with the terms of our mortgage. Where we went wrong was believing MRI & those associated with them, when they answered our very specific questions about completion costs.

The point of my original post was that the charges quoted to me by MRI were completely false & were in reality about half of what the bank qouted. When you are due to complete on Thursday & on Tuesday afternoon, this hits you, then you turn to whatever help you can for ammunition to challenge the figures. Luckily for me, I also put my question on the main forum where a number of members took the time & trouble to provide constructive advice, which resulted in me challenging the bank & achieving the positive result that I did.

I wasn't asking anybody to walk in my shoes or vice versa.

Noreen

Noreen

apologies for causing such offence.  The post was from Temp 2 not Temp 1 and no, we have had no dealings with MRI.

Temp 2

Temp 2

Sorry I just went by the name on the left hand side.

All I can say is lucky you that you have had no dealings with MRI

Noreen

Ken

I can only say that the bank were brilliant & it was them taht sorted out changing over from a "new" mortgage to the builders mortgage, all at a days notice before completion.

This meant that we saved one lot of stamp duty & also the "bank expenses" - we dealt with 2 different branches of Caja Murcia to sort it out (Vera & Javea) & the 2 ladies , Maria Jose & Virginia couldn't have done any more to help us.

It was only through the advice of Rixxy & Roberto on the main forum that I challenged & although it wasn't necessarily the challenge in itself that was successful, it did result in a better situation for us in the end - a saving of 4700 euros in total.

Noreen