URGENT sale of contract at Las Terrazas de la Torre very good discount

Hi Everyone

We have a ground floor apartment on phase 6 completing soon, and have applied for the cam option, I heard a wisper that the bank is turning down some us brits due to the current u.k financial situation, ie percieved financial national problems, (bad press due northern rock crisis etc...)

How is anyone doing with the cam mortgage? any info?

Cheers.

Mike.

We have recently completed and used Cam bank. They ask for a current Credit report ( Experian or Equifax) also details of income or Accounts if your self employed. There are no live credit checks carried out like in the uk. Subject to income levels everything should go through ok. We found them very helpful, communication is good and their internet banking is superb. Good Luck.

We have also completed using the CAM mortgage , everthing went ok and we have been very pleased. We had to do the Experian report which is straight forward via the internet . CAM sorted out the insurance etc. You just need to make sure all papers are sign prior to getting to the Notary.

The only issue we had was that the Notary/ Bank  would not allow us to use a copy of our NIE document which is perferctly ok in the costa del sol where we have brought before. Once we resolved that everything went through fine.

 

 

We also had to provide an Experian report which was pretty straight forward. However, they are yet to give me a decision on the mortgage....I should hopefully hear from them tomorrow (fingers crossed).
Failing that, I will take out a UK mortgage (extension to my existing mortgage) but the exchange rate isn't brilliant at the moment.
Time is running out....!

I will give you an update as soon as I know more.

All good, CAM bank have approved the mortgage.


AJ

Mike/AJ,

I'm glad I haven't looked at the forum for a few days as I would have been even more worried than I already was. Didn't get all our docs to CAM bank until just after Christmas and my Experian report wasn't the best but heard to today that it has been approved. Just as well as we are going out tomorrow to complete on the 16th Jan!!

When are you completing?

Stuart

 

 

 

Good news, glad you have your mortgage approved.

We are completing on 22nd January; flying out on 19th and back to the UK on 24th.
I had to take out a 2nd mortgage with CAM Bank in order to get enough funds for the outstanding amount. It worked out cheaper than taking an extension with my existing mortgage (which was also approved) purely because of the poor exchange rate at the moment.

I have also set up a Current account and a Sterling account with CAM Bank.

AJ

AJ,

Typical, we fly home on the 18th! Could have met up for a pint. Have you worked out a cheap and easy way to fund the Euro account with CAM to cover the mortgage payments?

Stuart

 

 

Stuart,

Yes, a pint and chat would have been good. Maybe another time...we should be going back in Feb/Apri..not sure exactly when yet.
Haven't even thought about how to fund the Euro CAM account yet...I know every transfer from here will cost....need to work on that one.

Has anybody else got any hints/tips?

AJandDee we are completing on the 25th and out there from the 20th we are staying on the Mar menor if you fancy meeting me and my dad for a beer or chat let me know?

Nic

I have used TTT Moneycorp, www.ttt.co.uk, 020 7823 7700, to convert sterling to euros.

Found their rate the best on the day I searched.

They offer a facility whereby you can have a monthly standing order with them and they guarantee the agreed sterling to euro exchange rate for up to two years. This way you know exactly how much your mortgage will cost you for the next two years and then presumably you re-negotiate.

Whether at this time, with the exchange rate so poor, it is a good thing you must decide. Personally I would purchase euros to cover the next six months mortgage, deposit it with CAM bank to be drawn monthly and revue the situation after that time.

I also looked at HiFX, 01753 859159, or info@hifx.co.uk who have a similar arrangement but their rate was not as good as Moneycorp on the day..

Trust this will be of some help.

JohnT.

 

Moneycorp also send you a weekly email with commentary on the prospects for the Euro exchange rate & what buyers of the currency should do if they need Euros in the near future.

This commentary has proved to be very reliable and if  we hadnt withdrawn equity (to sit in Euro account) when we completed in Dec07 i would have followed their advice and bought Euros in advance of needing them as they suggested that the the rate could go as low as 1.20/£.