Standard reply from Cam Bank e mails to customer service Polaris
1. Steps to follow to arrange a mortgage in Spain
- First you must send me your passports and I’ll open a bank account for you.
- You must tell me your property number and purchase price with VAT
- We have the valuation (which is similar to purchase price) in all Jardines de Alhama properties so we can offer you the 70% from valuation figure to borrow.
- You must send us some information about your incomes: P-60, copy of last 3 wages or Inform of accounts and Tax Return (if you are self employed).
- You should also provide us your Credit Report and Credit Rating, you can find this information in the following webs:
www.econsumer.equifax.co.uk/consumer/uk/order.ehtml?prod_cd=UKCPS
For Ireland is:
www.dataprivacy.ie/2bi.htm
I have also webs from Germany, Netherlands, Norway…
- We also need your NIE number (you should ask your attorney to require in your name)
2. Advantages of being a Cam Bank Customer
- When you have a Cam Bank mortgage you won’t pay maintenance fees on your accounts, you won’t pay debit cards yearly fees, and of course you won’t pay fee for transferring money to Spanish banks or deposit Spanish cheques on your accounts.
- We have more than 1000 branches in all Spain to serve you, and representatives offices all over the world: London, Hong Kong, Cuba, Brazil...
- You’ll have our internet banking services 24 hours a day wherever you are www.cam.es
3. Mortgage Conditions:
We study every case personally, and we have a big mortgages
offer. But the main points I’d like to remember:
-Amount you can borrow (non residents): maximum 80% from purchase price.
-Term: between 5 and 40 years
-Interest only period: from two years interest only to five years interest only.
-Reference index we use is Euribor rate.
-We also offer property and life insurances.
4. Special Agreements with Polaris:
By the moment we are financing most of the Polaris Resorts: Mar Menor I, Mar Menor II, Mediterranean Lands, Jardines de Alhama and Hacienda Riquelme.
In all these Resorts, we offer the best choice to finanance your property through the builders loan which means 3000 Eur saving in taxes and legal fees on each 100.000 Eur you borrow.
Jardines de Alhama completions will start in May this year, we already have conditions for that Resort mortgages and we also has valuations from that properties done.
Conditions for Builders loan at Jardines de Alhama:
Amount: 60% aprox from Purchase price
Term: Max 30 years term with 5 years interest only
Bank fee: 0.75%
Interest : Euribor rate + 1,10% (this 1,10% could be reduce to 0.75% if you contract your property insurance, life insurance, credit card, internet banking and direct debits and saving account)
Advance repayment fee: 0.5%