Some of this may help. I'm buying a 3 bed in jardin 4. Completion between 16th June and 16th July.
I'm dealing with Eva at CamBank by e.mail, very prompt responses and excellent English.
Evangelia Malamateniou
Caja Mediterraneo
0543 Polaris World Mar Menor Golf Resort
F. Conquetas 30700 Torre Pacheco Murcia
Tel: 968 041 800 Fax: 968041802
e.mail : emalamateniou at cam.es
I am dealing with Barbara (0034 968 030 380 ext 548) at Polaris Completions and the Property Delivery Department. Again very efficient so far.
Property Delivery Department
Polaris World Property Management
Parque Empresarial Polaris World
Autovia Murcia - San Javier, Km. 18
30591 Balsicas - Murcia
edv at polarisworld.com
Tel.: +34 968 012640
Fax: +34 968 012642
My solicitor is very prompt, speaks good English and he has English assistants who take phone calls, respond to e.mails. My solictor came recommended and i've visited his offices to meet him and his assistants last time i was over. They sorted out the NIE for me.
I have granted a general power of attorney to my solicitor to complete on my behalf (UK notary and Commonwealth apostle cost £137) so he is sorting out the completion date to suit him. I will also be giving a specific power of attorney to a snagging company to snag on my behalf (I have the wording from Polaris on a pdf file). This way i don't have to worry about flights / completion changes etc. I'll go out when its all done to sort out furniture and air-con, light fittings, shower screen etc
Costs of just the builders mortgage - I have discounted taking anything more than that as irrespective of the exchange rate you might as well borrow the extra in the UK due to additional charges/reduction in interest only terms (just my opinion). Taking on the builders mortgage means you save the fees that they have already paid to register it.
Breakdown of all the costs provided by my solcitor.
Price +Vat € 146,376.00
Paid 40% € 58,550.40
On completion € 87,825.60
Mortgage € 82,080.00
Costs:
Notary and Registration fee € 2,000.00 ( Approx)
1% Stamp duty ( 136.800?) € 1,368.00
Set up fees ( 0.75%) € 615.60
Insurance € 250.00
Legal fees € 700.00
Nie € 50.00
Total € 4,983.60
Price + costs € 92,809.20
Less mortgage € 82,080.00
Balance due € 10,729.20 ( To be paid by me seperately)
Cam Bank Mortgage Offer to me
I have seen that you are purchasing Plot J0369. For plot J0369 Polaris has a mortgage with us for 82.080€.
For this mortgage Polaris has already paid taxes etc which means that you do not have to pay taxes for this mortgage any more, so you are saving at about 2.500€.
The conditions for this mortgage would be:
1.
Amount: 82.080 Eur
Initial interest rate: 5.75%
The first revision will be done on the sixth month. The following revisions will be done once per year.
Bank fee: 0.75%
Interest rate: Euribor + 1.10% this interest rate could be reduce to Euribor +0.75% contracting some products such as property insurance, credit cards.... (please see file attached)
Term: Max 30 years with 5 years interest only
Advance repayment fee:0.5% for the first 5 years, since the sixth year you would be charged 0.25% of the amount you are paying off.
If you need more than 82.080 then we would make a second mortgage with the following conditions:
2. Second loan
Initial interest rate: 5.75%
The first revision will be done on the sixth month. The following revisions will be done once per year.
Bank fee on this one 1,50% (60€)
Interest rate: Euribor + 1.10% this interest rate could be reduce to Euribor +0.75% contracting some products such as property insurance, credit cards.... (please see file attached) or Euribor + 1.00% without any bonus option
Term: Max 30 years with 2 years interest only
Advance repayment fee:0.5% for the first 5 years, since the sixth year you would be charged 0.25% of the amount you are paying off.
If you decide that you need a second mortgage then the interest only period can be up to 2 years for the first and second mortgage.
Costs for buying the property:
Tax office: 1.368euros
Notary: 1.500euros
Registry: 462 euros
Gestion: 171 euros
--------------------
Total : 3.501euros
All these charges will be paid even if you do not get a mortgage.
These are not paid to the cam bank.
In order to open the account and start with the mortgage procedure you must send me the following documents:
DOCUMENTS THAT WE NEED FOR SETTING UP A MORTGAGE
(The whole documents should be provided by all the applicants)
· A photocopy of the first four pages of your “Purchase Agreement” with Polaris world.
· The NIE number from all the holders of the mortgage
· The most recent P60’s.
· The copy of your last three salary slips
· If you are self-employed: Your Tax Return, a Certificate from your Accountant with your yearly incomes and the information about your incomes and expenses correctly signed by the Chartered Accountant or Tax Advicers. And also the same information concerning your business.
· The original Experian Credit Report. It is also called: Equifax or Credit Bureau. This is the e-mail address for the application: https: //www.econsumer.equifax.co.uk/consumer/uk/order.ehtml?prod_cd=UKCPS.
· (If you have a mortgage with another Bank we need you to bring the last three receipts)
· Information of statements from your current accounts in UK
We accept scanned documents or sent by fax.
Cam bank will open a branch in the resort in about a year time. Right now the nearest branch is in camposol.
Any questions then please e.mail me at shampers67 at yahoo.co.uk
Dave
No longer 18mths and counting