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Hello campers!
Had a letter this morning from Banco Popular offering a builders mortgage. Personally not required but hubby called to find out more and they advised that they intend opening a branch somewhere in the Condado resort within the next 12-18 months.
Good news that we'll have facilities on site.
Angela
_______________________
Gary & Angela
....roll on retirement & 52 weeks a year in the sun!!!!!
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Must be more than 1 Bank financing the development then.
CAM bank offering most people their builders mortgage.
CAM bank have also told me they will be opening a branch at Condado when the town centre gets going
_______________________
Dave ![](/userfiles/content-moved-to-https/FCKeditor/editor/images/smiley/msn/new_wine.gif)
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Not surprising that there are multiple financers when your consider the size of the development really.
The more options the better for us I'd say.
We opened an account with Caja Bank when we went out last November but if they don't end up offfering facilities on site it'll be easy enough to transfer our account later on.
This message was last edited by ladylola on 5/17/2008.
_______________________
Gary & Angela
....roll on retirement & 52 weeks a year in the sun!!!!!
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Hi All
Cajamurcia is financing our apartment, Polaris World tell me you know who is financing your part of the development by who provides your bank guarantee and this is also the same bank in your contract you pay your staged payments to so would be the bank you would apply to take over the Builders Mortgage if that is your intention.
Regards
Phil
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Can anyone explain the benefits off taken on the builders mortgage against taken spanish or british mortgage
_______________________ Tom and Jane
Penthouses, Block 11 www.hendersonsinspain.talktalk.net
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Hi hendert
The simple answer to your question is by taking over the builders mortgage you can possibly save about 2500 to 3500 euros in setup cost as these have already been paid by the Builder, but you would have to look closely at this to make sure the saving is worth the terms of the mortgage offered.
Spanish or British mortgage is personal preference.
For me:
British mortgage isn’t an option due to the poor exchange rate at the moment, as I would have to convert all the funds now.
Spanish mortgage is in the same currency as you are buying the property so it’s only your monthly repayment that has to be exchanged each month and when the exchange rate improves I will be able to transfer more funds for future payment at a better exchange rate.
If on the other hand you are moving to Spain permanently and will have a euro income then a Spanish mortgage would then be in the same currency.
Regards
Phil
If you look around the Forum you will fined some good info in grater detail on this issue
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Hendert.
The builder's mortgage,especially the 60% one,seems the best deal.
It saves the legal costs associated with setting up a mortgage.I enquired at Barclays in Mazarron re a 85,000e one that would cover all costs,but was quoted 3,500e in fees!!
See copy below.
Principal requested for the mortgage |
85.000,00
|
Application / arrangement fees |
1,00
|
|
Land Property Register Search |
12,00
|
Appraisal / Valuation |
250,00
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Stamp duty |
1.300,50
|
Property Registry Land Property Register Search |
267,38
|
Notary |
471,92
|
Administrative services agency/conveyancer |
300,00
|
Application / Arrangement fees |
850,00
|
Total mortgage origination expenses |
3.451,80
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The 60% option also has 5 years interest only,as opposed to the 70% which is only 2 years and has a 1200e set-up..
The 60% has none of the above apart from a 560e one off payment.
The downside is that I have to find approx 9000e to go to completion but this to me works better.
Good luck
John
_______________________ John de Toot
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I have written a cq out from the very kind Virgin MBNA Credit Card to my bank account.
2.98% fee (but no interest for 15 months)..................... the cheapest loan available.
Just hoping next year's bonus is enough to clear it
_______________________
Dave ![](/userfiles/content-moved-to-https/FCKeditor/editor/images/smiley/msn/new_wine.gif)
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