set up fees for mortgage

I know I have seen this info on this forum but cant seem to find it now.   I need information upon fees when taking the builders mortgage.  The mortgage will be the subrogation amount plus a fair bit extra ( cant tell you how much as not been told)

So I need to know what % I payfor each of the diferent fees. Also I know the bank have said eurobar +0.75%. Is it the norm for this rate to be aplied to the subrogation amount, as well as the extra.

The bank have said we need to take their buldings and contents insurance which I know it is best to do, however, they also want us to take life insurance ( Ihave no idea if this insurance will be competitivly priced or not), and also a one off insurance fee "just in case in yeras to come it is deemed illegal, and needs to be knocked down"!!   The development has had all liscences granted at regional level, and isnt this what my solicitor chceks for?   Do I need this insurance, and what is the reality of haggling with these people

many thanks in anticipation

louise

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Hi Louise

Why not contact Smiley on here ? He's a mortgage broker on the CDS.

Search posts by SMILEY & send him a PM or link to this thread ... http://www.eyeonspain.com/Secure/ForumReply.aspx?thread=4204&dev=FB1&name=Spanish%20Mortgages

Good luck.

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Ask your lawyer to confirm all the costs to you in advance and also that the chargeable rate is applicable to the entire loan not simply the amount you are subrogating. It would be unusual for them to apply 2 different rates but not impossible and i have heard of it happening before. The insurance they are talking about is Title Insurance - whether it is reliable or not will be for the bank to confirm to you - try taking them to court in the event that you need to claim and the company backing the policy has gone "tits up". Laywers fill a different role here and to be honest the bank valuation itself should highlight any potential future pitfalls for unlicensed properties - then again you wont be getting a valuation report as you are subrogating the developers mortgage - hmmmmm - not sure the answer on that one - guess it depends on the pedigree of the company offering the Title Insurance.

regarding the other costs your lawyer should give you a breakdown of all the Notary fees, taxes etc.

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thanks very much for the relies

louise

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