14 Sep 2014 7:18 PM:

Hi Jackie kippax

wow thanks for sharing your experience..

it doesnt encourage anyone this does it..

the UK have all this mis sold policy claim back going on..

yet here they knowingly rip you off maybe charging us up to 50% commisions on these so called compulsary mortgage life insurances they insist on..

its not pointed out at first intitial enquiry either, you can go down the route with the brokers, this figure or warning is not mentioned, quotes and terms are sent to you, you think oh thats not too bad, then.. when you go further, providing all the neccesary documention proof of earnings etc, its still not mentioned and six weeks later the final terms etc has an additional umpteen thousand euros slapped in it.... and no copy of the policy to read nothing at pre approval stage ..

then you still have to ask them ' whats this' 

its either pay it or go away..  'if you dont wamt our life insurance you dont want our mortgage'

and to think in your case they just helped themselves two years later ..OMG ..

i have read articles about people getting a mortgage with no compulsary life insurance mentioned, then when notary day comes they are asked for 7,000€ life insurance there and then pay it now, or it doesnt happen .. 

i just hope more people tell their experiences as this is wrong and we need to warn people, what they are up against, whilst planning their dreams ... 

 

jay 

 

 

 

 

 

Thread: spanish Mortgage Life Insurance Confusion Costs del Sol

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14 Sep 2014 10:03 AM:

hi Jarvi

our quick story.. We bought a property here in 2007 when prices sky high, paid cash for it.. ( no mortgage)

sold it and lost half our money as property prices dropped.. We had to sell it as moved to different part of spain now.

so now need a mortgage to buy again..

Yes it was via a broker.. And we spoke to 3 and all the same .. Non mentioned this life insuance in the beginning, they inform you of that when the banks said yes as pre approval show you the term and figures and sneak this life insurance on top.. Never explained initially.. ( totally wrong) 

so i realise the commissions on the life insurance can be up to 50% i am told  ..

also .. Small print on life insurance .. Check it all..

Although we have residencias .. We are not classed as residents as salary not paid through Spain system.

we have read ( not sure if true) hopefully some one may comment ) if push comes to shove and god forbid we need to claim on life insurance .. Small print may say no... As not classed as residents ..

all scary stuff

we are looking at other options but non are very easy

 

jay 

 

 

 

Thread: spanish Mortgage Life Insurance Confusion Costs del Sol

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14 Sep 2014 9:41 AM:

Hi jarvi

 

thanks so much for replying

we have been told by broker its complusary... To be included ....added on top of the mortgage and spread over the term, but its not even over the term ..

sounds like the UK mis sold scam doesnt it..

when did you get your sabadell mortgage was it recently or a few years ago..

my next question to them is life insurance with the same bank but separate annually keep the mortage a serperate outgoing..

but we have asked this before and got no no no ..

jay   

Thread: spanish Mortgage Life Insurance Confusion Costs del Sol

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13 Sep 2014 11:38 AM:

Hi 

i had rats ouside .. I saw droppings .. I have a cocker spaniel and they can smell anything out..

anyway.. He wouldnt go out the door.. Went all parculiar for weeks ..

then one morning the rat was dead at the bottom of the pool yak..

so that was that problem cured.. Dogs back outside again..

but i have seen more on other side of the fence ..

theres a plot next to me and people throw their old trees branches in it and the rats live under them ..

i have also seen very grey rats too ' fruit rats ' they tell me .

they seem to be everywhere 😳

Thread: THERE'S A RAT ON MY TERRACE!

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13 Sep 2014 11:26 AM:

A Mortgage has been pre approved for us by banco Sabadell spain..

But.... Their life insurance .. Is not covering the mortgage term of the 17 years,

And we are told by the broker that you cannot have a separate life insurance  ..
Yet other general insurance brokers say you can ..

The mortgage term is 17 years and we are only getting cover for the term of 10 years.

This is in no ones best interests and we are so confused about it 

Mortgage is actually for 163,000€ property we interested in is 240,000€ 

They are wanting to add and extra 18,900€ for a 10 year (not 17 year)  life insurance cover for the both of us but to only cover 71,000€  not the mortgage amount .. 
adding this 18,900€ on top of the 163,000 mortgage  making it 181,900€

Scary situation..
We are ages 51 & 50

anyone have any info at all ..

 

 

Thread: spanish Mortgage Life Insurance Confusion Costs del Sol

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