Is there a hidden agenda ?

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This topic contains 14 replies, has 6 voices, and was last updated by Profile photo of katy katy 7 years, 6 months ago.

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  • #54825
    Profile photo of Anonymous
    Anonymous
    Participant

    I have been paying 999 Euro’s mortgage for a while now, but as bookings this year is very low I am finding it hard, On Monday I phoned the bank which ive been with for nearly 5yrs in San Pedro, spoke to a nice chap that seemed to want to help, he said he would pass all my details to a lady that deals with mortgages and said she would phone me by the end of the week, to be honest I wasn’t going to hold my breath and was ready to call them on Monday, but this afternoon she called me, I was :shock:, she was so nice and took her time to explain things to me as I don’t speak Spanish, she had been looking at my details and she could offered interest only mortgage which would be 350 Euro per mth for 3yrs and after will look what the interest is, but will cost me 2.500 Euro’s to set up and will add that to my new mortgage, all she needs is for us to fax our P60 and she will then send us the new contract to read and if were happy sign and fax back. she said she would try and get it through for next month but couldn’t promise, but would promise it would be done done for May payment, well as banks go I found ours to be fantastic.

    Is there a hidden agenda to the above, or have i been one of the lucky ones that has a bank who really wants to help ?

    However I have read some post on this site referring to Eurobar and should wait until July, why July ??,

    Do you think I should wait until July or go for what has been offered to us

  • #90832
    Profile photo of Anonymous
    Anonymous
    Participant

    I am totally bemused at the mortgage situation in Spain.

    I think that if it is true then it’s a great deal, but agree, where is the catch as there always is one!? Will they hit you with thosands of euros of interest in a few years time, when the economy is hopefully better and they think you have more equity in your house? or is it just a rare case of a decent person working in a bank?

    We re-mortgaged under duress from dodgy bank manager and it cost us thousands and was the biggest mistake of our lives. I think in normal circumstances it costs 8% of the full loan value?? We are now wanting to extend our loan time and keep getting told to wait until July as that is our yearly review date when they calculate the next years interest rate for us (12 month Euribor rate, currently at around 1.9% I think?). I want us to change the time frame of our mortgage now but the bank manager is doing a sort of ‘dum de dum fingers in ears I can’t hear you’ attitude. I’m going to keep trying as another poster here said it took her 7 months of asking. I won’t give up as it’s a major deal for us to get lower payments at the moment to survive.

  • #90837
    Profile photo of Anonymous
    Anonymous
    Participant

    We hello Itsme 😀 , after seeing that so many had read my post I was getting worried that no one wanted to talk to me 😥

    Im so sorry to hear that you are having problems its a real worry isnt it, when did you re-mortgaged, and what type do you have for it to be a mistake, not that im nosey it just might help me and others not to do the same mistake.

    Will they hit you with thosands of euros of interest in a few years time, when the economy is hopefully better and they think you have more equity in your house? or is it just a rare case of a decent person working in a bank?

    I’m hoping that ours its a decent bank, but what can we do to safe guard ourselves as we are not experts in this field and tend to trust the “experts” we’ve only ever gone into our bank once in 5yrs and they welcomed us then, I phoned them the first time week today and again they were very helpful as I said above didn’t expect them to call me back, but they did and as I’m a trusting person by nature and I felt they were genuine in wanting to help, as for what will happen after 3 yrs I have no Idea and neither did she which is understandable, but whatever it will give us 3 yrs breathing space as we can pay the 350 Euros without worry.

    Has anyone any Idea what do i need look out for ?

  • #90840
    Profile photo of katy
    katy
    Spectator

    Are you sure the “lady he put you in touch with” was actually from the bank?
    I know nothing about mortgages but I would read all the small print about ten times or ask an expert to do so.

  • #90841
    Profile photo of Anonymous
    Anonymous
    Participant

    @katy wrote:

    Are you sure the “lady he put you in touch with” was actually from the bank?
    I know nothing about mortgages but I would read all the small print about ten times or ask an expert to do so.

    What do you mean ?

    The chap i called was with the bank but he was unable to help with this, so he passed my details to who ever deals with these things at the bank, the fax number she gave me is the banks, there called Bancaja has anyone had dealings with them ?

  • #90848
    Profile photo of Anonymous
    Anonymous
    Participant

    Basically our bank manager suggested we re-mortgage so we could clear our credit card debt. This turned into a disaster of mis-information. The fees were so high, and they charged 3000 euros commission for a 10,000 advance (for 3 weeks it turned out!) as the mortgage was taking so long. They over-valued the apartment, as was the norm I think, and we being nieve went along with them as they were ‘the bank experts’. Then right at the end of months of worry about our deeds they said that we needed a guarantor, so my father in law stepped up to do it. We believed that this would mean that if we couldn’t pay the mortgage they would contact him. They basically took out a 20,000 euro loan in his name which they wrote out two cheques for. One for the bank manager and the other for the ‘guy who helped us get the new mortgage’. I have never cried so much over an issue and it’s been 3 years now. I so wish we had stayed with the orginal mortgage and paid off the cards bit by bit like everyone else. They conned us and we were stupid into believing everything they said. One thing that did really annoy me was when I thought I was covering ourselves by asking the bank manager to write the agreement out and sign it he did, but said he didn’t have any headed bank paper. The solicitor said it was worthless as it wasn’t on the bank’s paper!!! Both men have long gone and not with only our money. They should feel very guilty but i’m sure they don’t.

    So, our case is probably very different from most but I still find it very hard to trust banks. Even if the bank manager now is much better.

    Let’s see what our yearly review brings in July and we might then again ask for an extension of our mortgage term to lower the payments even further. Then we’ll wait how ever many years it’s probably going to take until the property market picks up and we can sell the apartment. The new bank manager has said we can hand over the mortgage to a buyer if we want, which I don’t think they are doing much at the moment which is one good thing. I am so glad that the apartment is at least in the centre of a fantastic town so it’s not a disaster if we go back to live in it. If it was a ‘new-build’ on the outskirts of town or in a dodgy area (like so many of the new ones are…) then it would make a bad situation even worse.

  • #90849
    Profile photo of Anonymous
    Anonymous
    Participant

    Oh my god itsme, I really feel for you, how dreadful, you must be going out of your mind with worry and its been going on for 3 yrs.
    Do I take it you didn’t go through a bank then, that you did it through an agent ? and then you thought that the other man was a bank manager. Its so easy to get sucked into something when your dealing with this type of thing isn’t it and it seemed they knew what they were doing right down to the “haven’t got a headed paper” were you at another office was he a bank manager or just pretend to be one,reason I’m asking if he was the manager and it was signed in the bank he should still be libel, letter head or not as he signed it shouldn’t he ?.

    So what happens now do you have to pay off the 20,000, I’m sure its a bitter pill. its so amazing that people get away with this type of thing how on earth do they sleep at night 👿

    Im so sorry Itsme.

  • #90851
    Profile photo of Anonymous
    Anonymous
    Participant

    Ok been in touch with bank 3 times and spoke to different persons and yes she does work at the bank on my 4th call asked to speak to her and she has received my fax with our P60’s and covering letter, the paper work will be posted to us and will be in English, but I misunderstood about been able to fax back the paper work, we will either have to be there to sign or get a solicitor to sign it for us in the notary.

    Why do we need to do the notary again just for change of mortgage ?

    Any recommendations for a solicitor that wont sit on his/her ass in Marbella or San Pedro area please and does anyone have any idea of the cost as it might be cheaper for us to go over.

  • #90852
    Profile photo of Inez
    Inez
    Participant

    Hi there, any chane in a mortgage has to be notarized and amended in the deeds, therefore a notary trip.

    I know a couple of very decent lawyers but they will charge. Fees are usually 1% of the loan plus iva and usually subject to a minimum charge.

    I would have thought it would be cheaper for you to fly out but it will be an idea to have the document checked out so you know what you are signing!

  • #90853
    Profile photo of Anonymous
    Anonymous
    Participant

    Glad to hear it’s all legit Welshangel. Seriously, get a good solicitor to double and triple check everything and you do the same just to make sure as well.

    We did go through the bank but it should have started alarm bells ringing that the bank manager was suggesting we go via an agent friend to another bank. That is something we’ll be kicking ourselves about for years…. It was all for a minor credit card bill!

    Basically the bank manager and his friend, the agent, and the second bank were all in on it. We weren’t the only ones to get hit by them either. They would skim off as much commission, fees, loans etc. as they could. What hurts is that the ‘agent’ came round to value the flat with another guy and shook my hand as I was holding our little child, who was just under a year old at that time. How could he look me in the eye knowing they were going to set us up?

    We asked so many questions of a solicitor (afterwards though) but the bank manager did a runner and they put in a very glamourous model like female bank manager who wouldn’t answer any questions. I’m guessing because most others who were conned were men and she might distract them from taking the bank to court? Not that it would be easy as it is the credit bank of Spain (although I think the main boss might be in prison anyway for fraud?).

    Such a typically Spanish con, and as a Brit it hurts….and for my spanish husband it’s worse. We’ll regret not being more on the ball for the rest of our lives as we do have to pay back my father in law the loan amount and also the mortgage, which luckily we’ve paid off to a reasonable amount now just in desperation to get back ‘to normal’ again.

    The next time we are going to double cross every t and dot every i !! and use a solicitor who has been proved to be a decent person!

    The whole process is something I want to forget about and move on from and that is when we sell the apartment and can start again saving for a deposit and buy something else and start afresh.

  • #90878
    Profile photo of Anonymous
    Anonymous
    Participant

    Thank you Itsme for sharing your story with me, it has been a terrible time for you, one thing is for sure you wont let that hapen again

  • #90888
    Profile photo of Anonymous
    Anonymous
    Participant

    I took your advice about double checking everything and called the solicitor that delt with our apt when we bought it, left a message this morning for him to call me back, and late this afternoon he did 😀 , asked if he could look over the paper work and deal with the bank on our behalf and would it be possible for him to deal and sign with the notary, and how much would that be he said 300 Euro so were happy with that and it will be worth it for peace of mind.

    So let see if things turn out as good as it all sounds to date, after everything is sorted I will then gladly recommend our bank and our solicitor, he is Spanish based in Marbella but fluent in English delt with him 5yrs ago happy with him then, and my brother in law used him 3yrs ago and he was also happy with his work.

  • #90914
    Profile photo of Anonymous
    Anonymous
    Participant

    Hi welshangel,
    How refreshing to hear of good service coming from Spain! 😀 (ie. Banks, Lawyers )
    I hope it all turns out well for you.

  • #92214
    Profile photo of Anonymous
    Anonymous
    Participant

    Most lenders are now offering “REFINANCIACIONES”

    It is basically a refinance/remortgage deal. I recomend that anyone that has a ploblem with keeping up with there payments that they contacts their lender.

    I also strongly advice that the conditions of the offer are checked over
    very well.

    Given the current situation a lot of customers are going through difficult times. What you must not do is to avoid the ploblem and think it will go away.

    One other mistake is to “walk away”

    Lenders dont take to kindly to this, and most are currently looking at claiming outstaning debts in the U.K and other EEC contries.

    If you need any help or advice, we have a bank liason team
    that would be happy to help you.

  • #92216
    Profile photo of katy
    katy
    Spectator

    I suppose your service is free 🙄

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