mortgage advice

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This topic contains 5 replies, has 3 voices, and was last updated by Profile photo of Anonymous Anonymous 10 years, 3 months ago.

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  • #52181
    Profile photo of Anonymous
    Anonymous
    Participant

    We purchased (off plan) an apartment in Calahonda 2 yrs ago and will be heading to Spain at the end of September to sign contracts etc. We have been offered a mortgage through the developer (Rushcliffe International) and the company we purchased from has also offered to get us a ‘good mortgage deal’. Can anyone offer some advice or recommend a bank/mortgage broker?

  • #65345
    Profile photo of Anonymous
    Anonymous
    Participant

    It depends when you bought at Las Palmeras.

    There was a stage when they were offering to pay the mortgage for 2 years upon completion which on it’s own was an excellent deal.

    I was up there a week ago and the development looks really good.

    If your agent has offered to get you a good deal, take them up on that and compare the 2 quotes, personally i would get another couple anyway from independant brokers, there are plenty here on the Costa Del Sol.

    All i can advise is get the best deal you can, compare and weigh up the best deal before deciding

  • #65346
    Profile photo of Anonymous
    Anonymous
    Participant

    When we purchased the property they offered us a 3 year rental guarantee scheme which suits us as we hope to move permanently to Spain in 2-3 years time. Good to hear the development is looking great we haven’t seen any photos and it was just a building site when we first saw it.

  • #65348
    Profile photo of Anonymous
    Anonymous
    Participant

    Hi Caro,

    That’s why i asked, they changed the rental guarantee back last year as a lot of clients preferred the mortgage paid option instead giving more flexibility on own use etc.

    Good luck in finding the mortgage to suit, i would however check the smallprint in the developers mortgage just incase you have to pay a penalty to cancel it.

    If this is the case, work out and compare against the best deal you can find to see what the best option is.

  • #65349
    Profile photo of Anonymous
    Anonymous
    Participant

    It shouldn’t be down to the purchaser to pay the developersmortgage cancellation costs.

  • #65352
    Profile photo of Anonymous
    Anonymous
    Participant

    That’s why i said to check to be sure.

    I had to pay, purchased an offplan resale through unicasa, endless problems still going on.

    We got a mortgage through our bank and even though had to pay around €800 to cancel the developers mortgage still got a better deal.

    We were also forced to be connected to mains gas, even though we didn’t want to be connected, 16 months on, we (and other residents) are still using a gas bottle with no mains gas connected to the development.

    These were the terms set down at the notary and weren’t aware or told until we were there to sign. During the sale the vendor decided he wanted more money and there was nothing we could do because of a clause in the reservation contract.

    All in all the apartment cost us around €15,000 more than what was agreed when we decided to purchase.

    Still on builders water supply, even though we have had the standing charge for utilities set up for the past 5 months

    LFO Was granted in April, 9 months after being forced to complete on the property, been there since July last year.

    Not all agents have it easy you know, but then again we still had a good deal.

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