- This topic has 2 replies, 2 voices, and was last updated 16 years, 10 months ago by
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First, be aware that the Promoter cannot impose a contract clause forcing you to take on his mortgage, this is a decision (take on the Promoters mortgage or find your own) that must be taken freely, this kind of clauses are considered abusive and void. They cannot impose you to pay the subrogation fees in case you decide to use your own mortgage either.
Secondly, almost every bank would demand you a live and a damages insurance to give you a mortgage loan (100% of banks will require a damages insurance, it varies with the live one). Here is one of the issues hidden in those so apparently attractive interests rates some banks are offering… Yes, the rates may be interesting but sometimes they hide the obligation to contract those insurances with their own associated companies with no so competitive fees…
I’ve recently subscribed a mortgage loan, maybe a 0,15%-0.20% higher rate than most attractive rates now been advertised in media, but reduced commissions, no live insurance and absolute freedom to choose my own damages insurance company, notary, appraiser…
I’m not saying that you shouldn’t take on the promoters loan, it could be an interesting one, I just don’t know it’s details. Just saying you will find the requirement of those insurances from almost every bank in Spain and that sometimes it’s good to make a little research to find the best loan to fit your needs. Also it may be interesting to contract a live insurance, no matter if the bank requires it or not, just to prevent your inheritors from non desirable consequences.
Cesar
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