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Can anyone advise on a company called Global Aim?
I have view quite a number of properties recently and have almost decided but I require a mortgage before putting in any offer.
I have been asked for approx 1000 euros in advance by this company -is this normal in Spain and has anyone had any dealings with them?
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Hi Rosina
Firstly be careful. There was a scam going rround a while ago whereby a company “Guaranteed” to get a mortgage. You paid an upfront fee and they try and get a mortgage. The fee is non refundable but they cannot get the mortgage because of some problem or other and the small print has such a get out clause.
It really depends on your circumstances. Firstly what is the amount you are borrowing compared to the value (ie Loan To Value)
Secondly do you have proveable income.
3rdly do you have a Spanish Bank account
If you dont need mroe than 70% then getting a mrotgage is fairly plain sailing providing you can afford to pay the mortgage. If you already have a bank account then basically go round and ask them. Go to 3 or 4 other banks and ask for them to give an idea of what they can offer. If thy give a better rate than your bank then use this to bully your bank into giving a better rate )they want your business believe me)
THe only time it is worthwhile using a broker is when you have difficult circumstances – ie non provable income, or hogh loan to value ration (above 80%) or are self employed want a non status mortgage (you can get 60% non status) etc. In which case a good broker can be a god send but you have to chose wisely. Make sure you speak to people about whoever you intend to use
If you want to tell me your circumstances I can try and give you an idea as to where you will be best off (Dont need to know personal details and you can PM me if you prefer)
I am not a mrotgage broker nor do I amke money from mortgages but I do know a lot of banks and what they offer and their criteria so any advice I can give am ahppy to help out
regards and best wishes
Vince
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Rosina,
Don’t pay anyone 1,000 Euros upfront for a mortgage assessment. I know a good broker who doesn’t charge anything upfront, only charges 0.5% if you are successful in getting a mortgage. Assuming your financial circumstances aren’t complicated you can also go directly to banks for quotes. Perhaps try Solbank (https://www.solbank.com/en/), if they have a branch where you are looking to buy. All their branches have English-speaking staff.
Mark
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Hi, I would echo the comments made and am of the opinion that you should not need to pay anothing com. to brokers. There are many who operate without these fees which in many respects speaks for itself.
By the same token, I normally advise clients to speak to a handful of banks (much of this can be done in the first instance on their websites if you are not in Spain) and then compare each offer carefully. Having done so you can normally play one of against the other – certainly this appears to be the case in the present climate – and it is often the case that any charges are negociable (for example an opening comission or cancellation comission – whether full or partial).
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