- This topic has 20 replies, 5 voices, and was last updated 16 years, 5 months ago by
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Hi
Just had a mate on the phone and has just purchased a property in Duquesa.
Total cost to him ? Nothing.
Now I know this guy is a mortgage advisor so he knows the ropes, the valuation came that much higher so it covered his deposit and purchase costs but I thought it was getting tough to borrow. 😕Frank 8)
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Hi
Just had a mate on the phone and has just purchased a property in Duquesa.
Total cost to him ? Nothing.
Now I know this guy is a mortgage advisor so he knows the ropes, the valuation came that much higher so it covered his deposit and purchase costs but I thought it was getting tough to borrow. 😕Frank 8)
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Frank – not the sort of thing you should post on an open forum. It is against the bank of Spains regulations to include costs in the mortgage as it means borrowers are taking more than the percentage the bank allows.
ie non-residents to 80% of the valuation subject to a max of 90 or sometimes 100% of the PURCHASE PRICE. Banks are doing a max lending of 100% of purchase contract price.
In this case your friend must have supplied somehting dodgy to do this
It can work in theory if the valuation is much higher than the purchase price – that isnt the issue and there are many properties that fit that particular criteria, but banks are aware this has happened a lot – they are asking to see deposit monies down, so falsifying docs will get people into serious trouble
Not the way to go!
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Frank – not the sort of thing you should post on an open forum. It is against the bank of Spains regulations to include costs in the mortgage as it means borrowers are taking more than the percentage the bank allows.
ie non-residents to 80% of the valuation subject to a max of 90 or sometimes 100% of the PURCHASE PRICE. Banks are doing a max lending of 100% of purchase contract price.
In this case your friend must have supplied somehting dodgy to do this
It can work in theory if the valuation is much higher than the purchase price – that isnt the issue and there are many properties that fit that particular criteria, but banks are aware this has happened a lot – they are asking to see deposit monies down, so falsifying docs will get people into serious trouble
Not the way to go!
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Hi Inez
Fully understand what you are saying but at the end of the day it IS happening by all accounts or happened in this case.
The last thing I am saying is that this is acceptable and alongside the black money should be avoided at all costs.
He may have supplied something dodgy( dont think so) or the banks have turned a eye either way its wrong and should be posted on the forum to warn others of the antics which have got so many in trouble.Just Frank 8)
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Hi Inez
Fully understand what you are saying but at the end of the day it IS happening by all accounts or happened in this case.
The last thing I am saying is that this is acceptable and alongside the black money should be avoided at all costs.
He may have supplied something dodgy( dont think so) or the banks have turned a eye either way its wrong and should be posted on the forum to warn others of the antics which have got so many in trouble.Just Frank 8)
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With the onsite of external auditors, if something dodgy has happened then arrests will be forthcoming
Quite a few brokers have been caught at this as well as clients on signing. Notaries will also be caught in it and I know it went on big time in the past, one of the paths leading to current issues and problems is people obtaining huge amounts of money including massive cashbacks, then once the money has gone, running to another country!
Im not saying it cant be done or that there is away around but anyone reading this may well be tempted to try and perhaps be caught.
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With the onsite of external auditors, if something dodgy has happened then arrests will be forthcoming
Quite a few brokers have been caught at this as well as clients on signing. Notaries will also be caught in it and I know it went on big time in the past, one of the paths leading to current issues and problems is people obtaining huge amounts of money including massive cashbacks, then once the money has gone, running to another country!
Im not saying it cant be done or that there is away around but anyone reading this may well be tempted to try and perhaps be caught.
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Inez
Perhaps it may be right that it is posted and pointed out that this is a dangerous game to play.
Better the matter is aired and advised against to help avoid many more getting in trouble by dealing with dodgy mortgage brokers, lenders/ Banks that turn a blind eye.
Also the posting from you that highlights that somethings are at least attempting to be more regulated can only be welcome.
My solicitor informed me that there was a case of black money where the police were waitng at the Bank for the purchasers and big trouble followed for them and the solicitor.
Think the Spanish have started to realise the amount of money that was being lost in taxesJust Frank 8)
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Inez
Perhaps it may be right that it is posted and pointed out that this is a dangerous game to play.
Better the matter is aired and advised against to help avoid many more getting in trouble by dealing with dodgy mortgage brokers, lenders/ Banks that turn a blind eye.
Also the posting from you that highlights that somethings are at least attempting to be more regulated can only be welcome.
My solicitor informed me that there was a case of black money where the police were waitng at the Bank for the purchasers and big trouble followed for them and the solicitor.
Think the Spanish have started to realise the amount of money that was being lost in taxesJust Frank 8)
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