shocked at bank’s mortgage offer

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    • #56383
      Tinnat
      Participant

      Having asked my bank (a Caja) to make me an offer for a mortgage amounting to 35% of the total cost price of a good property I’m interested in, I’m shocked at the conditions they are offering me. Initial rate of 5.45% for the first year, then Euribor + 2.75% for the rest. They consider me to be a good and easy and reliable client for them, so this just leads me to conclude that they’re just not interested in giving house loans anymore. Has anyone faced the same problem?

    • #106100
      Anonymous
      Participant

      Welcome to the topsy-turvy world of Spanish banking.

      Banks and cajas aren’t interested in lending mortgages unless you are relieving them of one of their own properties – then they bend over backwards.

      Why? Because they haven’t got much money to lend.

      They will, however, be delighted to sell you some insurance products.

    • #105900
      Anonymous
      Participant

      Welcome to the topsy-turvy world of Spanish banking.

      Banks and cajas aren’t interested in lending mortgages unless you are relieving them of one of their own properties – then they bend over backwards.

      Why? Because they haven’t got much money to lend.

      They will, however, be delighted to sell you some insurance products.

    • #106127
      Anonymous
      Participant

      If you choose to take up their properties. Their properties are over priced and they expect to make the difference in this manner i.e. loss on earnings on mortgge rate charges etc is covered by the over valuation of the property.

    • #105927
      Anonymous
      Participant

      If you choose to take up their properties. Their properties are over priced and they expect to make the difference in this manner i.e. loss on earnings on mortgge rate charges etc is covered by the over valuation of the property.

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