Morgages in Spain

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marios
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Morgages in Spain

Postby marios » Fri Sep 16, 2005 3:01 pm

I am with the Halifax Espania

My rate is 1.25 above monthly euribor,I am not impressed at all with the Halifax and I hope they read this,when I took out my construction mortgage they did not tell me about all the fees,yes I knew I would pay 1% charge but I did not know about all the other fees,ok so mainly taxes and notary fees etc that I must pay fair enough but what I do protest to is having to pay for the privelige of putting the staged money into my account to pay the builder,1000€ for 59,000€ and again everytime the Halifax put some of the mortgage into my account I am going to have to pay again its scandalous.

I was not told about these fees,they have told me its for
Notary : 500 € , Property Register : 200 €, Gestory: 310 €why the hell do I need to pay these people just for the Halifax to put part of the mortgage into our account to pay the builder is beyond me,anyone else have staged payments into there account and have to pay for getting it put there.

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kevin77
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Postby kevin77 » Fri Sep 16, 2005 11:45 pm

Thats normal with any lender on a Spanish project though, isnt it?

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jpinks
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Postby jpinks » Sat Sep 17, 2005 9:44 am

Did you read all the small print on the contract?
Slainte,
JohnP.

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marios
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Postby marios » Sat Sep 17, 2005 11:51 am

Yes but it does not give specifics and certainly does not mention charges just to put the stage payments into the bank.

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jpinks
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Postby jpinks » Sat Sep 17, 2005 1:01 pm

It probably refers you to the "latest tariff of charges" which would be something that you would have to ask for.
Slainte,

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El Cid
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Postby El Cid » Sat Sep 17, 2005 1:37 pm

When you borrow money on a house, the details and the amount have to recorded with the notary and with the property registrar, and yes, it is expensive but it normally is a one time charge.

I think the problem with stage payments is that it is like having a series of loans, each one needing to be recorded each time and incurring the same charges.

Sid

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marios
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Postby marios » Sat Sep 17, 2005 4:43 pm

But that is what I am saying,if you are going to be charged for every loan this is a very important piece of information they should give you and I cannot see it anywhere in the literature,they are in effect hiding there charges,for the loan I took out with them>200,000€ I had 10,071€ taken out,this was for Provisiones Obra Nueva-Hipoteca,more or less 4% of the total mortgage,this I am told is for-

According to provision of funds I would like to confirm you are paying taxes for the declaration of the property (obra nueva) 1% of the value of the construction and also for the mortgage (hipoteca), this is 2% of the initial amount required. The rest is a provisión to pay notary, registry land office and gestory office.

This amount is a provision of funds, as soon as we receive the original *beep* deeds register (this is two or three months from completion date) we will do the liquidation in your account.

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jpinks
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Postby jpinks » Sat Sep 17, 2005 6:12 pm

Sorry - I missed the mention of stage payments. That will be a new loan every time, with a new lot of fees, as Sid has said. They didn't tell you anything because there is nothing to tell, the fees are all laid out and explained. You might have a case against them for not telling you it is a series of new loans - try asking them how they explain that.
Slainte,

JohnP.


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