Jan is still having extreme difficulties in posting. I am actually sitting here with her at the moment. So, I am going to post an email she sent to me recently which is what she was going to post. Please contact Jan directly for more information, but she is saying that although the developers mortgage is low on initial fees, in the long term it would appear to be a more expensive option. She can explain more when you contact her. She needs to know exactly what you have been quoted by the developer so that she can do the research to give you a comparative and competitive quote.
So here are the options she has sourced thus far:
Sorry for the delay in responding to you all, however we have carried out considerable research to ensure accurate and comprehensive advice is being given. As discussed previously, Murcia-Golf customers can save on initial set up fees if you choose to go with the builder's mortgage, however real savings may come through a cheaper mortgage product:
- not only in terms of rates
- but also on loan amount (we can lend up to 90% of the valuation price as opposed to lending on the purchase price that Bancaja may offer)
- and flexibility, in terms of both
lower early repayment penalties
and a higher interest only period.
So you can have an idea, Abacus Financial Ltd can offer:
Up to 70% LTV options
- Euribor 12 month + 0.75% (5.46%)
25 years
No partial early repayment penalties (full early repayment penalty is 1%).
Arrangement fee 1% of the mortgage amount
Up to 75 years old.
- Euribor + 1% (5.72%)
30 years
No early repayment penalties
Up to 12 months payment holidays
Up to 3 years interest only (or 5 years if the ltv is lower than 60%)
Arrangement fee 1%
Up to 70 years old but flexible
Can consider more than 70% ltv if the client is financially good quality.
Takes purchase price into account rather than the valuation price.
- Euribor 1 month + 1.1% (5.51%) over 40 years with an interest only period of up to 15 years and no early repayment penalties (minimum overpayment 10% of the initial mortgage amount).
Up to 75% LTV options
- Euribor 12 month + 0.9% (+0.25% for the first 6 months) (5.67%)
30 years
Early repayment penalty of 0.5% of the overpaid amount.
Arrangement fee 1%
Up to 70 years old but flexible.
- Sterling mortgage:
UK base rate for the first 3 years (5.75% - that's cheaper than Bancaja!)
40 years
No early repayment penalties
A choice of going interest only for the term of the mortgage (in which case you would need to show a capital repayment vehicle).
Arrangement fee 1% of the mortgage amount - can be added on top of the 75%
Legal fees for their solicitors attending the notary are 1% of the mortgage amount
Up to 80% LTV options
- Euribor 1 month + 1.1% (5.51%)
Up to 35 years
No early repayment penalties (minimum overpayment must be 10% of the initial mortgage amount)
Arrangement fee 1.5% for 75%LTV, and 1.9% for 80%.
Up to 75 years old
Up to 5 years interest only
Up to 90% LTV options
- Euribor 12 month + 1.35% (6.07%)
Up to 40 years
Early repayment penalty 1% of the outstanding balance
Arrangement fee 1%
Plus indemnity insurance of of 1.08% (if the loan to value is of 85%), or of 1.66% (if the loan to value is of 90%) of the mortgage amount. However, this can be added to the mortgage.
Up to 80 years old
Up to 2 years interest only.
Please do not hesitate to contact me on 08456 585750 (or by email) should you have any further questions, or indeed wish to apply.
