La Vida Mortgages

[Gary]

Hi,

We would like to welcome and introduce 'Henry Slade MLIA (dip)' from La Vida Mortgages S.L.

For those struggling to find a local mortgage adviser, Henry may be able to assist. He has already helped some of our members and will hopfully answer any questions regarding mortgage applications.

La Vida Mortgages are based in San Pedro del Pinatar.

Spanish Mortgage updates 19/01/2009:

The Euribor has been dropping daily for the past 3 months since its peak in mid October 2008.

1 month Euribor 2.06%

3 month Euribor 2.40%

12 month Euribor 2.57%

Best rate currently is 2% but 90% of mortgages in Spain are linked to the 12 month Euribor.

For people linked to the 12 months Euribor that was revised between September and December were hit with an increase that will not be revised until the 12 months. Now is a good time to think about a remortgage.

It is very difficult to get more that 70% Loan To Value LTV at the moment, some banks have stopped lending altogether and when talking to them, they are no sure when they will start again. For people that have paid 30% deposit, they will require more that 70% as you need to add 12% to the purchase price to cover all taxes and fees.

The pound is now trading around 1.10€ to the pound.

Foreign Currency mortgage available at around 1.93% (not for faint hearted)

[terrypat10]

hi gary,good download,what does 1.93% of currency mortage mean, regards terry

[Sandra]

Hi Pat

It means a foreign currency mortgage (like a  yen mortgage payable in Euros possibly).  I think, and perhaps Henry will bear us out, its only for the very brave!! 

Henry - can we have a definitive answer please.

Thanks
Sandra

[La Vida]

Hi Pat,

Sandra is correct, you can put your Euros into Yen or Swiss Francs, it is normally available at around 60% loan to value. It will require watching especially in the current market. You could end up losing a lot of money if the exchange rate moved the wrong way over night.

Henry

La Vida Mortgages

[valerie]

Hi All

For anyone who is looking for a mortgage on La Tercia or any of the other local resorts we cannot recommend La Vida highly enough.  Henry secured an excellent mortgage for our property on La Tercia last year, and throughout the whole process from application to end we found both Henry and his staff a pleasure to deal with.  Nothing was too much trouble for them, answering all our enquiries promptly, and taking the time to explain all aspects of our mortgage in detail.

Valerie

[colsands]

Hi all,

"Theres nothing like recommndations"

As we are due to complete in July 09 on phase 2 we would like to get in touch with Henry at La Vida regarding mortgages. Anyone with contact details please PM me.

Many Thanks

Col & Sands

[Sandra]

Hi, just click on his logo at the top of this board or pm him via the envelope on the left of your posting.

Best regards
Sandra

[Gary]

Hi All,

Having read Henry's post regarding the current interest rates, I was a bit mifffed that the rate appears so low and we are still paying the exact monthly payment to our variable rate deal as we were when we set it up early part of last year.

I contacted Henry and he said that it takes a month or so for them to catch up. He also suggested I look at his Historical Data Charts which I've done. The charts show that the rate only actually started to fall below 4% at the end of November and has made a slow fall to its present level. So we are now hoping to see a reduction in payments in the coming months.

Thanks for the assistance Henry....

Col, Henry said he is away this coming week. So if you have contacted him and don't receive a reply, that could be why.

Gary

[Richard and Jemma]

Hi Gary,
We have seen a reduction in our mortage repayments and the bank have now fixed this for us for the next 12 months. Lets hope everybody see's a reduction soon.
Richard

[Gary]

Hi Richard,

Lucky you, ours as I said is still the same. Do you mind if I ask which bank you are with...We are with the Halifax.

Gary

[Richard and Jemma]

Hi Gary,
Our Spanish mortgage is with Bancaja, took their developer mortgage on.
It was fixed for initial 6 months then reviewed and fixed at 12 month intervals.
Richard

[AndyP]

Hi Gary,

I am also with Banco Halifax Hispania using the ‘Euribor 1 Month’ variable rate paying the mortgage on 20th of each month.

Halifax use the Euribor rate from the last working day of the  month, 2 months previous.
i.e. For the payment on 20th February, Halifax use the rate on 31st December’08 etc.

Euribor 1 month rates on:

31/10/08 = 4.434%
28/11/08 = 3.574%
31/12/08 = 2.603%

Euribor 1 Month rate today is 1.812%

http://www.homefinance.nl/english/international-interest-rates/euribor-rates-1-month.asp

Cheers,
Andy

[Gary]

Hi Andy,

Thanks for the info.
Today we received details from the bank indicating our new payment, it shows a drop in some 100 Euros from last months payment to next months

Gary

[La Vida]

Hi, not wishing to upset anyone, but I am now back from a wonderful weeks skiing. Now refreshed and ready to go

Henry

La Vida Mortgages

[dsks]

Hi Henry,  wanted to check something with you. I'm with Caja Murcia and Mortgage due for renewal May 22nd.  I asked when they set new annual rate for Euribor and was told it would be March but rather than a specific date in March, it would be an average of March rates.  This doesnt sound right, I'm not sure if its just poor information or the Bank leaving some room to charge a higher rate.  I have been tracking the Euribor rates on the web and I see you can have a new monthly rate each day within the same month which suggests Caja would be selecting the 22 Mar to set the annual rate for a mortgage renewal on May 22nd.....does this sound right ?     Do all the banks operate similar rate setting policy ?
I would glady switch to another Bank if they provide better rates.  Appreciate your thoughts.
DS.