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Want A 100% Ltv Mortgage @ Euribor +0.35%

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With millions of Option ARM mortgages still coming due in the next two years in the US, the Fed's ongoing push to drop mortgage rates has only made the problem worse, and instead of people refinancing out of adjustable rate mortgages into fixed, with the opportunity cost being so little, if any, the whammy of rising interest rates on home values upon Option ARM expiration will only exacerbate the triple dip in home prices once the ARM cliff hits some time in 2012/2013. Yet it seems that this final recourse to extend and pretend the housing bubble is only now coming (a tad too little too late) to those European countries which are already bankrupt and will do anything and everything to prevent reality from appearing. Behold the BBK Euribor+0.35% 5 Year Option ARM 50 year mortgage with an LTV of up to 100% (but only if you can be enslaved early on: the mortgage is only open for people 18-35). And just in case you can't actually afford Euribor+ 0.35%, that's factored in too: you have the option of not paying for years.

From Euribor + 0.35 (*) and 50-year term for young people between 18 and 35 years (35 inclusive). Funding adapt to your needs. bbk always offers housing finance solution that best suits your desires.
Purpose
Acquisition of residence
Advantages
You choose your terms with the advice at all times by our team of professionals
  • fixed rate period up to 5 years of your choice
  • funding of up to 100% of the value of your home
  • flexibility in payment
  • you can pay your fees monthly (indicating the day of the month you prefer)
  • the repayment system that best suits your needs
  • and if you need a break in the early years, we will let you you amortize later on.
    No amount necessariy to be paid during the early years.
Features
maximum amount:
up to 100% of assessed valuation
maximum rate:
up to 100% of assessed valuation
term
to 50 years
depending on your current age
depreciation system:
constant or increasing share share
Commissions
study group: from
0.00%
(*)
origination fee: from
0.00%
(*)
(*) Offer detailed and personalized consultation at any of our offices
Documentation
Legal documentation
  • taxation

It is unclear if making any money would disqualify one from this mortgage. Then again with well over 40% of the Spanish under-25 population unemployed, w don't think finding qualified NINJA applicants will be an issue.

And just in case anyone finds the conditions in the above mortgage offer too Draconian, here is Banco Caiza Geral with an offer for a 45 year mortgage with a 2 year grace period. After all, there are iPadi to be purchased and millions of Chinese workers to be made richer.

Euribor + 0.55%
APR 2.3726% *
Period of up to 45 years
Commissions
0% Commission to Study
  • 0.20% Commission Opening
Termination fee
  • 0% for partial repayments.
  • 0.50% the first 5 years of the loan and the remaining 0.25%, if full repayment.
Up to 2 year grace period

And the main prequalifying condition for the above offer:

  • At least 3 bills and hire a credit or debit card carrying with it a minimum monthly payment of 10 €.

And one wonders why Erik Nielsen is so confident the European bubble will go on.

At least Spain has conclusively shown to America how to get HAMP to work once and for all: just let people never pay ever again. Done and done. After all the taxpayers will be more than happy to always foot the bill.

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When I was last in Spain they were only drip feeding the repossessed properties into the market and with very small falls - all the adjustment was being taken by giving away fantastic mortgage deals on repossessed property - so they don't have to effect a write down on their books. Of course this spreads the pain in Spain in the main.

the pain as Spain goes mainly down the drain.....is the practice you were looking for.

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It would appear that the bubble has completely burst, the only way they can prop up the system is with crazy plans like this.

The banking system is totally insolvent and is only being propped up by they lunatics.

It would appear that we are going for total system collapse.

Still if the majority believe in this because reality is too frightening this go on for years or decades.

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Is there any evidence this is not something invented by the OP?

Link please.

Last time I looked at Spain they were asking for 35% deposits, there are special deals with particaular developments, but a 100% mortgage on something 100% overpriced is still unattractive- they are not selling. Its ridiculous that ZH thinks there are hordes of borrrowers taking these offer up, but American websites like a good rant while ignoring key points.

Edited by Peter Hun

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Is there any evidence this is not something invented by the OP?

Link please.

Last time I looked at Spain they were asking for 35% deposits, there are special deals with particaular developments, but a 100% mortgage on something 100% overpriced is still unattractive- they are not selling. Its ridiculous that ZH thinks there are hordes of borrrowers taking these offer up, but American websites like a good rant while ignoring key points.

there is at least one link near the bottom, the other link wouldnt come over the cut and paste.

ah, heres the first one from my history

https://portal.bbk.es/servlet/ContentServer?c=PyS&pagename=PlantillasPortalbbk/comun/render&cid=1190893285366&tipovisitor=1&hizkuntza=_cast

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Expect we will see the 40 year mortgage here soon - and the pozi continues

Never really understood the point, when you can just go pure IO anyway...

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The banking system is totally insolvent and is only being propped up by they lunatics.

The lunatics are the European Central Bank !!! They're the ones swapping this trash for cash on a huge scale. The euro has lost all of its credibility premium over the USD in my mind, the lunatics are clearly running the asylum.

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With millions of Option ARM mortgages still coming due in the next two years in the US, the Fed's ongoing push to drop mortgage rates has only made the problem worse, and instead of people refinancing out of adjustable rate mortgages into fixed, with the opportunity cost being so little, if any, the whammy of rising interest rates on home values upon Option ARM expiration will only exacerbate the triple dip in home prices once the ARM cliff hits some time in 2012/2013. Yet it seems that this final recourse to extend and pretend the housing bubble is only now coming (a tad too little too late) to those European countries which are already bankrupt and will do anything and everything to prevent reality from appearing. Behold the BBK Euribor+0.35% 5 Year Option ARM 50 year mortgage with an LTV of up to 100% (but only if you can be enslaved early on: the mortgage is only open for people 18-35). And just in case you can't actually afford Euribor+ 0.35%, that's factored in too: you have the option of not paying for years.

From Euribor + 0.35 (*) and 50-year term for young people between 18 and 35 years (35 inclusive). Funding adapt to your needs. bbk always offers housing finance solution that best suits your desires.
Purpose
Acquisition of residence
Advantages
You choose your terms with the advice at all times by our team of professionals
  • fixed rate period up to 5 years of your choice
  • funding of up to 100% of the value of your home
  • flexibility in payment
  • you can pay your fees monthly (indicating the day of the month you prefer)
  • the repayment system that best suits your needs
  • and if you need a break in the early years, we will let you you amortize later on.
    No amount necessariy to be paid during the early years.
Features
maximum amount:
up to 100% of assessed valuation
maximum rate:
up to 100% of assessed valuation
term
to 50 years
depending on your current age
depreciation system:
constant or increasing share share
Commissions
study group: from
0.00%
(*)
origination fee: from
0.00%
(*)
(*) Offer detailed and personalized consultation at any of our offices
Documentation
Legal documentation
  • taxation

It is unclear if making any money would disqualify one from this mortgage. Then again with well over 40% of the Spanish under-25 population unemployed, w don't think finding qualified NINJA applicants will be an issue.

And just in case anyone finds the conditions in the above mortgage offer too Draconian, here is Banco Caiza Geral with an offer for a 45 year mortgage with a 2 year grace period. After all, there are iPadi to be purchased and millions of Chinese workers to be made richer.

Euribor + 0.55%
APR 2.3726% *
Period of up to 45 years
Commissions
0% Commission to Study
  • 0.20% Commission Opening
Termination fee
  • 0% for partial repayments.
  • 0.50% the first 5 years of the loan and the remaining 0.25%, if full repayment.
Up to 2 year grace period

And the main prequalifying condition for the above offer:

  • At least 3 bills and hire a credit or debit card carrying with it a minimum monthly payment of 10 €.

And one wonders why Erik Nielsen is so confident the European bubble will go on.

At least Spain has conclusively shown to America how to get HAMP to work once and for all: just let people never pay ever again. Done and done. After all the taxpayers will be more than happy to always foot the bill.

40 year mortgages have been available in Greece for years plus mortgages in Swiss francs

For example

Alpha Fixed Rate

If you wish to keep your monthly payments constant and ensure a competitive interest rate for a period that suits you, you can choose Alpha Fixed Rate which offers a choice of fixed interest rates for periods from 3 to 15 years.

Amount and Term of the loan

Alpha Fixed Rate finances up to 100% of the value of your property or the budgeting cost related to construction or improvement works, with a minimum of Euro 15,000. You can choose a term from 5 to 40 years.

Alpha Fixed Rate Interest Rate

You can start your loan today by choosing a fixed interest rate for 3, 5, 7, 10 or 15 years. At the end of the first fixed period you can choose either any of the then valid fixed rates for 3, 5, 7, 10 or 15 years or a variable interest rate, linked to the 3-month Euribor rate plus a margin from 2.60%(*).

(*) plus contribution of Law 128/75.

Unique flexibility options

Alpha Fixed Rate offers you the flexibility you require:

If you experience temporary difficulties at any time, you can choose to defer payment of one installment per year and incorporate it in the remaining payments.

If your income drops, you can lengthen the term of your loan for up to 2 years, without charge, in order to reduce the size of your repayments.

At the start of the loan, you can select a grace period of up to 2 years, during which you can pay only the interest of your loan.

Edited by bigben

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Is there any evidence this is not something invented by the OP?

Link please.

Last time I looked at Spain they were asking for 35% deposits, there are special deals with particaular developments, but a 100% mortgage on something 100% overpriced is still unattractive- they are not selling. Its ridiculous that ZH thinks there are hordes of borrrowers taking these offer up, but American websites like a good rant while ignoring key points.

Typical Spanish mortgages are 80% LTV, 30 years, and euribor +0.5% at the moment (just took one out myself). Spanish banks are still overvaluing property by about 10% in my experience, so that 80%LTV is really nearer 90%.

All the same I'm surprised to see such good terms for a 100% mortgage - I knew the banks were offering such deals if you took one of their over-priced properties off their hands, but not for any old property. There's probably a catch.

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When I was last in Spain they were only drip feeding the repossessed properties into the market and with very small falls - all the adjustment was being taken by giving away fantastic mortgage deals on repossessed property - so they don't have to effect a write down on their books. Of course this spreads the pain in Spain in the main.

I'm in Marbella now and looking in the Estate Agents windows you'd think the boom years were still here, judging by the asking prices. Mind you, most of them are probably owned by Brits in denial.

There's no one in the EAs by the way, most just have one bored looking girl on duty.

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I'm in Marbella now and looking in the Estate Agents windows you'd think the boom years were still here, judging by the asking prices. Mind you, most of them are probably owned by Brits in denial.

There's no one in the EAs by the way, most just have one bored looking girl on duty.

Might be something to do with today (and Wednesday) being national holidays in Spain.

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Might be something to do with today (and Wednesday) being national holidays in Spain.

I didn't know about Wednesday, thanks for the heads up, we'd better stock up at the supermarket tomorrow. But no, I wasn't looking in any EAs today, it was last week.

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I didn't know about Wednesday, thanks for the heads up, we'd better stock up at the supermarket tomorrow. But no, I wasn't looking in any EAs today, it was last week.

Better check locally - Wednesday is a holiday in Madrid, but it might not be in Marbella. This was a typical long weekend for Spaniards to head to the warmer south, and was why it was targeted by the air traffic controllers foir their wildcat strike. If it's quiet in Marbella then it's not good news for local business (but probably good news for you).

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  • 311 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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