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Expat Investor : December 2008
EXPATRIATE MORTGAGES Lender Bank of Scotland International Barclays Bank Halifax Irish Permanent International NatWest International NatWest Mtg Service Royal Bank of Scotland Royal Bank of Scotland Int Woolwich 7.35 7.14 6.5 6.5 6.69 6.69 6.69 6.69 6.64 PROPERTY INVESTMENT EURO MORTGAGES Rate % Max. % Fee Notes Fast Facts 80 0.5-1% Lifetime tracker and fixed rates available 10519 80 75 75 Varies Varies - 80 0.5-1% Fixed, tracker and SVR Fixed and tracker rates No products currently available Fixed and tracker rates. Min £50k 95 £0-£1499 Standard mortgage range available 95 £0-£1499 Standard mortgage range available 80 0.5-1% 80 Varies Figures compiled: 3/11/08. Source: MoneyFacts www.moneyfacts.co.uk Expatriate = UK residents working abroad short-term and buying a property in the UK. Lender may allow property to be let. OVERSEAS PROPERTIES Lender Banco Halifax Hispania Barclays Bank HSBC Investec Private Bank Leeds BS Lloyds TSB Fixed and tracker rates available Standard mortgage range available 10500 Barclays Bank 10502 10503 10507 10507 10510 10510 10512 Irish Permanent International Fast Facts 10504 Leeds Building Society Fast Facts 10501 NatWest International Fast Facts 10507 Investec Private Bank Fast Facts 10517 Fast Facts 10500 Lender Notes Bank of Scotland International Fast Facts 10519 Rate linked to EURO LIBOR + 1.20% with option to set rate for 3, 6, 12 months. Max 70% LTV. Interest only or capital repayment. Min £400k. Max term 20 years. Arrangement fee up to 1%. Redemption charge applies. Rates also available on same terms in US dollars, Swiss Francs and HK dollars. Rate linked to Barclays Bank 3 month LIBOR rate applicable for a 90 day interest period. For house purchase only. On an interest only basis, max 65% LTV, advance £500k, term 5 to 20 yrs and fee 0.5%. Redemption charge applies. Barclays Euro Current Account required. Rates also available on same terms in dollars, Yen, Swiss Francs and Hong Kong dollars. Rate is based on EURIBOR +1.25% to 2%. Max 70% LTV. Upfront fee of up to 1%. Min adv of £1m in euro equivalent. No redemption fee penalty. Also available on same basis in US$, Swiss Franc, Japanese Yen. Managed multi-currency also available. Rate is based on EURIBOR + 1.24%. Max 75% purchase & remortgage. No redemption fee payable. Fee 1% (min €1.5k) Irish € product. Rate based on EURIBOR + 1.45%. Max 75% LTV. No fee. No redepemp tion penalty payable. Rate is based on 3 month LIBOR + margin. Max 60% purchase & remortgage, on repay ment or endowment basis, max term 30 years. Income multiples 3.75 x joint plus 1 x 2nd or 2.75 joint. Minimum advance £100k in euro equivalent. No redemption penalty payable. Fee – refer. Mortgages for borrowers who are paid in euros to purchase or remortgage their main UK property Source: MoneyFacts Location Spain Spain Portugal, Italy & France France, Spain, Malta Currency Euro Euro Fast Facts 10520 10500 Euro, Maltese lira or selected major currency 10503 France, Italy, Spain, Portugal, Sterling, euro, US$, Swiss Franc, Japanese yen, 10517 Monaco & Guernsey Gibraltar, Spain, France Australian $, Canadian $, Hong Kong $ Sterling, euro Newcastle Building Society Norwich & Peterborough BS France, Spain, Portugal, Australia, NZ, Canada, US, Dubai, Currency of choice Hong Kong, Singapore & UK Gibraltar Royal Bank of Scotland International International Private Finance Source: MoneyFacts Net mortgage lending rises by £3.6bn Consumer credit was subdued, rising by just £0.1bn, and personal deposit growth was stable. British Bankers’ Association In September, net mortgage lending rose by £3.6 billion; more than in August but below the average for the previous six months. The number of approvals for house purchase remained low but those for remortgaging were slightly higher. 22 EXPAT INVESTOR ? Statistics Director, David Dooks, comments on the latest data, “It was not surprising to see continued low levels of mortgage lending and approvals in September, ahead of the Government's banking support announcements. Compared to a year ago, the mortgage environment has changed significantly, with supply restricted as a consequence of the situation in financial markets and demand at a much reduced level. But in a mortgage market that is becoming more concentrated, the high street banks provide more than two-thirds of all new lending. “Pressure on household budgets, the slowing economy and fragile consumer confidence are suppressing consumer appetite for unsecured borrowing, but personal deposits across the high street banks held up.” December 2008 Gibraltar & Southern Spain Spain France, Spain, Portugal, Italy, Florida, South Africa, Bulgaria Sterling Sterling Euro, sterling Euro, sterling, US dollar 10505 10506 10516 10509 10510 10518 FOREIGN CURRENCY LOANS Lender Location Bank of Scotland International UK property Barclays Bank UK property MOVING RATES Fast Facts 10519 10500 Investec Private Bank UK & selected European property 10517 Irish Permanent International UK property 10504 NatWest International Royal Bank of Scotland International UK property 10507 UK property Currency switching allowed on all major currencies Source: MoneyFacts 10510 All the information on interest rates published in Expat Investor is checked regularly and to the best of our ability. However, rates do change on all accounts sometimes frequently and we advise readers to double check those interest rates which they find appealing before beginning any transactions with the deposit-takers concerned. Help for borrowers in arrears levels of proactive contact with every customer who goes into arrears – by phone as well as letter – to discuss their options. “We also seek to review, as a AbbeyMortgages has issued a statement reconfirming its repossession rules and explaining how the Bank can help those mortgage customers in arrears. “Abbey has a lower level of mortgage arrears than the CML (Council of Mortgage Lenders) average due to its ongoing responsible approach to lending and the quality of its mortgage book. However, in the few cases that do unfortunately end up going into arrears, we have always seen repossession as a last resort. Even before the Government issued their recommendations our policy always was to try to contact the customer to agree an alternative repayment option and avoid their case going to court. “However, in line with the Government’s recommendations, we are now taking this a step further. We have already invested in extra resource in this area to allow greater expatinvestor.com matter of course, the repayment terms of every customer who goes into arrears to identify ways we can help them afford repayments.We are more lenient on customers with low levels of arrears – they will not be passed immediately into litigation. “We also debit any fees associated with the litigation process at a later stage, to allow customers a chance to agree a repayment plan first and avoid paying these on top of what they already owe. “In addition, we are in discussion with the Consumer Credit Counselling Service, a debt charity, to offer a free money advice service for people struggling with their mortgage repayments, and we always encourage anyone in this position to also contact their lender as soon as possible.” Fast Facts 10600
January February 2009