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Expat Investor : July August 2007
www.sealedbidsonline.com is not an estate agent -- it is an independent online-based service which facilitates the sealed bid process of property purchases in England and Wales. This new website is out to make the process of buying and selling a home "more honest, open and trustworthy by using an encrypted sealed bids system." Sealedbidsonline.com has been launched on the back of a Which? report on home buying which said 50% of people did not believe that all potential offers were passed on. Reasons for distrust about the current purchasing methods include suspicion that not all sealed bids are reported to the home seller and that bids are opened early and disclosed to preferred buyers. The way the sealedbidsonline.com system works is by the property seller or selling estate agent instigating a sealed bid sale through the website. The system works as follows: Property details are listed on sealedbidsonline.com. Prospective buyers receive unique passwords to make an offer. Offers are submitted, time stamped, sealed and encrypted until the closing date. At any time the selling agent can see how many purchasers have registered an interest and how many offers have been received, although they cannot see the sums offered. All offers are revealed at once and PROPERTY INVESTMENT expatinvestor.com 22 EXPAT INVESTOR July/August 2007 We make life simple for you. 5.29% fixed until 28/08/09 for a personal service NEW BTL Fixed Rates www.irishpermanentintl.com +44(0)1624 641641 email@example.com Terms & conditions apply. Irish Permanent International is a registered business name of Irish Permanent (IOM) Limited which is licensed by the Isle of Man Financial Supervision Commission for Banking & Investment business. from Fast Facts 66018 Lender Notes Barclays Bank Rate is linked to Barclays Bank 3 month LIBOR rate applicable for a 90 day interest period. For house purchase Fast Facts 66500 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. HSBC International Rate is based on euro refinancing rate + 1.25%. Max 70% for house purchase and remor tgage if on repayment Fast Facts 66503 basis, or 65% for purchase and remtg on interest only basis. Max term -- 25 years on repayment basis or 15 years on interest only basis. Advance 100,000 -- 1m, fee 1,250. Income multiples 3.25 x 1st plus 1.25 x 2nd or 2.5 x joint. No redemption penalty payable. Investec Private Bank Rate is based on LIBOR +1.25% to 1.75%. Max 70% LTV. Upfront fee of up to 1%. Fast Facts 66517 Min adv of £500k in euro equivalent. Also available on same basis in US$, Swiss Franc Japanese Yen, Australian $, Canadian $, Hong Kong $. Irish Permanent International Rate is based on EURIBOR + 1.24%. Max 75% purchase & remor tgage. No redemption fee payable. Fee 1% Fast Facts 66504 (min 1,500) Kaupthing Singer & Friedlander Rate is based on Euro LIBOR + 1.00% to 1.75% with option to set rate for 1, 3 or 6 months. Fast Facts 66511 Max 70% for house purchase or remor tgages. Term 5 years interest only -- minimum advance £500k, fee varies. Income multiples 3 x 1st plus 1 x 2nd. NatWest International Rate is based on 3mth LIBOR + margin. Max 60% purchase & remor tgage, on repayment or endowment Fast Facts 66507 basis, max term 30 years. Income multiples 3.75 x joint plus 1 x 2nd or 2.75 joint. Minimum advance £100k in euro equivalent. No redemption penalty payable. Fee -- refer. Mortgages for borrowers who are paid in euros to purchase or remor tgage their main UK property Source: MoneyFacts Lender Location Currency Fast Facts Banco Halifax Hispania Spain Euro 66514 HSBC France, Spain, Malta Euro, Maltese lira or selected major currency 66503 Investec Private Bank France, Italy, Spain, Por tugal, Switzerland, Sterling, euro, US$, Swiss Franc, Japanese yen, 66517 Monaco, Germany, Guernsey & Australia Australian $, Canadian $, Hong Kong $ Leeds BS Gibraltar & Spain Sterling 66505 Lloyds TSB France, Spain, Por tugal, Australia, NZ, Canada, US and Dubai Currency of choice 66506 Newcastle Building Society Gibraltar Sterling 66516 Norwich & Peterborough BS Gibraltar & Southern Spain Sterling 66509 Royal Bank of Scotland International Spain Euro or sterling 66510 Woolwich Spain, Por tugal, Italy, France Euro 66512 Conti Financial Ser vices Can arrange finance in over 40 countires 66518 Source: MoneyFacts Lender Rate % Max. % Fee Notes Fast Facts Barclays Bank 7.64 95 % Varies Fixed, tracker and SVR 66500 Derbyshire 7.5 90 % Varies Tracker rate only 66501 Halifax 6.15 80 % £599 Fixed and tracker rates 66502 HSBC International 6.5 90 % Varies Fixed, discounted and tracker rates 66503 Irish Permanent International 6.74 85 % Varies Tracker rates available 66504 Kaupthing Singer & Friedlander (IOM) 5.75 80 % 0.375% max Min £500k 66511 Leeds BS 7.5 95 % Varies Fixed, tracker, discount and variable rates. 66505 Leeds BS 7.5 70 % Varies Fixed, tracker, and variable rates. 66505 NatWest Int 7.69 85% 0.5 Fixed and tracker rates. Min £50k 66507 NatWest Mtg Ser vice 7.39 90% 0.5 All products available 66507 Norwich & P'boro (Spanish home loans) 7.24 75 % Varies Fixed and discounted rates 66509 Norwich & P'boro BS 6.74 95 % £199 All products available 66509 Royal Bank of Scotland 7.14 85% 0.5 Discount, fixed and flexible rates 66510 Royal Bank of Scotland Int 7.69 85% 0.5 Fixed, tracker and flexible rates 66510 Scarborough Building Society 7.74 95 % Varies All products available 66513 Woolwich 7.64 80 % Varies Specific variable, tracker & fixed rates 66512 Figures compiled: 1/6/07. 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. EXPATRIATE MORTGAGES EURO MORTGAGES OVERSEAS PROPERTIES Eliminate gazumping through sealed bids Newcastle is new millionaires' city The increasing prosperity of northern English cities is evident in Newcastle where house prices have shown a rapid increase since the millennium, reports email4property.com. Prices are currently averaging over £170,000 with properties in top streets consistently reaching highs of over £1,000,000. Historically out-priced by homes in the south of the country, Newcastle can now boast its own millionaire's row, with two streets in the city (Lindisfarne Road and Fencer Hill Park) currently averaging property sales over the £1,000,000 mark. On the whole house price growth in the city is strong, with the average property showing a price increase of over 150% since the year 2000. Properties in desirable locations just outside the city centre command the highest prices in Newcastle, with detached homes Lender Location Fast Facts Barclays Bank UK proper ty 66500 HSBC Bank International UK proper ty 66503 Investec Private Bank UK & international proper ty 66517 Irish Permanent International UK proper ty 66504 Kaupthing Singer & Friedlander UK proper ty 66511 NatWest International UK proper ty 66507 Royal Bank of Scotland International UK proper ty 66510 Currency switching allowed on all major currencies Source: MoneyFacts FOREIGN CURRENCY LOANS 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. MOVING RATES the vendor chooses which offer to accept. Managing Director Paul Logan tells Expat Investor, "While sealed bids can be more secure, there is a lot of worry about all the offers being passed on -- as Which? discovered -- or that not all the bids are opened at the same time with some being opened early and agents tipping off favoured buyers. What sealedbidsonline.com does is ensure that all the bids are electronically opened at the same time and cannot be looked at early. This gives people peace of mind and also saves them having to travel to the estate agent's to physically see all the envelopes being opened at the same time. The sealed bid process is growing in England because people are seeing that not only is it a time saver compared to the current practice but it is also a potential way of homesellers making more money as people automatically offer the highest amount instead of going back and forth with different offers." in areas such as Gosforth and West Jesmond taking preference over new apartments in the city centre. David Bexon, managing director, says, "email4property's new index shows that Newcastle is becoming the London of the north, with the city experiencing outstanding house price growth in 2006. "High profile regeneration of the town centre and quayside has been at the forefront of Newcastle's progression, along with the new wave of industry that has been brought to the city. "Good local schools, convenient transport links and the increasing prosperity of the university have helped to attract both young professionals and families to the city, with traditional style family homes commanding the highest prices in the prestigious city suburbs."