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Expat Investor : September 2007
Disputes over damage, late payment of rent or unpaid bills are some of the most common gripes that lead to the breakdown in the landlord/tenant relationship. According to research undertaken for Alliance & Leicester Mortgages, over half of all landlords (56%) keep some or all of their tenants' deposit when they move out for a variety of reasons, leading to arguments and sometimes even legal action. Top grievances that cause landlords to charge their tenants include: property damage (26%) missed rental payments (25%) cleaning costs (22%) furniture damage (21%) unpaid utility bills (15%). Je remy Claridge, Head of Specialist Mortgages at Alliance & Leicester comments, "Being a landlord means gaining not just an additional property, but all the responsibilities that come with tenants living there. PROPERTY INVESTMENT expatinvestor.com 22 EXPAT INVESTOR September 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 firstname.lastname@example.org 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 77019 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 77500 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 77503 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 EURIBOR +1% to 1.75%. Max 75% LTV. Upfront fee of up to 1%. Fast Facts 77517 Min adv of £500k in euro equivalent. Also available on same basis in US$, Swiss Franc Japanese Yen, Australian $, Canadian $, Hong Kong $. Irish Permanent International Rate is based on EURIBOR + 1.24%. Max 75% purchase & remor tgage. No redemption fee payable. Fee 1% Fast Facts 77504 (min 1,500 Kaupthing Singer & Friedlander Rate is based on Euro LIBOR + 1.00% to 1.75% with option to set rate for 1, 3 or 6 months. Fast Facts 77511 Max 70% for house purchase or remor tgages. Term 5 years interest only - minimum advance £500k, fee varies. Income multiples 3 x 1st plus 1 x 2nd. NatWest International Rate is based on 3mth LIBOR + margin. Max 60% purchase & remor tgage, on repayment or endowment Fast Facts 77507 basis, max term 30 years. Income multiples 3.75 x joint plus 1 x 2nd or 2.75 joint. Minimum advance £100k in euro equivalent. No redemption penalty payable. Fee -- refer. Mortgages for borrowers who are paid in euros to purchase or remortgage their main UK property Source: MoneyFacts Lender Location Currency Fast Facts Banco Halifax Hispania Spain Euro 77514 HSBC France, Spain, Malta Euro, Maltese lira or selected major currency 77503 Investec Private Bank France, Italy, Spain, Por tugal, Switzerland, Sterling, euro, US$, Swiss Franc, Japanese yen, 77517 Monaco, Germany, Guernsey & Australia Australian $, Canadian $, Hong Kong $ Leeds BS Gibraltar & Spain Sterling 77505 Lloyds TSB France, Spain, Por tugal, Australia, NZ, Canada, US and Dubai Currency of choice 77506 Newcastle Building Society Gibraltar Sterling 77516 Norwich & Peterborough BS Gibraltar & Southern Spain Sterling 77509 Royal Bank of Scotland International Spain Euro or sterling 77510 Conti Financial Ser vices Can arrange finance in over 40 countries 77518 Source: MoneyFacts Lender Rate % Max. % Fee Notes Fast Facts Barclays Bank 7.94 95 % Varies Fixed, tracker and SVR 77500 Derbyshire 7.75 90 % Varies Tracker rate only 77501 Halifax 6.54 75 % £499 Fixed and tracker rates 77502 HSBC International 6.75 90 % Varies Fixed, discounted and tracker rates 77503 Irish Permanent International 6.74 85 % Varies Tracker rates available 77504 Kaupthing Singer & Friedlander (IOM) 6.75 80 % Varies Min £500k 77511 Leeds BS 7.75 95 % Varies Fixed, tracker, discount and variable rates. 77505 Leeds BS 7.75 70 % Varies Fixed, tracker, and variable rates. 77505 NatWest Int 7.69 85% 0.5 Fixed and tracker rates. Min £50k 77507 NatWest Mtg Ser vice 7.94 90% 0.5 All products available 77507 Norwich & P'boro (Spanish home loans) 7.74 75 % Varies Fixed and discounted rates 77508 Norwich & P'boro BS 6.74 95 % £199 All products available 77509 Royal Bank of Scotland 7.94 85% 0.5 Discount, fixed and flexible rates 77510 Royal Bank of Scotland Int 7.69 85% 0.5 Fixed, tracker and flexible rates 77510 Scarborough Building Society 7.99 95 % Varies All products available 77513 Woolwich 7.89 80 % Varies Specific variable, tracker & fixed rates 77512 Figures compiled: 1/8/07. Source: MoneyFacts www.moneyfacts.co.uk Expatriate = UK residents working abroad shor t-term and buying a property in the UK. Lender may allow property to be let. EXPATRIATE MORTGAGES EURO MORTGAGES OVERSEAS PROPERTIES Half of landlords fail to return deposit money landlords in the South East and Eastern England knew nothing about it -- the most unaware landlords in the UK. Landlords in Wales, however, scored top marks, with 59% aware that this scheme was being introduced. When questioned on whether they would be using one of the schemes, three in 10 wanted to know more about it, but one in five were happy to hand the responsibility to their letting agency to make the decision on their behalf. From 1st October this year tenants in England must be provided with specific details about their rights and obligations with any demand for payment of a service or administration charge. New measures, laid in Parliament, set out the information that must be included in 'summaries' to be sent with any demand for payment. If the summaries do not comply with the measures, the service or administration charges will not need to be paid until they do. Lender Location Fast Facts Barclays Bank UK proper ty 77500 HSBC Bank International UK proper ty 77503 Investec Private Bank UK & international proper ty 77517 Irish Permanent International UK proper ty 77504 Kaupthing Singer & Friedlander UK proper ty 77511 NatWest International UK proper ty 77507 Royal Bank of Scotland International UK proper ty 77510 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 Landlord/tenant disputes can unfortunately happen all too often. Agreeing on an inventory, taking photos before tenants move in or employing a letting agency can minimise the risk of any arguments." Last April saw the introduction of a new Tenant Deposit scheme set up by the UK Government to benefit both landlords and tenants for precisely these reasons. It is designed to protect the tenant's deposit, as well as providing an impartial resolution process for those cases that have got out of hand. There is a legal obligation for all landlords in England and Wales to join one of the schemes nominated by the Government. However, when questioned, over half of all landlords were unaware of the new scheme, and a further quarter were aware of it, but didn't really understand what it meant for them. Just 24% knew about the scheme and understood the details. Despite it being a legal obligation for landlords to participate, six in 10 The summaries will apply mainly to those long leaseholders required under the terms of their lease to pay variable service charges, or where the landlord can request payment of an administration charge. However, they could also affect other tenants depending on their circumstances. Guidance on what will need to be included in the summaries will be available from the Leasehold Advisory Service later this year. Tenants that are uncertain about whether this will affect them should seek independent advice. Housing Minister Baroness Andrews says, "The measures will ensure tenants are better informed about their rights and obligations. For too long, some people have been left unclear about what is expected of them and what they can do if they are unhappy with the charges. This new approach brings real openness and transparency to the process, helping residents up and down the country."
July August 2007