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Expat Investor : October 2007
The average Briton moves home between three and four times in a lifetime, latest research from Abbey Mortgages shows. And it's a costly business. Abbey has calculated that -- excluding property prices -- Britons looking to get on the property ladder could spend the equivalent of £54,400 in today's money moving home during their lifetime. That's 2.3 years' worth of annual salary based on the current average UK wage -- enough to buy a two-bedroom villa in the Costa del Sol or a brand new one-bedroom apartment in the centre of PROPERTY INVESTMENT expatinvestor.com 22 EXPAT INVESTOR October 2007 We make life simple for you. 5.29% fixed until 28/08/09 for a personal service Expat BTL Mortgages 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 88020 Lender Notes Barclays Bank Rate linked to Barclays Bank 3 month LIBOR rate applicable for a 90 day interest period. For house purchase Fast Facts 88500 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 88503 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. Applicant must have euro income. No redemption penalty payable. Investec Private Bank Rate is based on EURIBOR +1.25% to 1.75%. Max 70% LTV. Upfront fee of up to 1%. Fast Facts 88517 Min adv of £500k in euro equivalent. Also available on same basis in US$, Swiss Franc Japanese Yen, Australian $, Canadian $, Hong Kong $. Irish Permanent International Rate is based on EURIBOR + 1.24%. Max 75% purchase & remor tgage. No redemption fee payable. Fee 1% Fast Facts 88504 (min 1,500) Kaupthing Singer & Friedlander Rate is based on Euro LIBOR + 1.00% to 1.75% with option to set rate for 1, 3, 6 or 12 months. Fast Facts 88511 Max 70% for house purchase or remor tgages. Term 5 years interest only -- minimum advance £500k, fee varies. NatWest International Rate is based on 3mth LIBOR + margin. Max 60% purchase & remor tgage, on repayment or endowment Fast Facts 88507 basis, max term 30 years. Income multiples 3.75 x joint plus 1 x 2nd or 2.75 joint. Minimum advance £100k in euro equivalent. No redemption penalty payable. Fee -- refer. Mortgages for borrowers who are paid in euros to purchase or remortgage their main UK property Source: MoneyFacts Lender Location Currency Fast Facts Banco Halifax Hispania Spain Euro 88514 HSBC France, Spain, Malta Euro, Maltese lira or selected major currency 88503 Investec Private Bank France, Italy, Spain, Por tugal, Switzerland, Sterling, euro, US$, Swiss Franc, Japanese yen, 88517 Monaco, Germany, Guernsey & Australia Australian $, Canadian $, Hong Kong $ Leeds BS Gibraltar & Spain Sterling 88505 Lloyds TSB France, Spain, Por tugal, Australia, NZ, Canada, US and Dubai Currency of choice 88506 Newcastle Building Society Gibraltar Sterling 88516 Norwich & Peterborough BS Gibraltar & Southern Spain Sterling 88509 Royal Bank of Scotland International Spain Euro or sterling 88510 Conti Financial Ser vices Can arrange finance in over 40 countries 88518 Source: MoneyFacts Lender Rate % Max. % Fee Notes Fast Facts Barclays Bank 7.89 95 % Varies Fixed, tracker and SVR 88500 Derbyshire 7.75 90 % Varies Tracker rate only 88501 Halifax 6.54 75 % £499 Fixed and tracker rates 88502 HSBC International 6.75 90 % Varies Fixed, discounted and tracker rates 88503 Irish Permanent International 6.5 80% 1%(min£750) Tracker rates available 88504 Kaupthing Singer & Friedlander (IOM) 6.75 80 % Varies Min £500k 88511 Leeds BS 7.75 95 % Varies Fixed, tracker, discount and variable rates. 88505 Leeds BS 7.75 70 % Varies Fixed, tracker, and variable rates. 88505 NatWest Int 7.94 85% 0.5 Fixed and tracker rates. Min £50k 88507 NatWest Mtg Ser vice 7.94 90% 0.5 All products available 88507 Norwich & P'boro 6.64 75% - Tracker rates 88509 Royal Bank of Scotland 7.94 85% 0.5 Discount, fixed and flexible rates 88510 Royal Bank of Scotland Int 7.94 85% 0.5 Fixed, tracker and flexible rates 88510 Scarborough Building Society 7.99 95 % Varies All products available 88513 Woolwich 7.89 80 % Varies Specific variable, tracker & fixed rates 88512 Figures compiled: 1/9/07. 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 Brits spend, in a lifetime, £54,400 moving home, says Abbey during their last move. Based on these figures, Abbey estimates that in 2006 alone Britons spent a combined £28bn to up sticks. Abbey Mortgages is making the point that these costs can be lessened. This loan provider estimates a typical home mover can save £2,000 in fees and charges by taking out one of its no upfront costs mortgages. Nici Audhlam-Gardiner, Head of Mortgages, tells Expat Investor, "It's no secret that moving home is an expensive business -- in fact, I'm sure it's one of the reasons why people don't move that often. But it's astounding when you consider just how much it amounts to over a lifetime. "With the average Briton expecting to spend over two years' annual average salary just meeting the costs of professional fees and stamp duty of their three or four moves, homeowners clearly need all the help they can get. By removing upfront costs, including legal fees, Lender Location Fast Facts Barclays Bank UK proper ty 88500 HSBC Bank International UK proper ty 88503 Investec Private Bank UK & international proper ty 88517 Irish Permanent International UK proper ty 88504 Kaupthing Singer & Friedlander UK proper ty 88511 NatWest International UK proper ty 88507 Royal Bank of Scotland International UK proper ty 88510 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 Bordeaux. Looking at the fees charged by lawyers, estate agents, financial advisers, removal firms, plus stamp duty, added to the money spent to get their property in a 'saleable condition', homeowners said they'd forked out £16,000 on average Fast Facts 88475 Abbey's new mortgage is especially designed to help movers start life with more cash in their pockets." Customers who opt for one of Abbey's no upfront costs deals can also benefit from "significant discounts on removal costs and payment care, plus cashback on contents insurance after the first year at their new home," confirms Abbey Mortgages. "This new mortgage range is the only one of its kind in the market to remove all upfront costs -- including legal fees (which typically cost around £1,400) associated with the sale and purchase of a new property. This includes land registry on homes up to £500,000 -- as well as mortgage valuation and booking fees. What's more, Abbey has done the legwork in finding reputable and reliable surveyors and solicitors, and has negotiated customers a better deal than they would have been able to get themselves."