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Expat Investor : November 2007
PROPERTY INVESTMENT November 2007 EXPAT INVESTOR 21 The UK's Land Registry has published Public Guide 18, detailing the facts of joint property ownership aimed primarily at members of the public. Public Guide 18 Joint Property Ownership explains the differences between the two kinds of ownership: beneficial joint tenants and tenants in common. It also provides details on how to amend the Land Registry's records if Land Registry on joint property ownership Investec enters mortgage market Brits prepared to pay for parking Fast Facts 99470 Fast Facts 99471 Fast Facts 99472 available for up to 90% of the property value. fully portable should the borrower move home. 6.49% -- 25 year fixed rate mortgage rate fixed at 6.49% for 25 years. early repayment charges of 3% apply for the first 5 years only. product fee of £595. flexibility to overpay by 10% each year without charge. available for up to 90% of the property value. fully portable should the borrower move home. Those expats looking for a degree of certainty with a UK mortgage on a UK-based property, should check out the Yo r kshire Building Society's latest loan launches. This provider is now offering two 25 year fixed rate mortgages with rates of 6.29% and 6.49%. The main features of the new mortgages are: 6.29% -- 25 year fixed rate mortgage rate fixed at 6.29% for 25 years. early repayment charges of 3% apply for the first 10 years only. product fee of £595. flexibility to overpay by 10% each year without charge. Over the last 12 months, growth in buy-to-let mortgage sales has been astounding: a massive 57% by value in 2006*. That's three times faster than the growth rate in overall mortgage sales last year. This rapid growth, coupled with five consecutive interest rate rises, means investors could be forgiven for thinking that the UK buy-to-let boom has now reached its peak. However, recent evidence suggests that there is still scope for savvy expatriate investors to reap the rewards of property investment. The demographic trends that have fuelled buy-to-let growth across the UK -- immigration, increasing numbers of single occupancy households, social mobility -- are set to continue. On top of these usual drivers, according to ARLA's (Association of Residential Landlord Agents) September report, the changing interest rate environment in the UK is also creating a surge in rental demand, as a new breed of 'wait and see' buyers emerges. A number of would-be first time buyers are choosing to rent for longer in the hope that house prices may cool. As a result, tenant demand now outstrips supply in all areas of the rental market, despite landlords continuing to invest in the area. It is clear that confidence in the buy-to-let sector is still high. Here at Lloyds TSB International, we continue to see a strong demand from British expatriates wanting to buy back home, as well as a number of international expatriates. We would always advise our customers to view property as a long term investment, and with the average life expectancy of a property investment standing at 16.5 years, it's clear that landlords are in it for the long haul. * Source: Council of Mortgage Lenders Investec Private Bank has entered the 'high income' mortgage market. Key points to note include: New research from Halifax Estate Agents reveals that securing a safe parking spot is increasingly important when searching for a new home. 25 year fixed rate mortgages from Yorkshire Building Society Mortgage monitor -- a market view David Roberts, Mortgage Manager with Lloyds TSB International, places a spotlight on the UK mortgage market for expatriate investors. you change your type of ownership, for example by severance of a joint tenancy agreement using Land Registry form RX1. Step-by-step instructions on how to complete the relevant forms are also included. Public Guide 18 is available free from all Land Registry offices and can be viewed, downloaded and printed viawww.landregistry.gov. uk\publications In fact, seven in 10 of us (68%) would be prepared to pay more for a property with a designated parking space or driveway. The Halifax Estate Agents Investec Private Bank mortgages are based on the income and wealth of the individual client rather than the mortgaged property alone (the approach used by the majority of lenders). mortgages are only available to individuals with "substantial earnings", ie in excess of £150,000 a year, who are looking to borrow a minimum of £500,0000. mortgages can be secured against a variety of assets including property, investment holdings and offshore deposits. mortgages are available in a number of different currencies (or even as switchable currency facilities). research also shows that more than four in five (84%) residents in the West Midlands are willing to pay more for parking. However, inhabitants of the North West are least prepared to pay out with less than three in five (58%) prepared to pay a premium. The survey also found that on average, people would be prepared to pay just under £5,000 (£4,800.30) to secure a safe parking place. One in 10 people (11%) would pay up to an additional £10,000 for a property with private parking.