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Expat Investor : March 2008
Fancy having your own prime location hotel room in London? Fancy being guaranteed a 6% per annum return on your investment for the first two years of ownership? Fancy benefiting from tax breaks by wrapping up such an investment in a Self-Invested Personal Pension (SIPP)? If all three questions earn your ticks, then find out more about Pestana Group's latest property PROPERTY INVESTMENT expatinvestor.com 22 EXPAT INVESTOR March 2008 We make life simple for you. for a personal service for expat buy to let mortgages & offshore deposits 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. Fast Facts 33014 Lender Notes Bank of Scotland International Rate linked to EURO LIBOR + 1.00% to 1.25% with option to set rate for 3,6, 12 months. Fast Facts 33519 Max 75% LTV. Interest only or capital repayment. Min £500k. Max term 20 years. Arrangement fee min 0.25% - max 1%. Redemption charge applies. Rates also available on same terms in US dollars, Swiss Francs and HK dollars. Barclays Bank Rate linked to Barclays Bank 3 month LIBOR rate applicable for a 90 day interest period. For house purchase Fast Facts 33500 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 33503 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% to 1.75%. Max 70% LTV. Upfront fee of up to 1%. Fast Facts 33517 Min adv of £500k in euro equivalent. Also available on same basis in US$, Swiss Franc Japanese Yen, Australian $, Canadian $, Hong Kong $. Irish Permanent International Rate is based on EURIBOR + 1.24%. Max 75% purchase & remor tgage. No redemption fee payable. Fee 1% Fast Facts 33504 (min 1,500) Kaupthing Singer & Friedlander Rate is based on Euro LIBOR + 1.00% to 1.75% with option to set rate for 1, 3, 6 or 12 months. Fast Facts 33511 Max 70% for house purchase or remor tgages. Term 5 years interest only -- minimum advance £500k, fee varies. NatWest International Rate is based on 3 month LIBOR + margin. Max 60% purchase & remor tgage, on repayment or endowment Fast Facts 33507 basis, max term 30 years. Income multiples 3.75 x joint plus 1 x 2nd or 2.75 joint. Minimum advance £100k in euro equivalent. No redemption penalty payable. Fee -- refer. Mortgages for borrowers who are paid in euros to purchase or remortgage their main UK property Source: MoneyFacts Lender Location Currency Fast Facts Banco Halifax Hispania Spain Euro 33520 Barclays Bank Spain, Por tugal, Italy & France Euro 33500 HSBC France, Spain, Malta Euro, Maltese lira or selected major currency 33503 Investec Private Bank France, Italy, Spain, Por tugal, Sterling, euro, US$, Swiss Franc, Japanese yen, 33517 Monaco & Guernsey Australian $, Canadian $, Hong Kong $ Leeds BS Gibraltar & Spain Sterling 33505 Lloyds TSB France, Spain, Por tugal, Australia, NZ, Canada, US, Dubai, Currency of choice 33506 Hong Kong, Singapore & UK Newcastle Building Society Gibraltar Sterling 33516 Norwich & Peterborough BS Gibraltar & Southern Spain Sterling 33509 Royal Bank of Scotland International Spain Euro or sterling 33510 Conti Financial Ser vices Can arrange finance in over 40 countries 33518 Source: MoneyFacts Lender Rate % Max. % Fee Notes Fast Facts Bank of Scotland International 6.3 85 Varies Fixed and tracker rates 33519 Barclays Bank 7.64 95 Varies Fixed, tracker and SVR 33500 Derbyshire 7.5 90 Varies Fixed rates 33501 Halifax 6.69 75 £499 Fixed and tracker rates 33502 HSBC International 6.44 90 Varies Fixed, discounted and tracker rates 33503 Irish Permanent International 6.5 80 1% Tracker rates available 33504 Kaupthing Singer & Friedlander (IOM) 6.75 80 Varies Min £500k 33511 Leeds BS (Gibraltar) 7.5 95 Varies Fixed, tracker, discount and variable rates. 33505 Leeds BS (Spain) 7.5 70 Varies Fixed, tracker, and variable rates. 33505 NatWest International 7.69 85 0.5 Fixed and tracker rates. Min £50k 33507 NatWest Mtg Ser vice 7.69 90 0.5 All products available 33507 Norwich & P'boro 7.49 75 - Tracker rates 33509 Royal Bank of Scotland 7.69 85 0.5 Discount, fixed and flexible rates 33510 Royal Bank of Scotland Int 7.69 85 0.5 Fixed, tracker and flexible rates 33510 Scarborough Building Society 7.74 95 Varies All products available 33513 Woolwich 7.64 80 Varies All products available 33512 Figures compiled: 3/2/08. Source: MoneyFacts www.moneyfacts.co.uk Expatriate = UK residents working abroad shor t-term and buying proper ty in the UK. Lender may allow property to be let. EXPATRIATE MORTGAGES EURO MORTGAGES OVERSEAS PROPERTIES Thames-side four-star investhotel opportunity Lender Location Fast Facts Bank of Scotland International UK proper ty 33519 Barclays Bank UK proper ty 33500 HSBC Bank International UK proper ty 33503 Investec Private Bank UK & international proper ty 33517 Irish Permanent International UK proper ty 33504 Kaupthing Singer & Friedlander UK proper ty 33511 NatWest International UK proper ty 33507 Royal Bank of Scotland International UK proper ty 33510 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 investment opportunity. This offer is to own a share in the London hotel market, which, in contrast to other investments, is booming, with occupancy in London being the highest of any European city in 2007 at 83.6%, according to the latest Deloitte Hotel Benchmark Survey (Nov 2007). Price WaterhouseCoopers' surveys show that over the last five years room rates in London have increased by 18%, occupancy rates by 12% and RevPAR (available room revenue per room) by 33%. With any property based investment investors need assurance that the hotel will be well run and marketed, and this is why it is significant that investors now have, for the first time in the UK, an international hotelier entering the investhotel market. The Pestana Group is Portugal's leading hotel and leisure group, which owns and manages 82 hotels and pousadas worldwide. The Pestana Chelsea Bridge Hotel is located close to the River Thames, next to Battersea Park and opposite the iconic Battersea Power station. It will be a four star hotel with 218 keys, of which just 66 rooms are for sale. Prices start from £295,000 plus VAT, including furniture and furnishings. Room rates at the hotel are anticipated to be between £130 and £160 per night. Owners will have full access to the onsite facilities, including an international fine-dining restaurant, bar, health and beauty club with gymnasium, spa and indoor pool and full conference facilities. Concierge services will also be available. The business plan is the hotel manages the rental of the rooms and owners receive 50% of net room revenue, with a gross 6% pa guaranteed return for the first two years as well as an option of 30 days personal usage of the hotel. There is also the opportunity to use 15 of these 30 days at Pestana's worldwide hotels in Portugal, Brazil, Argentina, Cape Verde, Mozambique and South Africa. www.pestana- chelseabridge.co.uk
January February 2008