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Expat Investor : April 2008
These are just some phrases that would feature in the property ad from hell, according to a study of estate agent clichés commissioned by Craigslist (www.craigslist.org). ‘Would suit DIY enthusiast’ is the single phrase most likely to put off readers of estate agent particulars and property ads from viewing the property in question, finds the poll of 2,307 Britons. The next biggest turn-offs are identified as ‘Bijou property’, ‘In need of some renovation’ and ‘Convenient for motorway access’; followed by: ‘Efficient use of space’, ‘Up-and-coming area’, and ‘Deceptively spacious’. The phrase ‘bijou property’ deters twice as many middle-class readers of property ads as working- class ones. “Certain phrases appear in so many property ads that they have become clichés”, says Jim PROPERTY INVESTMENT expatinvestor.com 22 EXPAT INVESTOR ? April 2008 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 44519 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 44500 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 remortgage if on repayment Fast Facts 44503 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 44517 Min adv of £500k in euro equivalent. Also available on same basis in US$, Swiss Franc Japanese Yen, Australian $, Canadian $, Hong Kong $. Irish Permanent International Rate is based on EURIBOR + 1.24%. Max 75% purchase & remortgage. No redemption fee payable. Fee 1% Fast Facts 44504 (min €1,500) Kaupthing Singer & Friedlander Rate is based on Euro LIBOR + 1.00% to 1.75% with option to set rate for 1, 3, 6 or 12 months. Fast Facts 44511 Max 70% for house purchase or remortgages. Term 5 years interest only – minimum advance £500k, fee varies. NatWest International Rate is based on 3 month LIBOR + margin. Max 60% purchase & remortgage, on repayment or endowment Fast Facts 44507 basis, max term 30 years. Income multiples 3.75 x joint plus 1 x 2nd or 2.75 joint. Minimum advance £100k in euro equivalent. No redemption penalty payable. Fee – refer. Mortgages for borrowers who are paid in euros to purchase or remortgage their main UK property Source: MoneyFacts Lender Location Currency Fast Facts Banco Halifax Hispania Spain Euro 44520 Barclays Bank Spain Portugal, Italy & France Euro 44500 HSBC France, Spain, Malta Euro, Maltese lira or selected major currency 44503 Investec Private Bank France, Italy, Spain, Portugal, Sterling, euro, US$, Swiss Franc, Japanese yen, 44517 Monaco & Guernsey Australian $, Canadian $, Hong Kong $ Leeds BS Gibraltar & Spain Sterling 44505 Lloyds TSB France, Spain, Portugal, Australia, NZ, Canada, US, Dubai, Currency of choice 44506 Hong Kong, Singapore & UK Newcastle Building Society Gibraltar Sterling 44516 Norwich & Peterborough BS Gibraltar & Southern Spain Sterling 44509 Royal Bank of Scotland International Spain Euro or sterling 44510 Conti Financial Services Can arrange finance in over 40 countries 44518 Source: MoneyFacts Lender Rate % Max. % Fee Notes Fast Facts Bank of Scotland International 6.3 85 Varies Fixed and tracker rates 44519 Barclays Bank 7.39 95 Varies Fixed, tracker and SVR 44500 Halifax 6.69 75 £499 Fixed and tracker rates 44502 HSBC International 6.44 90 Varies Fixed, discounted and tracker rates 44503 Irish Permanent International 6.5 80 1% (Min £5k) Tracker rates available 44504 Kaupthing Singer & Friedlander (IOM) 6.75 80 Varies Min £500k 44511 Leeds BS (Gibraltar) 7.75 95 Varies Fixed, tracker, discount and variable rates. 44505 Leeds BS (Spain) 7.25 70 Varies Fixed, tracker, and variable rates. 44505 NatWest International 7.69 85 0.5 Fixed and tracker rates. Min £50k 44507 NatWest Mtg Service 7.44 90 0.5 All products available 44507 Norwich & P'boro 7.3 75 - Tracker rates 44509 Royal Bank of Scotland 7.44 85 0.5 Discount, fixed and flexible rates 44510 Royal Bank of Scotland Int 7.44 85 0.5 Fixed, tracker and flexible rates 44510 Scarborough Building Society 7.49 95 Varies All products available 44513 Woolwich 7.39 80 Varies All products available 44512 Figures compiled: 3/3/08. 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 How not to sell your property Lender Location Fast Facts Bank of Scotland International UK property 44519 Barclays Bank UK property 44500 HSBC Bank International UK property 44503 Investec Private Bank UK & international property 44517 Irish Permanent International UK property 44504 Kaupthing Singer & Friedlander UK property 44511 NatWest International UK property 44507 Royal Bank of Scotland International UK property 44510 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 Buckmaster, CEO of Craigslist. “We wanted to find out which of them might by now deter prospective buyers.” Many phrases are also euphemisms, adds Mr Buckmaster. “They state one thing but mean another, which rings alarm bells for most people reading them.” Indeed, this research prompted Craigslist to produce its own guide to estate agent clichés and what they really mean. T HE C RAIGLIST GUIDE TO ESTATE AGENTS ’ SPEAK : WHAT THE CLICHÉS REALLY MEAN Would suit D-I-Y enthusiast Would suit demolition Bijou property Microscopic Convenient for motorway access Triple-glazing a minimum Efficient use of space “Cramped” doesn’t describe it Incredible potential Incredible cost to do up Delightfully secluded A week’s drive to the nearest shop Up-and-coming-area Expect to be mugged Sought-after location Flash post-code, inflated price New price On the market a year; not a nibble Deceptively spacious Guess who’s being deceptive Borders on …/Moments from… In a criminal wasteland; 20 mins from civilisation M ORTGAGE CALCULATOR Base Rate Reduction Mortgage £80K Repayment Monthly reduction Interest only Monthly reduction 5.75 % N/A £503.29 N/A £383.33 N/A 5.50 % 0.25 % £491.27 £12.02 £366.67 £16.66 5.25 % 0.50% £479.40 £23.89 £350.00 £33.33 Mortgage £110K Repayment Monthly reduction Interest only Monthly reduction 5.75 % N/A £692.02 N/A £527.08 N/A 5.50 % 0.25 % £675.50 £16.52 £504.17 £22.91 5.25 % 0.50 % £659.17 £32.85 £481.25 £45.83 Mortgage £150K Repayment Monthly reduction Interest only Monthly reduction 5.75 % N/A £943.66 N/A £718.75 N/A 5.50 % 0.25 % £921.13 £22.53 £687.50 £31.25 5.25 % 0.50 % £898.87 £44.79 £656.25 £62.50 Mortgage £200K Repayment Monthly reduction Interest only Monthly reduction 5.75 % N/A £1258.21 N/A £958.33 N/A 5.50 % 0.25 % £1228.17 £30.04 £916.67 £41.66 5.25 % 0.50 % £1198.50 £59.71 £875.00 £83.33 Source: MoneyFacts
May June 2008