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Expat Investor : May June 2008
According to a property survey by Yorkshire Bank Mortgages, over half of first time buyers (54%) would not be put off buying a house even if it was haunted. Just 19% of those saving for their first home said spooky stories of supernatural sightings in a property would make them reconsider submitting an offer. And over a quarter said they would be more inclined to view a haunted property out of sheer curiosity. As if to undermine their apparent disregard for things that go ‘bump in the night’, 44% of first time buyers felt a resident ghost could make a useful bargaining tool. Gary Lumby, Yorkshire Bank’s Head of Retail, says, “We all know to look out for damp patches and cracks in the walls when viewing a home, but it could prove a little trickier to spot a supernatural problem with your potential property. Doing your research in the local area can really pay off when it comes to negotiating a sale price.” Yorkshire Bank’s research found that, currently, 10% of homeowners think their home is haunted. Interestingly, 79% of those didn’t view sharing their home with a ghostly presence as a reason to sell up. PROPERTY INVESTMENT expatinvestor.com 22 EXPAT INVESTOR ? May/June 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 55519 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 55500 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 55503 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 55517 Min adv of £500k in euro equivalent. Also available on same basis in US$, Swiss Franc Japanese Yen, Australian $, Canadian $, Hong Kong $. Irish Permanent International Rate is based on EURIBOR + 1.24%. Max 75% purchase & remortgage. No redemption fee payable. Fee 1% Fast Facts 55504 (min €1,500) Kaupthing Singer & Friedlander Rate is based on Euro LIBOR + 1.00% to 1.75% with option to set rate for 1, 3, 6 or 12 months. Fast Facts 55511 Max 70% for house purchase or remortgages. Term 5 years interest only – minimum advance £500k, fee varies. NatWest International Rate is based on 3 month LIBOR + margin. Max 60% purchase & remortgage, on repayment or endowment Fast Facts 55507 basis, max term 30 years. Income multiples 3.75 x joint plus 1 x 2nd or 2.75 joint. Minimum advance £100k in euro equivalent. No redemption penalty payable. Fee – refer. Mortgages for borrowers who are paid in euros to purchase or remortgage their main UK property Source: MoneyFacts Lender Location Currency Fast Facts Banco Halifax Hispania Spain Euro 55520 Barclays Bank Spain Portugal, Italy & France Euro 55500 HSBC France, Spain, Malta Euro, Maltese lira or selected major currency 55503 Investec Private Bank France, Italy, Spain, Portugal, Sterling, euro, US$, Swiss Franc, Japanese yen, 55517 Monaco & Guernsey Australian $, Canadian $, Hong Kong $ Leeds BS Gibraltar & Spain Sterling 55505 Lloyds TSB France, Spain, Portugal, Australia, NZ, Canada, US, Dubai, Currency of choice 55506 Hong Kong, Singapore & UK Newcastle Building Society Gibraltar Sterling 55516 Norwich & Peterborough BS Gibraltar & Southern Spain Sterling 55509 Royal Bank of Scotland International Spain Euro or sterling 55510 Conti Financial Services Can arrange finance in over 40 countries 55518 Source: MoneyFacts Lender Rate % Max. % Fee Notes Fast Facts Bank of Scotland International 6.3 85 Varies Fixed and tracker rates 55519 Barclays Bank 7.39 95 Varies Fixed, tracker and SVR 55500 Halifax 6.69 75 £499 Fixed and tracker rates 55502 HSBC International 6.44 90 Varies Fixed, discounted and tracker rates 55503 Irish Permanent International 6.5 80 1 % (Min £5k) Tracker rates available 55504 Kaupthing Singer & Friedlander (IOM) 6.75 80 Varies Min £500k 55511 Leeds BS (Gibraltar) 7.75 95 Varies Fixed, tracker, discount and variable rates. 55505 Leeds BS (Spain) 7.25 70 Varies Fixed, tracker, and variable rates. 55505 NatWest International 7.69 85 0.5 Fixed and tracker rates. Min £50k 55507 NatWest Mtg Service 7.44 90 0.5 All products available 55507 Norwich & P'boro 7.3 75 - Tracker rates 55509 Royal Bank of Scotland 7.44 85 0.5 Discount, fixed and flexible rates 55510 Royal Bank of Scotland Int 7.44 85 0.5 Fixed, tracker and flexible rates 55510 Scarborough Building Society 7.49 95 Varies All products available 55513 Woolwich 7.39 80 Varies All products available 55512 Figures compiled: 3/4/08. 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 Haunted homes: trick or treat for first-time buyers Lender Location Fast Facts Bank of Scotland International UK property 55519 Barclays Bank UK property 55500 HSBC Bank International UK property 55503 Investec Private Bank UK & international property 55517 Irish Permanent International UK property 55504 Kaupthing Singer & Friedlander UK property 55511 NatWest International UK property 55507 Royal Bank of Scotland International UK property 55510 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 Nearly nine out of 10 (87%) landlords regard managing their rental properties as a profitable pastime, with only one in 25 (4%) regarding it as their full-time profession, Alliance & Leicester Mortgages’ new annual Landlord Index reveals. More than half (57%) of today’s landlords say they invest in buy-to- let property to build up assets for the future, fund their retirement, or pay their children’s university fees, rather than to supplement their monthly income. This suggests many have opted to Fast Facts 55454 Fast Facts 55455 invest in bricks and mortar rather than traditional pensions, although one in ten landlords (11%) say they still earn half or more of their monthly income from their buy-to- let properties. Almost a third (31%) of landlords are over 55. Nearly two out of three (64%) landlords say they plan to continue renting out their property, as they are happy with the income they are getting – with the period most plan to let property averaging around 18 years. One in five (21%) see it as a short-term investment and plan to cash in on it within the next few years. With more than four out of 10 (41%) landlords women, the research highlights differences in approach to buy-to-let investment between the genders. Women appear far more cautious than men. Half of female landlords (50%) say they invested in their buy-to-let specifically to build up assets for their retirement – compared to 40% of men. But one in five (21%) men cite making a monthly income as the grounds for purchasing their buy-to- let property – compared to just one in 10 women (13%). Around 22% of male landlords make more than a quarter of their income from their rental property, with nearly two- thirds (65%) keen to continue expanding their portfolios and actively considering the purchase of more buy-to-lets in the future. This compares with 45% of female landlords who are planning to take on more properties. Amateur landlords’ long-haul investment
July August 2008