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Expat Investor : September 2008
EXPATRIATE MORTGAGES Lender Bank of Scotland International Barclays Bank Halifax Irish Permanent International 6.3 7.14 7 6.5 Kaupthing Singer & Friedlander (IOM) Libor + 2% NatWest International NatWest Mtg Service Royal Bank of Scotland Royal Bank of Scotland Int Woolwich 6.74 7.19 7.19 6.74 7.14 PROPERTY INVESTMENT EURO MORTGAGES Rate % Max. % Fee 80 80 75 Varies Varies £499 80 1 % (Min £5k) 75 95 90 85 95 80 Varies 0.5 0.5 0.5 0.5 Varies Notes Fixed and tracker rates Fixed, tracker and SVR Fixed and tracker rates Tracker rates available Min £1m Fixed and tracker rates. Min £50k All products available Discount, fixed and flexible rates Fixed, tracker and flexible rates All products available Fast Facts 77519 77500 Barclays Bank 77502 77504 77511 77507 77507 77510 77510 77512 Figures compiled: 3/8/08. 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. OVERSEAS PROPERTIES Lender Banco Halifax Hispania Barclays Bank HSBC Investec Private Bank Leeds BS Lloyds TSB Newcastle Building Society Norwich & Peterborough BS Investec Private Bank Fast Facts 77517 Fast Facts 77500 Lender Notes Bank of Scotland International Rate linked to EURO LIBOR + 1.20% with option to set rate for 3, 6, 12 months. Fast Facts 77519 Max 70% LTV. Interest only or capital repayment. Min £400k. Max term 20 years. Arrangement fee up to 1%.Redemption charge applies. Rates also available on same terms in US dollars, Swiss Francs and HK dollars. Rate linked to Barclays Bank 3 month LIBOR rate applicable for a 90 day interest period. For house purchase 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. Rate is based on EURIBOR +1.25% to 2%. Max 70% LTV. Upfront fee of up to 1%. Min adv of £1m in euro equivalent. No redemption fee penalty. Also available on same basis in US$, Swiss Franc Japanese Yen, Australian $, Canadian $, Hong Kong $. Irish Permanent International Rate is based on EURIBOR + 1.24%. Max 75% purchase & remortgage. No redemption fee payable. Fee 1% Fast Facts 77504 (min €1,500) Kaupthing Singer & Friedlander Rate is based on Euro LIBOR + 1.00% to 1.75% with option to set rate for 1, 3, 6 or 12 months. Fast Facts 77511 Max 70% for house purchase or remortgages. Term 5 years interest only – minimum advance £1m, fee varies. NatWest International Fast Facts 77507 Rate is based on 3 month LIBOR + margin. Max 60% purchase & remortgage, on repayment or endowment basis, max term 30 years. Income multiples 3.75 x joint plus 1 x 2nd or 2.75 joint. Minimum advance £100k in euro equivalent. No redemption penalty payable. Fee – refer. Mortgages for borrowers who are paid in euros to purchase or remortgage their main UK property Source: MoneyFacts Location Spain Spain Portugal, Italy & France France, Spain, Malta France, Italy, Spain, Portugal, Monaco & Guernsey Gibraltar & Spain Currency Euro Euro Euro, Maltese lira or selected major currency Sterling, euro, US$, Swiss Franc, Japanese yen, Australian $, Canadian $, Hong Kong $ Sterling France, Spain, Portugal, Australia, NZ, Canada, US, Dubai, Hong Kong, Singapore & UK Gibraltar Royal Bank of Scotland International Conti Financial Services Source: MoneyFacts Gibraltar & Southern Spain Spain Can arrange finance in over 40 countries Currency of choice Sterling Sterling Euro or sterling Fast Facts 77520 77500 77503 77517 77505 77506 77516 77509 77510 77518 FOREIGN CURRENCY LOANS Lender Location Bank of Scotland International Barclays Bank Investec Private Bank Irish Permanent International Kaupthing Singer & Friedlander NatWest International Royal Bank of Scotland International UK property UK property MOVING RATES Fast Facts 77519 77500 UK & international property 77517 UK property UK property UK property UK property Currency switching allowed on all major currencies Source: MoneyFacts 77504 77511 77507 77510 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. Decision time for overseas mortgages Inspection, inspection, inspection With the slowdown in property sales, desperate vendors might be tempted to hide faults, which means homebuyers need to be savvy. Not viewing a property thoroughly could cost £10,000, says Which?. A survey by the consumer With the internet now the first place most people visit when starting their search for a home overseas, Piraeus Bank UK is now encouraging people to start their search for an overseas mortgage online too. The newly launched Piraeus Bank UK website www.piraeusbank.co.uk offers its ‘online decision system’ for overseas mortgages allowing those thinking about financing their dream 22 EXPAT INVESTOR ? home to calculate how much they can raise. The Bank reminds all property hunters that it’s a wise precaution before you start a property search to consider what budget you are working to and if you need help from financial sources. The Bank’s online decision system allows those looking into options for finance for an apartment or villa in Greece or Bulgaria to see how much help they can obtain in principle September 2008 before committing to a purchase. As with all the mortgage product information, loan seekers need to fully research the financing of any second (or third) property overseas along with the foreign exchange service available which will ease the completion of such a purchase. Piraeus Bank adds that over the coming months mortgage products will be available for properties based in Romania, Cyprus and Egypt. organisation reveals that a quarter of people who bought homes in the past five years found faults with their home after moving in. Problems cost an average of £2,500 to rectify, but one in 10 respondents spent more than £10,000 putting things right. Almost a third of those who’d found faults said they’d missed a problem because it hadn’t occurred to them to look. The main issues were poor heating, damp, badly fitting windows and doors and roofing problems. A quarter of them felt that expatinvestor.com problems had been hidden from them. Common cover-ups include painting over damp, putting furniture in front of cracks or rugs over floor problems. In addition, property hunters need to be aware that while estate agents can’t be misleading, they aren’t obliged to reveal problems and desperate vendors may be more tempted to hide faults in the current climate. Which? recommends asking direct questions and has drawn up a checklist for homebuyers at www.which.co.uk/property checklist. The research also surprisingly found that one in 20 house buyers don’t view their home at all before buying. It’s always a bad idea to buy unseen. Typically people view their home twice before moving in, though Which? recommends viewing three or four times.
July August 2008