In most instances Lifestyle Brokers can source mortgages for both expatriates and non-residents. Note there may well be some caveats placed upon the expatriate borrower which are not applied for a local national.
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Typically, the banks we deal with will lend up to a maximum of 70% of the purchase price or valuation, whichever is lowest. This applies to most jurisdictions. The agreed loan is fully dependent on your personal resources, either income or existing assets or both.
If the property is an investment property the income from the proposed investment may be taken into consideration.
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This depends on which country you are looking to invest in - for example the UK in most cases the minimum loan size is £100,000.
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It is possible to arrange mortgages for properties solely to be used as holiday homes. Some countries have ownership criteria relating to this form of the investment.
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Most mortgages can be switched – whether you’re on or offshore. It is possible to release equity or simply change to a new provider. The costs of switching need to be carefully considered in order to ensure that the switch makes financial sense.
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The remortgage process is similar to that of the original mortgage process. Formal applications will need to be provided to a bank or financial institution. They in turn will verify the applicant’s financial information. The property will need to be valued and solicitors instructed for both the applicant and the financial institution.
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An interest only mortgage is a loan secured against a property where the repayments merely service the debt. Each monthly repayment is interest against the principle only. At the end of the term the full amount of the original loan is due for repayment. For a more complete illustration of the difference between an interest-only and a fully-amortising mortgage, go to our ‘Mortgage Calculator’.
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Improve cash-flow: An interest only mortgage has lower monthly payments as no pay down on the principle is made during the term of the mortgage. Reduce the deposit needed: The property can remain cash generative with a lower capital investment. The required deposit depends on the market interest rates. Pure investment properties: Where the intention is to hold & sell within a certain timeframe it can be advantageous not to be paying back the principle on a loan.
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Lump sum payments or early repayment of the mortgage can be made but are normally subject to penalties for up to the first 3 years of the mortgage. These vary according to the provider.
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Normally the process can take 6-12 weeks. We would recommend that if the purchased property is “off-plan” that the mortgage process begins within 4 months of completion;
Please note, these are guideline timescales only but ensuring you have all the necessary paperwork to accompany the mortgage application can help speed things up.
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Generally speaking it is wise to match the currency of your loan with the currency of your assets - in this case the property you are buying. However, some people choose to match the currency of the loan to the currency of their salary or more liquid assets such as savings. The choice depends largely upon personal circumstances, future plans and currency exchange rates.
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Interest rate savings.
Reduction in the capital value of the debt. For example, if we move your debt into the Japanese yen and the yen falls by 10% against the pound then your debt is 10% smaller than when we started.
Tax efficiency
For private individuals borrowing against their main residence the benefits of the programme are treated as tax free in certain jurisdictions such as the UK. Under current UK tax legislation, we are advised that the Inland Revenue does not regard reductions in the sterling equivalent of a mortgage - as opposed to gains on assets - to be liable to Capital Gains tax, if such gains are made by individuals in the context of borrowing secured on their main residence.
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When you have a currency mortgage it is held in the currency where the property is located & a second currency. The bank will allow clients to switch a certain number of times a year free of charge & will normally levy a fee after that. The client would normally need to inform the bank and they will execute the switch within that day.
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Yes – you can arrange a mortgage for an off-plan property. The bank will make the offer subject to the valuation of the property so it should be undertaken 4 months prior to its completion to allow sufficient time for the process to complete in time for the legal completion on the property.
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Some mortgage providers will make life insurance a condition of the loan. It I not mandatory in all circumstances but we would advise clients to consider mortgage protection for your loan to safeguard your family in the event of your death.
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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