I dont normally like to cut and paste story's but this is a biggie
LONDON (Reuters) - An interim report by former HBOS chief executive Sir James Crosby on ways to revive Britain's mortgage markets will be published on Tuesday, the Treasury said on Monday.
The report was commissioned by the government in April as it became clear that a lack of mortgage finance was driving down house prices with worrying speed.
"Crosby will publish his interim report analysing the functioning of the secondary mortgage market on Tuesday, with his final recommendations to the Chancellor due in time for the Pre-Budget Report," said a Treasury spokesman.
The spokesman declined to comment on newspaper reports suggesting the government will back an ambitious scheme allowing banks to swap new mortgage debt for government securities.
A Special Liquidity Scheme unveiled by the Bank of England in April allowed banks to swap hard-to-shift mortgage assets for government securities only if the mortgage loans were on their balance sheets at the end of 2007.
The central bank's scheme did succeed for a while in shoring up confidence in the sector, but banking experts say more needs to be done.
The securitisation markets, where up to 40 percent of mortgages were funded last year, remains shut and the impact of the mortgage market strains on the housing market is becoming more apparent by the day.
Figures from the British Bankers' Association show the number of mortgages approved for house purchase slumped by more than two thirds in June from a year ago to hit a fresh record low.
Tuesday's interim report from Crosby's team is not expected to contain concrete proposals. Those will be left for the final report this autumn.
Rob Thomas, senior policy adviser at the Council of Mortgage Lenders, urged the government not to delay any plans that might help.
"The Treasury has given us no indication of their plans but time is of the essence. There is no logic in waiting," he said.
Pounds to Euros currently 1.2700
Pounds to US Dollars currently 1.9789
Tuesday, July 29, 2008
Tuesday, July 22, 2008
Moroccan Mortgages
Moroccan Mortgage Information
Buying a home or an investment property in Morocco is growing in popularity and in the last few years we have seen increasing demand for mortgages to purchase a Moroccan home. The ability to borrow money to do this however has not quite kept pace with the demand from Northern Europeans for cutting edge mortgage products. That said there is a mortgage marker available for non residents of Morocco.
Moroccan Mortgage Products
Mortgage lending in Morocco is at variable rate and on a repayment basis with very limited fixed rates available. Moroccan mortgages are linked to the TAUX which means that the rate of borrowing against which you pay interest will be reviewed twice yearly.
Moroccan Mortgages Loan to Values
Moroccan mortgage loans are up to 70% for non-residents of Morocco. The loan percentage is linked to the purchase price of the property.
Morocccan Mortgage Terms
Moroccan mortgage terms range from 12 to 25 years, are age and lender related. It is usual to have repaid the mortgage by age 70.
Moroccan Mortgages Costs
All Moroccan banks charge an arrangement fee for lending you the money, this ranges from 1% upwards. Other costs include mortgage taxes and some of the deed costs. You should allow in the region of 5% of the price of your house to cover your costs in Morocco.l. You should contract an independent Moroccan lawyer, not one recommended by your agent or developer, to help with the purchase and make sure you are made fully aware of the provision of costs for completion by your lawyer.
Buy Moroccan Dirhams Currency
Your Moroccan mortgage will be repayable monthly in Dirhams. To buy Dirhams at the best rates click here.
Moroccan Mortgages Underwriting
Mortgages in Morocco are only granted on a full documentation and status basis. Moroccan banks assess the lending against a percentage of your disposable income unlike UK banks that tend towards lending you a multiplication of your annual income.
Hints & Tips
1. Check your budget and make extensive mortgage enquiries before even travelling specifically to view Moroccan property. It would be a wasted trip and quite heartbreaking to see your dream home and discover you cannot borrow the amount you need to buy it.
2. Always use an independent lawyer to act for you. Do not go on the recommendation of your agent, developer or the seller.
3. Be prepared for hiccups along the way. Moroccan law differs from that which you are used to. The Moroccans use a Notary system that is long, drawn out and expensive.
4. Do not sign anything until your lawyer has checked the paperwork and your finances are in place. You could end up losing a deposit.
5. Do not get drawn into financial structures such as using companies and offshore havens to purchase the house until you have thoroughly understood the implications of doing so.
Buying a home or an investment property in Morocco is growing in popularity and in the last few years we have seen increasing demand for mortgages to purchase a Moroccan home. The ability to borrow money to do this however has not quite kept pace with the demand from Northern Europeans for cutting edge mortgage products. That said there is a mortgage marker available for non residents of Morocco.
Moroccan Mortgage Products
Mortgage lending in Morocco is at variable rate and on a repayment basis with very limited fixed rates available. Moroccan mortgages are linked to the TAUX which means that the rate of borrowing against which you pay interest will be reviewed twice yearly.
Moroccan Mortgages Loan to Values
Moroccan mortgage loans are up to 70% for non-residents of Morocco. The loan percentage is linked to the purchase price of the property.
Morocccan Mortgage Terms
Moroccan mortgage terms range from 12 to 25 years, are age and lender related. It is usual to have repaid the mortgage by age 70.
Moroccan Mortgages Costs
All Moroccan banks charge an arrangement fee for lending you the money, this ranges from 1% upwards. Other costs include mortgage taxes and some of the deed costs. You should allow in the region of 5% of the price of your house to cover your costs in Morocco.l. You should contract an independent Moroccan lawyer, not one recommended by your agent or developer, to help with the purchase and make sure you are made fully aware of the provision of costs for completion by your lawyer.
Buy Moroccan Dirhams Currency
Your Moroccan mortgage will be repayable monthly in Dirhams. To buy Dirhams at the best rates click here.
Moroccan Mortgages Underwriting
Mortgages in Morocco are only granted on a full documentation and status basis. Moroccan banks assess the lending against a percentage of your disposable income unlike UK banks that tend towards lending you a multiplication of your annual income.
Hints & Tips
1. Check your budget and make extensive mortgage enquiries before even travelling specifically to view Moroccan property. It would be a wasted trip and quite heartbreaking to see your dream home and discover you cannot borrow the amount you need to buy it.
2. Always use an independent lawyer to act for you. Do not go on the recommendation of your agent, developer or the seller.
3. Be prepared for hiccups along the way. Moroccan law differs from that which you are used to. The Moroccans use a Notary system that is long, drawn out and expensive.
4. Do not sign anything until your lawyer has checked the paperwork and your finances are in place. You could end up losing a deposit.
5. Do not get drawn into financial structures such as using companies and offshore havens to purchase the house until you have thoroughly understood the implications of doing so.
Cape Verde Mortgages
Cape Verde Mortgage Information
Buying a home or an investment property in Cape Verde has soared in popularity in the last few years. The ability to borrow money to do this however has not quite kept pace with the demand from Northern Europeans for cutting edge mortgage products. That said there is a wide and growing range of mortgage products available for non residents of Cape Verde.
Cape Verde Mortgage Products
Mortgage lending in Cape Verde is at variable rate and on a repayment basis or interest only basis. Cape Verde mortgages are generally linked to the euribor (European inter bank offered rate).
Cape Verde Mortgages Loan to Values
Cape Verde mortgage loan to values are up to 75% for non-residents of Cape Verde. The loan percentage is linked to the mortgage security valuation the lender assesses upon the property you choose or the price you are buying it for, whichever is the lower.
Cape Verde Mortgage Terms
Cape Verde mortgage terms range from 5 to 35 years, are age and lender related. It is usual to have repaid the mortgage by age 75.
Cape Verde Mortgage Costs
All Cape Verde banks charge an arrangement fee for lending you the money. Other costs including mortgage taxes and deed costs. You should allow in the region of 6% to 7% of the purchase price of your house to cover your costs in Cape Verde. You should contract an independent lawyer, not one recommended by your agent or developer, to help with the purchase and make sure you are made fully aware of the provision of costs for completion by your lawyer.
Buy Euro Currency
Your Cape Verde mortgage will be repayable monthly in Euros. To buy Euros at the best rates click here.
Cape Verde Mortgage Underwriting
Mortgages in Cape Verde are only granted on a full documentation and status basis. Cape Verde banks assess the lending against a percentage of your disposable income unlike UK banks that tend towards lending you a multiplication of your annual income.
Hints & Tips
1. Check your budget and make extensive mortgage enquiries before even travelling specifically to view Cape Verde property. It would be a wasted trip and quite heartbreaking to see your dream home and discover you cannot borrow the amount you need to buy it.
2. Always use an independent lawyer to act for you. Do not go on the recommendation of your agent, developer or the seller.
3. Be prepared for hiccups along the way. Cape Verde law differs from that which you are used. They use a Notary system that is long, drawn out and expensive.
4. Do not sign anything until your lawyer has checked the paperwork and your finances are in place. You could end up losing a deposit.
5. Do not get drawn into financial structures such as using companies and offshore havens to purchase the house until you have thoroughly understood the implications of doing so.
Buying a home or an investment property in Cape Verde has soared in popularity in the last few years. The ability to borrow money to do this however has not quite kept pace with the demand from Northern Europeans for cutting edge mortgage products. That said there is a wide and growing range of mortgage products available for non residents of Cape Verde.
Cape Verde Mortgage Products
Mortgage lending in Cape Verde is at variable rate and on a repayment basis or interest only basis. Cape Verde mortgages are generally linked to the euribor (European inter bank offered rate).
Cape Verde Mortgages Loan to Values
Cape Verde mortgage loan to values are up to 75% for non-residents of Cape Verde. The loan percentage is linked to the mortgage security valuation the lender assesses upon the property you choose or the price you are buying it for, whichever is the lower.
Cape Verde Mortgage Terms
Cape Verde mortgage terms range from 5 to 35 years, are age and lender related. It is usual to have repaid the mortgage by age 75.
Cape Verde Mortgage Costs
All Cape Verde banks charge an arrangement fee for lending you the money. Other costs including mortgage taxes and deed costs. You should allow in the region of 6% to 7% of the purchase price of your house to cover your costs in Cape Verde. You should contract an independent lawyer, not one recommended by your agent or developer, to help with the purchase and make sure you are made fully aware of the provision of costs for completion by your lawyer.
Buy Euro Currency
Your Cape Verde mortgage will be repayable monthly in Euros. To buy Euros at the best rates click here.
Cape Verde Mortgage Underwriting
Mortgages in Cape Verde are only granted on a full documentation and status basis. Cape Verde banks assess the lending against a percentage of your disposable income unlike UK banks that tend towards lending you a multiplication of your annual income.
Hints & Tips
1. Check your budget and make extensive mortgage enquiries before even travelling specifically to view Cape Verde property. It would be a wasted trip and quite heartbreaking to see your dream home and discover you cannot borrow the amount you need to buy it.
2. Always use an independent lawyer to act for you. Do not go on the recommendation of your agent, developer or the seller.
3. Be prepared for hiccups along the way. Cape Verde law differs from that which you are used. They use a Notary system that is long, drawn out and expensive.
4. Do not sign anything until your lawyer has checked the paperwork and your finances are in place. You could end up losing a deposit.
5. Do not get drawn into financial structures such as using companies and offshore havens to purchase the house until you have thoroughly understood the implications of doing so.
Spanish Mortgages
Spanish Mortgage Information
Buying a home or an investment property in Spain has soared in popularity in the last 10 years. The ability to borrow money to do this however has not quite kept pace with the demand from Northern Europeans for cutting edge mortgage products. That said there is a wide and growing range of mortgage products available for non residents of Spain.
Spanish Mortgage Products
Mortgage lending in Spain can be either at fixed or variable rate and on a repayment basis or interest only basis. Spanish mortgages are generally linked to the yearly euribor (European inter bank offered rate) which means that the rate of borrowing against which you pay interest will be reviewed yearly. Through Gibraltarian and Isle of Man banks we can provide mortgages in sterling for Spanish homes.
Loan to Values
Spanish mortgage loan to values are up to 80% for non-residents of Spain. The loan percentage is linked to the mortgage security valuation the lender assesses upon the property you choose not the price you are buying it for.
Equity Release and Re-mortgaging in Spain
Not all Spanish banks will consider allowing you to either remortgage once you have started your mortgage contract with them (you can always consider changing banks however) and releasing equity is again restricted to certain specialised lenders. Remortgageing and releasing equity can be a costly process and should only be done under advisement.
The Bank of Spain controls the activities of lenders in Spain and releasing further funds or changing the terms will incur further tax; bank and notary costs. Under Spanish legislation it may be prudent to mortgage to the maximum you require and include future needs to avoid the enhanced costs later on.
Spanish Mortgage Terms
Spanish mortgage terms range from 5 to 40 years, are age and lender related. It is usual to have repaid the mortgage by age 70 but this can be extended to 80 with some lenders.
Mortgage Costs
All Spanish banks charge an arrangement fee for lending you the money, this ranges from 1% to 2% typically and is payable at the Notary at completion. Other costs including mortgage taxes and some of the deed costs are deducted from your mortgage advance. It is rarely possible to add your costs to the Spanish mortgage unless your valuation level allows you to. You should allow in the region of 12% to 13% of the price of your house to cover your costs in Spain in full. You should contract an independent Spanish lawyer, not one recommended by your agent or developer, to help with the purchase and make sure you are made fully aware of the provision of costs for completion by your lawyer.
Buy Currency
Your Spanish mortgage will be repayable monthly in Euros. To buy Euros at the best rates click here.
Underwriting
Most mortgages in Spain are only granted on a full documentation and status basis however there is limited access to self certified lending. You should not expect the most favourable terms for this type of lending. Spanish banks assess the lending against a percentage of your disposable income unlike UK banks that tend towards lending you a multiplication of your annual income.
Hints & Tips
1. Check your budget and make extensive mortgage enquiries before even travelling specifically to view Spanish property. It would be a wasted trip and quite heartbreaking to see your dream home and discover you cannot borrow the amount you need to buy it.
2. Always use an independent Spanish lawyer to act for you. Do not go on the recommendation of your agent, developer or the seller.
3. Be prepared for hiccups along the way. Spanish law differs from that which you are used to. The Spanish use a Notary system that is long, drawn out and expensive.
4. Do not sign anything until your lawyer has checked the paperwork and your finances are in place. You could end up losing a deposit.
5. Do not get drawn into financial structures such as using companies and offshore havens to purchase the house until you have thoroughly understood the implications of doing so.
Buying a home or an investment property in Spain has soared in popularity in the last 10 years. The ability to borrow money to do this however has not quite kept pace with the demand from Northern Europeans for cutting edge mortgage products. That said there is a wide and growing range of mortgage products available for non residents of Spain.
Spanish Mortgage Products
Mortgage lending in Spain can be either at fixed or variable rate and on a repayment basis or interest only basis. Spanish mortgages are generally linked to the yearly euribor (European inter bank offered rate) which means that the rate of borrowing against which you pay interest will be reviewed yearly. Through Gibraltarian and Isle of Man banks we can provide mortgages in sterling for Spanish homes.
Loan to Values
Spanish mortgage loan to values are up to 80% for non-residents of Spain. The loan percentage is linked to the mortgage security valuation the lender assesses upon the property you choose not the price you are buying it for.
Equity Release and Re-mortgaging in Spain
Not all Spanish banks will consider allowing you to either remortgage once you have started your mortgage contract with them (you can always consider changing banks however) and releasing equity is again restricted to certain specialised lenders. Remortgageing and releasing equity can be a costly process and should only be done under advisement.
The Bank of Spain controls the activities of lenders in Spain and releasing further funds or changing the terms will incur further tax; bank and notary costs. Under Spanish legislation it may be prudent to mortgage to the maximum you require and include future needs to avoid the enhanced costs later on.
Spanish Mortgage Terms
Spanish mortgage terms range from 5 to 40 years, are age and lender related. It is usual to have repaid the mortgage by age 70 but this can be extended to 80 with some lenders.
Mortgage Costs
All Spanish banks charge an arrangement fee for lending you the money, this ranges from 1% to 2% typically and is payable at the Notary at completion. Other costs including mortgage taxes and some of the deed costs are deducted from your mortgage advance. It is rarely possible to add your costs to the Spanish mortgage unless your valuation level allows you to. You should allow in the region of 12% to 13% of the price of your house to cover your costs in Spain in full. You should contract an independent Spanish lawyer, not one recommended by your agent or developer, to help with the purchase and make sure you are made fully aware of the provision of costs for completion by your lawyer.
Buy Currency
Your Spanish mortgage will be repayable monthly in Euros. To buy Euros at the best rates click here.
Underwriting
Most mortgages in Spain are only granted on a full documentation and status basis however there is limited access to self certified lending. You should not expect the most favourable terms for this type of lending. Spanish banks assess the lending against a percentage of your disposable income unlike UK banks that tend towards lending you a multiplication of your annual income.
Hints & Tips
1. Check your budget and make extensive mortgage enquiries before even travelling specifically to view Spanish property. It would be a wasted trip and quite heartbreaking to see your dream home and discover you cannot borrow the amount you need to buy it.
2. Always use an independent Spanish lawyer to act for you. Do not go on the recommendation of your agent, developer or the seller.
3. Be prepared for hiccups along the way. Spanish law differs from that which you are used to. The Spanish use a Notary system that is long, drawn out and expensive.
4. Do not sign anything until your lawyer has checked the paperwork and your finances are in place. You could end up losing a deposit.
5. Do not get drawn into financial structures such as using companies and offshore havens to purchase the house until you have thoroughly understood the implications of doing so.
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