Multi-Currency Mortgages

Countries Available for Property Financing:
Residential Property in Great Britain, France, Spain, Portugal, Dubai, New Zealand, Hong Kong and Singapore and selected locations in Australia, Canada & USA.

Interest Cost:  For loans against property in USA and Canada, 1.5% p.a. over the prevailing Base Rate for GBP loans or 1.5% p.a. over the Cost of Funds rate for the relevant currency* for loans in other currencies.  The Base Rate is 3 month LIBOR.  Variable rates only.

* Interest rates are normally floating, based on a 3-month period. 

Loan Term: Up to 30 years term or up to 70 years of age, whichever is earlier.

Currency Switching: Subject to qualification criteria and availabilty, which varies from tiem to time.  When currency options are offered, two free witches per calendar eyar, USD150 per switch thereafter.

Rental/Letting:  No additonal charges or increase in interest rates but tenancies or lets beyond certain terms will require our formal, written authorization and lwoer loan to value ratios may apply.

Repayment: Quarterly in arrears. (That is great!)

Early Repayment: There are no penalties for prepayment.

Qualification: This program is designed for borrowers to purchase or refinance properties outside their country of residence.  And it is available for non-owner occupied properties only.  Borrowers residing in the same country as the subject property only allowed subject to certain criteria. Monthly Debt-To-Income Ratio should be lower than 50%. Calculated as follows: [(existing mortgage repayments + subject property mortgage repayment + unsecured repayments) / (monthly earned net income + 70% of monthly gross rental income)].

Pre-drawdown Amendments: A handling fee of USD150 will be charged should borrowers wish to make any amendments to their requested facility, after a Letter of Offer has been issued.