90% OF EURO BANKS EXPECT TO INCREASE NON-RESIDENT LENDING IN 09

90% OF EURO BANKS EXPECT TO INCREASE NON-RESIDENT LENDING IN 09

International Private Finance, mortgage, Spain, France, Italy, Portugal

Some 90% of Spanish, French, Italian and Portuguese banks are set to maintain or increase the range and type of non-resident mortgage they provide in 2009, according to a survey from mortgage broker International Private Finance (IPF).

In its International Mortgage Outlook 2009 report, the company interviewed 20 lenders across the respective countries, including: BBVA, Barclays Italy/France, Deutsche Bank, BNP Paribas, GE Moneybank, Banif, Credit Lyonnais and Societe Generale; to find out what this year held for non-resident lending.

The banks said that the most popular product developments, they feel are of interest to international buyers in Spain, Portugal, France and Italy, are higher loan-to-value (LTV) mortgages, an increase in interest-only finance options and more special purpose vehicles (SPVs) for those looking to buy within a company or tax efficient structure.

“As the world’s population becomes increasingly mobile, the need for flexible and efficient ways of financing and owning assets in different geographical locations is becoming more pressing,” said Fiona Watts, managing director of International Private Finance, and author of the report.

Portuguese lenders said that in 2009, the intent to lower the deposit amount required by non-resident investors was the top on their list of priorities, while 100% of French and Italian banks plan to maintain or increase their range of mortgage products available to overseas buyers. Spanish banks, some of the most exposed to the downturn in the real estate sector, said that while some products had been downgraded, 50% expect to maintain current product levels in 2009, while 66% expect demand from international buyers to be maintained, or increase, in 2009.

If you require mortgage assistance or property help contact the Girasol Team on 44 1974 299055 or info@girasolhomes.co.uk

Buy Smart in 2009 - you have the power!

there are still good ways to buy abroad | Primelocation

As if the credit crunch and the impending recession weren't enough, the downside for Brits wanting to buy overseas has been compounded by the plummeting value of the pound.

In just 12 months, sterling's value has slipped from €1.45 to under €1.20 - a fall of almost 20%. Against the dollar, the decline has been even more dramatic. As recently as July you could get $2 for every pound; by late November that had fallen to under $1.50.

Psychologically, it's a serious deterrent for buyers, as it means you could be paying significantly more for the same property than you would have a year ago. What's more, the cost of living in most overseas countries has also gone up accordingly - so that pint of beer, restaurant meal and weekly grocery shop will all be more expensive.

There are a few countries outside the dollar and the euro where the exchange rate pain has not been quite so profound - TURKEY springs to mind - but by and large, overseas homes are less of a bargain than they used to be.

So what can you do about it? One option - if you believe that the pound will make a recovery - is to take out a mortgage in the local currency. Say you want to buy an apartment in France or Spain that costs €200,000, and you take out a Euro-denominated loan for €150,000. Then only the €50,000 deposit will suffer from the conversion at a poor exchange rate, and if sterling recovers in a year's time you could potentially refinance the property at a more attractive conversion rate. This works especially well if you will be earning rental income in the local currency to pay the mortgage interest; but it is a high risk strategy - after all, sterling could decline still further.

Another option is to look in markets where property prices have fallen significantly. Spain is the obvious example; in spite of official figures which purport to show that property prices are still rising, evidence on the ground is that prices have already fallen by around 20% on average, and with many developers on the Costa del Sol or Costa Blanca in financial trouble you could get an even bigger discount, wiping out the effect of sterling's falling value. But don't buy just on the discount - after all, too many properties in Spain were over-priced in the first place.

Ask us how to save money on your new mortgage and buy smart in 2009.

Nigel Salmon - Girasol Homes 44 1974 299055

www.girasolhomes.co.uk * www.girasolhomes.com * www.girasol-bespoke.com

Tracker mortgages are 'safe as houses' | This is Money

Tracker mortgages are 'safe as houses' | This is Money

For borrowers with good deposits there are some excellent deals.

A borrower could land a two-year tracker deal starting at 3.49% with Alliance & Leicester, part of the Spanish-owned Santander group. The deal represents a rate that tracks at 1.99 points above the base rate. There is a steep fee of one per cent of the mortgage balance and borrowers need at least 40% equity.

Girasol Homes are excited about the monies on offer and encourage would be borrowers to get in touch and ask for a Decision in Principle.

Contact girasol on 01974 299055 or email info@girasolhomes.co.uk

Cheaper mortgages as the Euribor continues to fall.

Girasol Homes spots more people buying as the Euribor plummets.

Positive news is that Euribor has now plummeted to below 3%, from its high of over 5.5% in September 2008. To put this in monetary terms a 25 year repayment mortgage for 150,000 Euros would have typically cost 1,013 Euros in September. This mortgage would now typically cost 792 Euros. A saving of over 220 Euros per month. Add this to the current low interest rate environment in the UK that many of your clients may be benefiting from, and the exceptional offers that are available in the market at present, and buying a new home overseas may be more affordable than many people think.

Sample of some of the mortgage deals for Spain and Portugal

UP TO 80% OF CONTRACT PRICE – RATES FROM BELOW 4% AVAILABLE FOR NON RESIDENTS

LOOKING FOR LOW DEPOSIT SCHEME UP TO 100% OF PURCHASE PRICE (MAX. 70% OF VALUATION) MINIMUM PROPERTY VALUE €350,000. IDEAL FOR DISCOUNTED PURCHASES

INTEREST ONLY AVAILABLE FOR TERM OF MORTGAGE IDEAL FOR THOSE CLIENTS WISHING TO KEEP THEIR MONTHLY PAYMENTS DOWN LONG TERM FIXED RATE MORTGAGES FROM 2 – 25 YEARS IDEAL FOR CLIENTS WISHING TO BUDGET WITH CONFIDENCE FOREIGN CURRENCY MORTGAGE - RATES FROM 1.93% (UP TO 60%) LOWEST RATES IN THE MARKET

LIFETIME MORTGAGE FOR RETIRED CLIENTS WHO WISH TO MAKE NO MONTHLY PAYMENTS!

CASHBACK MORTGAGE IDEAL FOR THOSE REQUIRING ASSISTANCE TOWARDS FEES/FURNISHINGS LET TO BUY UP TO 100% OF CONTRACT PRICE. IDEAL FOR THOSE CLIENTS LOOKING TO MOVE WITHOUT SELLING THEIR EXISTING HOME

BUY TO LET PORTFOLIO MORTGAGE - UP TO 60% OF CONTRACT IDEAL FOR INVESTORS

Contact Nigel Salmon at Girasol Homes for more details of mortgages and properties 44 1974 299055 or www.girasolhomes.co.uk

USA Rate cut to record lows makes Istanbul investment a top pick

US Fed chief Ben Bernanke last night cut interest rates more than expected to between 0% - 0.25%. The dollar fell back on the news against most majors. Bernanke is recognized as an expert on the 1930’s depression and has unleashed all his armour in the fight against the recession.

The much talked about “quantitative easing” a monetary policy tool used by the Japanese in the 90’s during their fight against deflation is now centre stage as interest rate setting policy at almost 0% gives the Fed no further scope to cut. The Fed are likely to flood the US with money in order to keep the economy moving. I would imagine that US government debt by way of T Bonds will be purchased by the Fed in order to print more money.


This morning see’s the release of the Bank of England MPC minutes. They are likely to show a unanimous vote in favour of the rate cut at the beginning of the month and further easing of monetary policy.

The Euro has been one the major beneficiaries overnight and dragged Sterling to a new record low as traders buy back the euro on widening interest rate yield differentials. This is profit taking for Christmas bonuses in my opinion.



For property investors or for investors generally the pick of the crop are the Istanbul 5 year rental properties available from £62,950 with a 5 year rent guarantee at 9.5% see http://istanbulinvestmentproperty.blogspot.com/

Current interbank prices area as follows:


GBPEUR: 1.1060

GBPUSD: 1.5623

GBPDKK: 8.2130

GBPSEK: 12.2450

GBPCHF: 1.7375

GBPZAR: 15.5485

GBPJPY: 138.14

USDEUR: 0.7069

GBPAUD: 2.2434

GBPNZD: 2.6739

GBPCAD:
1. 8703

Exchange Rate Update for Overseas Property Buyers

Foreign Exchange Morning Market Commentary

US unemployment numbers showed a massive jump, way ahead of expectation in the non-farm payrolls. 533,000 were added to the claimant counts against an expected 320,000 and confirmed that recession in the US is well and truly entrenched. On the back of the that, nations that rely on exports such as China, Japan, Germany and the UK are looking more pessimistic.

The massive injections of cash liquidity and monetary easing by global central banks are likely to feed through to the real economy in the spring of 2009. In the meantime it is likely that the UK economy will continue to deteriorate. There is very little economic data out this week from the UK with just retail sales and UK trade numbers released tomorrow.

Current interbank prices as follows:

GBPEUR: 1.1590

GBPUSD: 1.4935

GBPDKK: 8.6250

GBPSEK: 12.1460

GBPCHF: 1.8078

GBPZAR: 15.2166

GBPJPY: 139.75

USDEUR: 0.7759

GBPAUD: 2.2530

GBPNZD: 2.7507

GBPCAD: 1.8722

My thanks to Bruce Borrie for this information.

Visit http://spanishpropertybargains.blogspot.com for excellent property opportunities in Spain.

DECEMBER MORTGAGE DEALS

SPANISH MORTGAGE DEALS DECEMBER 2008

UP TO 100% OF PURCHASE PRICE (MAX. 70% OF VALUATION)
MINIMUM PROPERTY VALUE €350,000. IDEAL FOR DISCOUNTED PURCHASES


INTEREST ONLY AVAILABLE UP TO 40 YEARS
IDEAL FOR THOSE CLIENTS WISHING TO KEEP THEIR MONTHLY PAYMENTS DOWN LONG TERM


FIXED RATE MORTGAGES FROM 2 – 25 YEARS
IDEAL FOR CLIENTS WISHING TO BUDGET WITH CONFIDENCE


FOREIGN CURRENCY MORTGAGE - RATES FROM 1.93% (MAX 60%)
LOWEST RATES IN THE MARKET


LIFETIME MORTGAGE
FOR RETIRED CLIENTS WHO WISH TO MAKE NO MONTHLY PAYMENTS!


CASHBACK MORTGAGE - FIRST OF ITS TYPE IN SPAIN
IDEAL FOR THOSE REQUIRING ASSISTANCE TOWARDS FEES/FURNISHINGS


UP TO 80% OF CONTRACT PRICE
AVAILABLE FOR NON RESIDENTS LOOKING FOR LOW DEPOSIT SCHEME


BUY TO LET PORTFOLIO MORTGAGE – MAX 60% OF CONTRACT
IDEAL FOR INVESTORS


http://www.girasolhomes.com/ourservices.php

Mortgage Rates Slashed by Abbey, Barclays and Woolwich on 100 Mortgages

Mortgage Rates Slashed by Abbey, Barclays and Woolwich on 100 Mortgages

Interesting news as the money is finally getting through to the people who require it, I personally think that one of the banks will break rank and make a killing by being the first. Some foreign banks are already starting to try and make a move and cherry pick the best clients from a large pile.

It should be interesting.

We have just launched a Foreign Currency Mortgage with rates from 1.63% in either dollars, yen or swiss francs.

Girasol Homes Mortgage Site should be launched 3rd December 2008.

Pre register for news of our sites launch by emailing us at mortgages@girasolhomes.co.uk