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
Showing posts with label portuguese mortgages. Show all posts
Showing posts with label portuguese mortgages. Show all posts
Friday, 6 February 2009
Friday, 16 January 2009
Why sterling might recover - Investors Chronicle
It's easy for an economist to look stupid - he only has to make a forecast. In this spirit, then, here's a prediction - sterling will recover against the euro in the next 12 months.
There are four reasons for this.
First, despite recent lectures on fiscal policy from the Germans, the euro zone economy is in a horrible mess. Latest figures from Germany show that manufacturers' sales fell by 4.2 per cent in November alone, with sales to euro area economies dropping 6.3 per cent to stand 12 per cent below last November's levels. And, in France, industrial production has slumped 7.4 per cent in the last two months alone (that's not annualised, just the raw drop). What has a benefit to the euro zone in the upswing - a larger manufacturing sector more exposed to world trade - has become a curve in the downturn.
Insofar as the pound's weakness reflects a view that the UK economy is the sick man of Europe, it is therefore unjustified.
Secondly, any recovery in global stock markets this year would probably benefit the pound. There's been a close correlation for years (0.45 since January 1991) between annual changes in the €/£ rate and in the All-Share index; when global share prices rise, so does sterling.
So, if investors sense this year that an economic recovery is coming - even if it doesn't actually materialise until 2010 - or if they rediscover their appetite for risk, sterling should rise.
Such a prospect might seem remote now. But remember, 12 months is a long time in financial markets.
It's in this context that the UK's current account deficit matters. When investors are nervous, they traditionally avoid currencies whose countries are running deficits. And when they recover their nerves, such currencies often bounce back. In itself, the UK's deficit is no reason to expect the pound to stay low. After all, we've had it for years, even when sterling was strong.
Thirdly, there's some evidence that the €/£ rate mean reverts. Since January 1990, there's been a significant negative correlation (minus 0.37) between the level of the €/£ rate and subsequent annual changes in it. A strong pound leads to a falling pound, and a weak pound to a rising one.
In other words, foreign exchange markets can be just like stock markets - they over-react, causing prices to rise or fall too much. The very fact that the pound is weak, therefore, might be telling us that it is too weak.
Fourthly, sterling is under-valued. Our chart shows one measure of this, based upon relative productivity in the UK and the euro zone. This measure has some predictive value; in the past, when sterling's been below it, it has risen in the following 12 months. It is now more under-valued than at any time since at least 1990.
We shouldn't make too much of this particular measure. But thinking in vaguer (and, therefore, truer) terms brings us to the same conclusion. It's hard to see a shock to UK inflation, output or productivity in recent months that the euro zone hasn't similarly experienced. So it's hard to see how any measure of sterling's 'fair value' should have collapsed, which, in turn, suggests that the currency is under-valued.
Now of course, exchange rate forecasting is a mug's game, and economists shouldn't set themselves up as futurologists. The message I'd take from this is that it's easy to tell plausible-ish stories about the future. The trouble is, there's an almighty gap between plausible and true.
There are four reasons for this.
First, despite recent lectures on fiscal policy from the Germans, the euro zone economy is in a horrible mess. Latest figures from Germany show that manufacturers' sales fell by 4.2 per cent in November alone, with sales to euro area economies dropping 6.3 per cent to stand 12 per cent below last November's levels. And, in France, industrial production has slumped 7.4 per cent in the last two months alone (that's not annualised, just the raw drop). What has a benefit to the euro zone in the upswing - a larger manufacturing sector more exposed to world trade - has become a curve in the downturn.
Insofar as the pound's weakness reflects a view that the UK economy is the sick man of Europe, it is therefore unjustified.
Secondly, any recovery in global stock markets this year would probably benefit the pound. There's been a close correlation for years (0.45 since January 1991) between annual changes in the €/£ rate and in the All-Share index; when global share prices rise, so does sterling.
So, if investors sense this year that an economic recovery is coming - even if it doesn't actually materialise until 2010 - or if they rediscover their appetite for risk, sterling should rise.
Such a prospect might seem remote now. But remember, 12 months is a long time in financial markets.
It's in this context that the UK's current account deficit matters. When investors are nervous, they traditionally avoid currencies whose countries are running deficits. And when they recover their nerves, such currencies often bounce back. In itself, the UK's deficit is no reason to expect the pound to stay low. After all, we've had it for years, even when sterling was strong.
Thirdly, there's some evidence that the €/£ rate mean reverts. Since January 1990, there's been a significant negative correlation (minus 0.37) between the level of the €/£ rate and subsequent annual changes in it. A strong pound leads to a falling pound, and a weak pound to a rising one.
In other words, foreign exchange markets can be just like stock markets - they over-react, causing prices to rise or fall too much. The very fact that the pound is weak, therefore, might be telling us that it is too weak.
Fourthly, sterling is under-valued. Our chart shows one measure of this, based upon relative productivity in the UK and the euro zone. This measure has some predictive value; in the past, when sterling's been below it, it has risen in the following 12 months. It is now more under-valued than at any time since at least 1990.
We shouldn't make too much of this particular measure. But thinking in vaguer (and, therefore, truer) terms brings us to the same conclusion. It's hard to see a shock to UK inflation, output or productivity in recent months that the euro zone hasn't similarly experienced. So it's hard to see how any measure of sterling's 'fair value' should have collapsed, which, in turn, suggests that the currency is under-valued.
Now of course, exchange rate forecasting is a mug's game, and economists shouldn't set themselves up as futurologists. The message I'd take from this is that it's easy to tell plausible-ish stories about the future. The trouble is, there's an almighty gap between plausible and true.
Thursday, 15 January 2009
Business finance news - currency market news - online UK currency markets - financial news - Interactive Investor
Business finance news - currency market news - online UK currency markets - financial news - Interactive Investor
FRANKFURT (Reuters) - The European Central Bank cut its benchmark interest rate by 50 basis points to 2.0 percent on Thursday, matching its lowest ever rate, and its president said inflation risks continued to diminish as the economy weakened.
Jean-Claude Trichet said economic data and surveys since the ECB's last meeting pointed to a "further weakening of economic activity around the turn of the year, indicating the materialisation of previously identified downside risks to activity."
But he appeared to flag a further rate cut was likely in March rather than February, telling a news conference the "next important rendezvous" would be in March as the central bank would have fresh economic forecasts then.
The next meeting was only three weeks away, he said.
Girasol Homes' latest mortgage rates will benefit from this rate cut, more news to come shortly.
MORTGAGE PRODUCTS
INTERNATIONAL MORTGAGE MATRIX JANUARY 2009
COUNTRY MAX. LTV MAX TERM MINIMUM LOAN INTEREST ONLY INTEREST RATES FROM CURRENCIES AVAILABLE
ANDORRA 70% 30 YEARS €30,000 YES 5.7% €
AUSTRALIA 80% 30 YEARS £50,000 YES 6.45% AUS$ £
BULGARIA 75% 25 YEARS €40,000 YES 3.5% €
CANADA 70% 30 YEARS US$75,000 YES 4.35% CDN$
CAPE VERDE 50% 35 YEARS €50,000 YES 6% €
CARIBBEAN 70% 20 YEARS US$500,000 NO 6.5% € $ £
CYPRUS 80% 40 YEARS £20,000 YES 4.6% € $ £
CZECH REPUBLIC 80% 20 YEARS CZK200,000 NO 5.2% CZK
DUBAI 50% 15 YEARS £75,000 YES 5.09% € $ £
FRANCE 100% 30 YEARS €50,000 YES 4.95% € $ £
GERMANY 70% 30 YEARS €25,000 NO 4.09% €
GIBRALTAR 80% 40 YEARS £50,000 YES 6.64% £
GREECE 80% 25 YEARS €40,000 YES 4.3% € $ £
IRELAND 85% 25 YEARS €120,000 YES 5.9% €
ISRAEL 75% 15 YEARS $200,000 NO 5.25% € $ £
ITALY 80% 40 YEARS €42,000 YES 5.76% €
MALTA 90% 30 YEARS £20,000 YES 3.9% €
MONACO 90% 25 YEARS €50,000 YES 4.63% €
NEW ZEALAND 70% 30 YEARS £50,000 NO 8.2% NZ$
POLAND 70% 20 YEARS €40,000 NO 7.8% € $ £
PORTUGAL 80% 30 YEARS €25,000 YES 3.2% € $ £
SOUTH AFRICA 50% 20 YEARS Rand 500,000 NO 14.8% RAND
SPAIN 80% 40 YEARS €30,000 YES 4.24% € $ £
SWITZERLAND 60% 35 YEARS £150,000 YES 2.64% SW FRANC
TURKEY 75% 20 YEARS €25,000 YES 6.65% € $ £
USA SEE SEPARATE MATRIX FOR USA
Contact Nigel Salmon and Team on
01974 299055 / 07791 890445
info@girasolhomes.co.uk
http://exchangeratenews.blogspot.com Our Blog
FRANKFURT (Reuters) - The European Central Bank cut its benchmark interest rate by 50 basis points to 2.0 percent on Thursday, matching its lowest ever rate, and its president said inflation risks continued to diminish as the economy weakened.
Jean-Claude Trichet said economic data and surveys since the ECB's last meeting pointed to a "further weakening of economic activity around the turn of the year, indicating the materialisation of previously identified downside risks to activity."
But he appeared to flag a further rate cut was likely in March rather than February, telling a news conference the "next important rendezvous" would be in March as the central bank would have fresh economic forecasts then.
The next meeting was only three weeks away, he said.
Girasol Homes' latest mortgage rates will benefit from this rate cut, more news to come shortly.
MORTGAGE PRODUCTS
INTERNATIONAL MORTGAGE MATRIX JANUARY 2009
COUNTRY MAX. LTV MAX TERM MINIMUM LOAN INTEREST ONLY INTEREST RATES FROM CURRENCIES AVAILABLE
ANDORRA 70% 30 YEARS €30,000 YES 5.7% €
AUSTRALIA 80% 30 YEARS £50,000 YES 6.45% AUS$ £
BULGARIA 75% 25 YEARS €40,000 YES 3.5% €
CANADA 70% 30 YEARS US$75,000 YES 4.35% CDN$
CAPE VERDE 50% 35 YEARS €50,000 YES 6% €
CARIBBEAN 70% 20 YEARS US$500,000 NO 6.5% € $ £
CYPRUS 80% 40 YEARS £20,000 YES 4.6% € $ £
CZECH REPUBLIC 80% 20 YEARS CZK200,000 NO 5.2% CZK
DUBAI 50% 15 YEARS £75,000 YES 5.09% € $ £
FRANCE 100% 30 YEARS €50,000 YES 4.95% € $ £
GERMANY 70% 30 YEARS €25,000 NO 4.09% €
GIBRALTAR 80% 40 YEARS £50,000 YES 6.64% £
GREECE 80% 25 YEARS €40,000 YES 4.3% € $ £
IRELAND 85% 25 YEARS €120,000 YES 5.9% €
ISRAEL 75% 15 YEARS $200,000 NO 5.25% € $ £
ITALY 80% 40 YEARS €42,000 YES 5.76% €
MALTA 90% 30 YEARS £20,000 YES 3.9% €
MONACO 90% 25 YEARS €50,000 YES 4.63% €
NEW ZEALAND 70% 30 YEARS £50,000 NO 8.2% NZ$
POLAND 70% 20 YEARS €40,000 NO 7.8% € $ £
PORTUGAL 80% 30 YEARS €25,000 YES 3.2% € $ £
SOUTH AFRICA 50% 20 YEARS Rand 500,000 NO 14.8% RAND
SPAIN 80% 40 YEARS €30,000 YES 4.24% € $ £
SWITZERLAND 60% 35 YEARS £150,000 YES 2.64% SW FRANC
TURKEY 75% 20 YEARS €25,000 YES 6.65% € $ £
USA SEE SEPARATE MATRIX FOR USA
Contact Nigel Salmon and Team on
01974 299055 / 07791 890445
info@girasolhomes.co.uk
http://exchangeratenews.blogspot.com Our Blog
Tuesday, 13 January 2009
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
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
Wednesday, 7 January 2009
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
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
Monday, 8 December 2008
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.
Friday, 28 November 2008
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
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
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