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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
Thursday, 15 January 2009
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
Thursday, 1 January 2009
Spain's PM sees economic recovery in late 2009 - Expatica
Spain's PM sees economic recovery in late 2009 - Expatica
MADRID – Spanish Prime Minister Jose Luis Rodriguez Zapatero Thursday predicted the country's slumping economy would begin to recover in the second half of 2009 after suffering a difficult period.
"We are going to go through some bad months, but there is a certain and solid recovery on the horizon," he said in an interview with the television channel Cuatro.
"In the second half (of 2009) we are going to have some data that points to a recovery.... We are going to emerge to strong from this crisis."
He also predicted inflation would drop to under 2.0 percent this year and to 1.0 percent "at the most" in 2009.
Spanish 12-month inflation plummeted to 2.4 percent in November from 3.6 percent in October, hitting its lowest rate since August 2007.
Spain's economy was until very recently one of the most dynamic in the eurozone but it began to cool in 2007 as the international credit crunch hit an already weakened real estate sector, putting an end to a decade-long property boom.
It is now on the brink of recession after gross domestic product contracted 0.2 percent in the third quarter and the slowdown has led to the loss of tens of thousands of jobs in recent months, mostly in construction and the services sector.
Zapatero earlier Thursday predicted that his government's recent 11-billion-euro stimulus package would lead to a sharp rise in job creation during the first half of 2009.
"It will be at that moment, in March or April, when we will have an intense rhythm of public works under way that will without a doubt create jobs at a considerable rate," he told parliament in a debate on the 2009 budget.
Spain's lower house passed the budget, overturning a veto in the Senate where legislators had slammed the proposal as outdated given the country's fast deteriorating economy.
[AFP / Expatica]
Zapatero predicts the economy will begin to recover in the second half of 2009
MADRID – Spanish Prime Minister Jose Luis Rodriguez Zapatero Thursday predicted the country's slumping economy would begin to recover in the second half of 2009 after suffering a difficult period.
"We are going to go through some bad months, but there is a certain and solid recovery on the horizon," he said in an interview with the television channel Cuatro.
"In the second half (of 2009) we are going to have some data that points to a recovery.... We are going to emerge to strong from this crisis."
He also predicted inflation would drop to under 2.0 percent this year and to 1.0 percent "at the most" in 2009.
Spanish 12-month inflation plummeted to 2.4 percent in November from 3.6 percent in October, hitting its lowest rate since August 2007.
Spain's economy was until very recently one of the most dynamic in the eurozone but it began to cool in 2007 as the international credit crunch hit an already weakened real estate sector, putting an end to a decade-long property boom.
It is now on the brink of recession after gross domestic product contracted 0.2 percent in the third quarter and the slowdown has led to the loss of tens of thousands of jobs in recent months, mostly in construction and the services sector.
Zapatero earlier Thursday predicted that his government's recent 11-billion-euro stimulus package would lead to a sharp rise in job creation during the first half of 2009.
"It will be at that moment, in March or April, when we will have an intense rhythm of public works under way that will without a doubt create jobs at a considerable rate," he told parliament in a debate on the 2009 budget.
Spain's lower house passed the budget, overturning a veto in the Senate where legislators had slammed the proposal as outdated given the country's fast deteriorating economy.
[AFP / Expatica]
Tuesday, 30 December 2008
Cheaper mortgages as the Euribor continues to fall.
Spain Business Brief - Monday December 29 2008
Cheaper mortgages as the Euribor continues to fall.
Mortgages in Spain will see their largest fall in seven years, as the Euribor rate falls to 3.4%, its greatest fall since 2001. The change means the average mortgage will be 115 € cheaper a month. Experts say that the tendency for next year will continue to be downwards.
Girasol Homes mortgage website is still expected to be ready early January - this will not only cover Spain but worldwide including Portugal, the USA and destinations which will include the UK, Turkey and even Australian mortgages. Register now or email us for a mortgage illustration at mortgages@girasolhomes.co.uk
Full article
Cheaper mortgages as the Euribor continues to fall.
Mortgages in Spain will see their largest fall in seven years, as the Euribor rate falls to 3.4%, its greatest fall since 2001. The change means the average mortgage will be 115 € cheaper a month. Experts say that the tendency for next year will continue to be downwards.
The Prime Minister, José Luis Rodríguez Zapatero, is preparing another meeting with the Spanish banks for January, with the intention that the citizens of the country benefit from the state help being given to the financial institutions. Zapatero wants to see the funds have an effect on the real economy.
The Minimum Wage in Spain will increase by 4% in 2009 to take it to 624 € a month, compared to the 600 € now. Minimum pensions are up 6% next year.
RENFE train unions have called off the strike which was planned for today after a meeting with management.
Both sides have agreed to extend the current wage deal for another year and apply a wage increase equal to that awarded to civil servants next year.
The latest victim of the Madoff broker fraud is the Spanish film director, Pedro Almodóvar and his production company El Deseo. They invested some 5% of their assets in Lux Invest, one of the affected funds. Stephen Spielberg also lost in the fraud.
Savings Bank La Caixa has announced that it is no longer in talks to sell its shares in Repsol YPF. It was thought the bank would be selling the 14% shares it has to the Russian company Lukoil, but they announced the change of mind in a statement to the National Council for Market Values.
General Motors workers are demonstrating in Zaragoza this afternoon as they have failed to reach an agreement on redundancies with management. The motor manufacturer wants to temporarily lay off 7,500 workers for a period of 17 days.
And finally, It seems the economic crisis is affecting wine sales in Spain, with sales of crianzas and reservas in bars and restaurants down 20%. However the sales of Don Simón and other cheaper table wines, often sold in cartons, are soaring up 29%.
Full article from http://www.typicallyspanish.com/news/publish/article_19433.shtml
Cheaper mortgages as the Euribor continues to fall.
Mortgages in Spain will see their largest fall in seven years, as the Euribor rate falls to 3.4%, its greatest fall since 2001. The change means the average mortgage will be 115 € cheaper a month. Experts say that the tendency for next year will continue to be downwards.
Girasol Homes mortgage website is still expected to be ready early January - this will not only cover Spain but worldwide including Portugal, the USA and destinations which will include the UK, Turkey and even Australian mortgages. Register now or email us for a mortgage illustration at mortgages@girasolhomes.co.uk
Full article
Cheaper mortgages as the Euribor continues to fall.
Mortgages in Spain will see their largest fall in seven years, as the Euribor rate falls to 3.4%, its greatest fall since 2001. The change means the average mortgage will be 115 € cheaper a month. Experts say that the tendency for next year will continue to be downwards.
The Prime Minister, José Luis Rodríguez Zapatero, is preparing another meeting with the Spanish banks for January, with the intention that the citizens of the country benefit from the state help being given to the financial institutions. Zapatero wants to see the funds have an effect on the real economy.
The Minimum Wage in Spain will increase by 4% in 2009 to take it to 624 € a month, compared to the 600 € now. Minimum pensions are up 6% next year.
RENFE train unions have called off the strike which was planned for today after a meeting with management.
Both sides have agreed to extend the current wage deal for another year and apply a wage increase equal to that awarded to civil servants next year.
The latest victim of the Madoff broker fraud is the Spanish film director, Pedro Almodóvar and his production company El Deseo. They invested some 5% of their assets in Lux Invest, one of the affected funds. Stephen Spielberg also lost in the fraud.
Savings Bank La Caixa has announced that it is no longer in talks to sell its shares in Repsol YPF. It was thought the bank would be selling the 14% shares it has to the Russian company Lukoil, but they announced the change of mind in a statement to the National Council for Market Values.
General Motors workers are demonstrating in Zaragoza this afternoon as they have failed to reach an agreement on redundancies with management. The motor manufacturer wants to temporarily lay off 7,500 workers for a period of 17 days.
And finally, It seems the economic crisis is affecting wine sales in Spain, with sales of crianzas and reservas in bars and restaurants down 20%. However the sales of Don Simón and other cheaper table wines, often sold in cartons, are soaring up 29%.
Full article from http://www.typicallyspanish.com/news/publish/article_19433.shtml
Wednesday, 17 December 2008
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
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.
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