Copyright 2006 Nigel Osgood
MORE PEOPLE COULD BENEFIT FROM AN OFFSHORE MORTGAGE THAN YOU WOULD THINK!
If you fall into any of the following categories and are considering buying or remortgaging a residential property in the UK for investment or buy to let purposes, you could be one of them:
(a) Non-UK residents (UK expatriates and Nationals of another country) wishing to purchase/remortgage a property in the UK for investment/buy to let purposes
(b) UK residents (Non-UK domiciled) wishing to purchase/remortgage a property in the UK for investment/buy to let purposes
(c) UK residents but deemed Not Ordinarily Resident in the UK for tax purposes, wishing to purchase/remortgage a property in the UK for investment/buy to let purposes during the period of their UK residency
Properties may be purchased via a UK Regulated Mortgage Contract for any applicants wishing to use a property as their main residence.
Properties can be purchased using an Offshore Company or Trust.
The applicant(s) may instruct their own solicitor for mortgages up to £2.5m. or currency equivalent when the borrowing is in personal names and up to £1m. when it is in company/trust name. For mortgages above these thresholds, the lender will instruct an approved solicitor to act on its behalf.
A RANGE OF OFFSHORE MORTGAGES IS AVAILABLE:
Residential Mortgage
Residential Currency Mortgage
Buy to Let Mortgage
Buy to Let Currency Mortgage
A PROFESSIONAL ADVISER SHOULD PROVIDE :
Tax efficient mortgage products for Foreign National & Overseas clients Foreign Currency or Sterling Mortgages
Individual or Trust or Company Borrowing
Attractive Interest Rates
Experienced staff who will provide you with an efficient, friendly and knowledgeable service
A simple, easy to use application process backed up with quick decisions
Whatever your circumstances and requirements, an Offshore Mortgage Service should provide a mortgage product that is designed to suit your situation. It should also support you throughout the process of buying the property, whether the application is in a personal name(s) or an Offshore Company/Trust.
There is no maximum amount of borrowing but loans are limited by being subject to a maximum of 80% of the lender's professional valuation of the property.
For Investment/Buy to Let properties, the rental income must equate to a minimum of 125% of the annual (interest-only) borrowing costs and the tenancy must conform to Assured Shorthold Tenancy (AST) and Company Lets will also be considered.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. CHANGES IN THE EXCHANGE RATE MAY INCREASE THE STERLING EQUIVALENT OF YOUR DEBT.
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The author, Nigel Osgood, has been worked in banking and financial services for many years and has written many industry-related articles.
http://www.afpmortgages.co.uk
