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Is it better to get a mortgage on a UK property from a UK or UAE bank?

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52

Posts

EW NEWBIE

Latest post on 15 January 2015 - 21:17

I know this thread was started a while ago, but did anyone find and follow through with an offshore mortgage on a UK property as there's no update on how it all went with the presentation being arranged. Can you tell me how much is the average deposit % and who you recommend. We are looking into this and would like some guidance. TIA

49

Posts

EW NEWBIE

Latest post on 22 April 2013 - 10:54

Looking forward to guessing who's who tonight ;)..... AugGirl - why not come along & join in the fun :)

49

Posts

EW NEWBIE

Latest post on 20 April 2013 - 19:47

Hi ladies would be happy to. Emails sent :) <em>edited by entertainer on 21/04/2013</em>

134

Posts

EW NEWBIE

Latest post on 20 April 2013 - 19:33

I am interested too. Can you post a no or email we can contact you on?

44

Posts

EW NEWBIE

Latest post on 20 April 2013 - 17:32

I would be interested in the monday night talk.Could you please give me details.thanks

49

Posts

EW NEWBIE

Latest post on 20 April 2013 - 15:18

For those of you who were asking about the UK Buy to Let presentation on Monday...... just to say the venue has been changed - it is now at the Sheraton (formerly Pullman) at Mall of the Emirates. If anyone else wants the details give me a shout. :)

scotswhahae71649

64

Posts

EW NEWBIE

Latest post on 18 April 2013 - 11:22

Hi, I can also recommend Jackie from Homes or Houses, I am going on Monday night, hope to meet you there! We just went through the process with HSBC, we are customers here so they forwarded us through to mortgage division in London. It was all straightforward as I guess they already knew our history. Jackie was great, guided us through the whole thing :)

49

Posts

EW NEWBIE

Latest post on 17 April 2013 - 11:28

Sag2611 - you have mail (may need to check your junk) so you can remove your e-mail address if you want to DB - Sounds like a plan ;) Make sure you register though if you haven't already as I understand that places are limited. I was much like you but finding the whole process quite interesting....come & see?

511

Posts

EW GURU

Latest post on 17 April 2013 - 08:21

Be aware that the AED is pegged to the US dollar and sterling has depreciated against the dollar a great deal recently. This means that sterling assets are now cheaper in dollar (and, therefore, AED) terms than they were four months ago. This is good news in some ways but if the pound appreciates again at some point and you are relying on AED earnings to pay a sterling liability, it will cost you more AEDs. You probably know all this but just in case you didn't... Agree fully edited by SurreySue on 16/04/2013 Also agree, currency risk is part and parcel of being an expat paid in a foreign currency with commitments in your home country. Sometimes offshore mortgage lenders in Jersey etc will offer USD/EUR mortgage (based on which ever currency you earn in) to enable you to hedge against this risk if it is a major concern for you. See at the bottom under 'Currency mortgage' http://www.offshore.barclays.com/non-resident-mortgage/ Or when you are calculating what you can afford, make sure you have a buffer. It has been between 5-6 dirhams to the pound since 2009, before that it spent about 5 years between 6-7.5 dirhams to the pound. Of course past figures are not necessarily a good indicator of future figures, but it allows you to make a best guess at what your 'worst case scenario' might be.

45

Posts

EW NEWBIE

Latest post on 16 April 2013 - 22:18

Be aware that the AED is pegged to the US dollar and sterling has depreciated against the dollar a great deal recently. This means that sterling assets are now cheaper in dollar (and, therefore, AED) terms than they were four months ago. This is good news in some ways but if the pound appreciates again at some point and you are relying on AED earnings to pay a sterling liability, it will cost you more AEDs. You probably know all this but just in case you didn't... Agree fully <em>edited by SurreySue on 16/04/2013</em>

49

Posts

EW NEWBIE

Latest post on 16 April 2013 - 21:40

See you there DB.....wonder if we can work out who each other are?? :)

256

Posts

EW NEWBIE

Latest post on 16 April 2013 - 11:54

Be aware that the AED is pegged to the US dollar and sterling has depreciated against the dollar a great deal recently. This means that sterling assets are now cheaper in dollar (and, therefore, AED) terms than they were four months ago. This is good news in some ways but if the pound appreciates again at some point and you are relying on AED earnings to pay a sterling liability, it will cost you more AEDs. You probably know all this but just in case you didn't...

49

Posts

EW NEWBIE

Latest post on 16 April 2013 - 10:53

We also had a positive experience with Stuart at Liquid Mortgages. Funnily enough we have been invited to a presentation next Monday evening specifically about all the issues/opportunities surrounding buy to let in the UK. We have had first hand experience with the lady running it (based on a recommendation on EW so thanks ladies :)) she is excellent - professional, knows her stuff and delivers. Topics that will be covered include: • A Home or a House - What are you really looking for? • The current UK property market – is it moving? • Cash or Finance – are mortgages impossible for expatriates? • Costs of purchase – what should you account for? • What the Tax Man will want to know – which costs can be offset against rental income? • Is property investment for me? Price, Tax, Management, Disposal? • The legislation changes for Landlords and Letting Agents – what should you know? • What is available? Gain or Yield? There are a limited number of places but if you are interested let me know and I will happily forward you the details.

8965

Posts

EW MASTER

Latest post on 16 April 2013 - 10:10

We bought a second place about 2 years ago and after a lot of research we went with an offshore mortgage with Lloyds which is working out quite well. I'm pretty sure we put down 25% deposit, but we've often thought since that we wish we'd put down a bit more and had a little breathing room. It just about breaks even, which is good for a tax point of view, but I think we'll probably pay off a bit more of it when the restrictions expire next year. Good luck with it! FFx the deposit for 2nd properties is always cheaper I had looked into this last year

544

Posts

EW GURU

Latest post on 16 April 2013 - 10:05

We bought a second place about 2 years ago and after a lot of research we went with an offshore mortgage with Lloyds which is working out quite well. I'm pretty sure we put down 25% deposit, but we've often thought since that we wish we'd put down a bit more and had a little breathing room. It just about breaks even, which is good for a tax point of view, but I think we'll probably pay off a bit more of it when the restrictions expire next year. Good luck with it! FFx

8965

Posts

EW MASTER

Latest post on 16 April 2013 - 09:55

I think you'll struggle to find one that will accept a 20% down payment in the current market. Likely to be at least 30% required. If you live overseas then i thought the deposit was 40% my friends are going through this now

1617

Posts

EW EXPERT

Latest post on 16 April 2013 - 09:40

Try this chap too....Stuart Marshall. He has been recommended here and he arranged a mortgage with RBS Offshore for me (although I didn;t actually go ahead in the end). He was very good and does a great deal of work over here for expats. Liquid Offshore Limited Marketing Office: +44 (0) 161 633 5009 Direct Line: +44 (0)161 796 7708 Mob: +44 (0) 77348 70883 Fax: +44 (0) 845 345 2706 E-mail: [email protected] Skype: stu_marshall6 I think 20% deposit might be a bit low for a buy to let but it's worth a look. Have you checked your credit record? it may be cleaner than you think: you can do this pretty easily online (I used checkmyfile.co.uk).

HereComesTheSun

544

Posts

EW GURU

Latest post on 16 April 2013 - 09:37

I think you'll struggle to find one that will accept a 20% down payment in the current market. Likely to be at least 30% required.

511

Posts

EW GURU

Latest post on 16 April 2013 - 09:18

Just my opinion as I did a fair bit of research on different institutions when we bought a property in the UK. Even disregarding a not so great credit record in the UK, you will have limited options for mortgages as non UK residents (regardless of citizenship) and rates will be sightly higher based on this alone (higher risk). In the end we went through Barclays offshore, they were professional and I didnt need to go to the UK for anyhting at all, just some docs emailed and I courriered them back, however I was buying a family home so already knew the property. I am not sure whether any UAE domiciled/regulated institutions actually offer mortgages on UK properties, as it would be dififcult/costly enforcing in the event default. They are likely to be the 'offshore' banks that have set up shop here, and so will actually be domiciled in Jersey etc. which is actually better protection for you. If you did manage to find one with an actual UAE bank, based on experiences of people who have bought here and used mortgages, and knowing the regulatory system, I would say avoid. It is too tempermental, and it looks like Dubai is heading for another bubble, if/when institutions suffer again thats when interest rate hikes will come.The UK base rate is very low at the moment and are likely to stay that way for a while (there is talk of it going down). If it is going to be a investment property ('buy to let' mortgage) you may have to put down more than 20%, we have family living in ours so it's a bit different. edited by BellaUK on 16/04/2013 <em>edited by BellaUK on 16/04/2013</em>

8965

Posts

EW MASTER

Latest post on 16 April 2013 - 09:03

Hi ladies DH and I are looking to buy an investment property in the UK. We would be putting down a 20% downpayment and mortgaging the rest. We are considering whether to take the mortgage from a UK bank or a UAE bank. The reason being, my credit rating isn't great in the UK (although I have been out of the country for 5 years) and I fear they will give me a much higher rate, despite earning a good salary now. Also I'm not sure what documents they would need to support this and whether it would be a hassle. Conversely, I am sure I could get a decent mortgage here from a UAE bank since I have lived here 5 years, have bank statements and salary certificate etc. But I know it is riskier than a more established banking system and rates tend to be high. Are there any mortgage brokers here who can present me options from both UK / UAE banks? What are your thoughts? Thanks! You could get an international mortgage however i do not think a UAE bank would fund this

485

Posts

EW EXPLORER

Latest post on 16 April 2013 - 09:03

This isn't a direct answer to your question, but it is difficult to get a buy to let mortgage in the uk for expats. Personally I would, however, get a uk or offshore mortgage as opposed to UAE one. A broker may well be a good option as they know who offers these.

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