FEBRUARY 2012 |
www.opp.org.uk
BUSINESS
FUNDING ANALYSIS | 27
enquiries from international clients looking to purchase properties in the UK and especially in the London area. London has long been regarded as a safe haven for overseas money due to its unique fi nancial system and stable
“Mortgage enquiries from clients looking to purchase properties in the UK and London are up”
economy. With the recent decline of the Euro and the added advantage of the Olympics being just round the corner, many overseas investors are now looking at London’s property market as a possible good bet over the short, medium and long term. Currently mortgage fi nance is
available to foreign property buyers in the UK at interest rates starting from 3.19% Variable and 5.25% Fixed. The minimum deposit required for these mortgages is 25% and lending is available from £50,000. Currently fi nance is to aid in the purchase of holiday homes, buy to let and residential properties, over mortgage terms up to 30 years. David Kerns, Private Client Dealing Manager
at currency specialist Moneycorp, believes that the Euro’s rate of exchange will continue to struggle for as long as the Eurozone Sovereign debt crisis continues to show no concrete signs of relenting, having encountered many false starts from EU leaders initiatives throughout the course of 2011. The fact that the ECB made such large amounts of funding available to the beleaguered European banks through new lending facilities up to
3 year terms, gave a good indication that failure to have intervened could have resulted in many banks being unable to access monies to cover their day to day banking requirements. However, the main Eurozone banks remain suspicious of lending to one another in the short term and they have driven up the amount deposited with the ECB to record highs. As the single currency wobbled, the US dollar grew in popularity as the fl ight from
risk gathered pace. The Euro aside, unfortunately sterling was not able to capitalise on upward revisions to the 3rd quarter GDP fi gures released during December, owing to the fact that most economic indicators were showing signs of contraction. And the UK’s consumers remain reluctant to spend. They have been exhausted by a continual barrage of bad data and gloomy economic outlook coverage in the media.
Greek | debt and banks being forced to buy EU Sovereign Bonds have pushed the property sector out into deeper waters Top 10 Countries By Highest Loan To Value (LTV) Country & Position
1 Poland - Portugal - Spain - France 2 India
- Australia
- New Zealand - Italy
- United Kingdom 3 USA
LTV Available
100% 100% 100% 100% 80% 80% 80% 80% 80% 75%
Monthly chart change
- - - - - - - - - -
Leading Mortgage Rates By Most Popular Countries
11.95% 3.25% 3.69% 4.25% 4.98% 2.09% 4.04% 5.65% 4.90% 3.70%
Source: OMF & Moneycorp
SPAIN USA
FRANCE IRELAND
PORTUGAL CARIBBEAN
CYPRUS TURKEY ITALY
BULGARIA
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