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One UK resident who visits HomesGoFast.com is going to win their mortgage paid for one year to the value of £20,000. This prize will change the life of one lucky person for the next 12 months.
Mortgages tend to be the largest monthly outgoings for most people especially those who have recently taken out a UK mortgage.Think what you would do with the extra cash you will have for the year without having to pay your mortgage
Fixed mortgage rates have hit a 10 year high with the average deal set at 6.75% for a two year deal and 6.72% for a five year term. The move is yet another reflection of the increasing cost of finance with the £50 billion government asset swap program seemingly having very little impact upon liquidity. Industry insiders believe that sub 6% mortgage rates will soon disappear with rates set to move even higher in the short term.
Oklahoma Home Builders Association has come up with a unique solution to the swiftly falling real estate values in the Unites States. They have developed a $50,000 marketing campaign to counter the dreary national news forecasts, which they believe are creating an expectation (or a self-fulfilled prophesy) of poor home prices nationwide.
The name of the marketing campaign is “Defy the Trends!” and it focuses on highlighting the housing market in Oklahoma. The campaign also goes hand-in-hand with the Oklahoma Association of Realtors’ statewide effort in February. Their campaign, “Good Thing You’re in Oklahoma,” cost $200,000 and strove to inform potential and current buyers and sellers how good the state housing market is.
Both campaigns are based on the 4% rise in home values between 2006 and 2007. Oklahoma is proud that the state avoided the “bubble,” or the inflated prices due to the speculative frenzy and unstable number of mortgages which occurred in many other areas of the United States. Oklahoma City builder Jeff Click believes that because mortgage rates remain at historic lows, it’s a great time to invest in a new home in Oklahoma.
We are overseas mortgage proffesionals, so if you are buying overseas property please feel free to post any questions you may have about the availability of mortgages in countries you are thinking of buying in.
If you are considering buying a property overseas you will need to consider your options in raising finance for your purchase. Overseas property buyers have a number of options these include:
Raising finance at home
Cash purchase
Using local overseas mortgage lender
Securing an overseas mortgage with an international mortgage provider
Use local financing from a developer
Overseas mortgages are a specialised field and it is an area that requires sound independent advice. Buying a property abroad will often require financing and the method used to buy an overseas property is often down to individual circumstances. It can also be influenced by the mortgage products available at home and
Overseas banks and mortgage companies require true and accurate information on the applicants, including their assets and liabilities, their income and expenditure. In some instances where overseas applicants are involved, character references and photo ID will be requested plus evidence of credit history.
You will find that most lenders will require a satisfactory Valuation Report from an approved valuer/surveyor, the cost to be borne by the applicant. They will also require clear title and their lawyers will then register a first charge to secure the loan.
The capital and interest repayment method remains the most used product, although interest-only and fixed rate products are coming, the process is very slow and at the moment the options are limited.
Raising mortgage finance at home
Re mortgaging an existing home to release equity is a popular option . Many overseas property buyers live in countries in which the housing markets that have left them with equity in their own homes. The UK property market is a good example of this many people have benefited from steady house price increases leaving them with small mortgages and large amounts of equity.
Using a local overseas mortgage lender
Many emerging markets are getting to grips with overseas buyers and can now provide a real alternative for the overseas property buyer.
Securing an overseas mortgage with an international mortgage provider
International mortgage providers can provide mortgages in a whole host of countries. The choice of countries are increasing as the demand for overseas mortgages develops. International mortgages advisor’s tend to be knowledgeable in this specialist field and provide overseas buyers with a real alternative to other financing options
Use local mortgage financing from a property developer
Many developers offer their own in-house financing. This is particularly prevalent in Dubai.
Overseas Mortgage service
Mortgage quotes and advice in over 40 different countries including some emerging markets
