UK Nationals based in the Cayman Islands seeking finance of £700,000 to assist with the purchase of two North London apartments on a buy to let basis.
- Minimum loan: GBP 100,000 or currency equivalent.
- Further advances – GBP 35,000 or currency equivalent.
- Loan Currency: Must be either the local currency of the property location or the currency of the client's primary income
- Interest Rates: view here
- Repayment options: Capital & Interest repayment or Interest Only (five years maximum and additional margin loading of 0.20%).
- Loan term: 30 year term or up to 70 years of age, whichever is earlier.
- Financing: Maximum 60% of purchase price or valuation price, whichever is lower.
- Arrangement fee: 1% of the loan amount and payable upon acceptance of formal offer letter and is non-refundable.
- Legal fees :For client’s account (both the borrower’s and the bank’s legal fees)
- Valuation fees, stamp duties, taxes, communication charges, building & other forms of insurance: For clients account.
- Currency switching: Subject to qualification criteria and availability, which varies from time to time. When currency switching is offered, two free switches per calendar year, USD150 per switch thereafter.
- Security: First legal charge or mortgage over the property.
- Leasehold properties: Minimum 50 years left to run after repayment date.
- Letting/Rental: No additional charges or increase in interest rates but tenancies or lets beyond certain terms will require our formal, written authorization and lower loan to value ratios may apply.
- Repayment: Quarterly in arrears.
- Pre-drawdown amendments A handling fee of USD150 will be charged should borrowers wish to make any amendments to the loan offer letter after the letter has been issued and accepted.
- The bank can only finance EU passport holders for the purchase of a Spanish property. Non-Residents Buyer’s Identification Number (NIE) (which is for foreign individuals) is to be obtained before purchasing a Spanish property. NIE for all appearing parties e.g. guarantors must be included in the relevant mortgage documents. For non-EU passport holders, NIE needs to be arranged by the borrower in advance of the transaction.
- The bank can finance Spanish residents for the purchase of property outside of Spain.
- Bank consent is required for entering into letting or tenancy agreements for terms exceeding 6 months.
- Financing will not be available to corporate/trust structures as well as to those cases where the borrower(s) of the loan and the owner(s) of the property are not the same person(s).
- The bank only finance Non-Spanish residents for the purchase of a Spanish property.
After the loan is drawn and the client intends to take up residency in Spain, the bank may continue the facility although no additional loan will be allowed.