Max LTV%:
75%
Term: Up to
25 years
Lender: HSBC
Greece, www.hsbc.gr.
Honduras
With average
interest rates reaching 35%, local bank mortgages don’t make sense for
investors in Honduras. However, many property owners and developers offer
financing over several years. In these cases, you can expect an average
interest rate of 10%, with the developer/owner holding the mortgage until
the property has been paid for in full. The other option is to arrange
the cash in your home country and bring it to Honduras with you.
Ireland
Non-residents
may secure up to 70% of the purchase price from an Irish lending institution.
Residents can get as much as 92%. It should be noted, however, that unless
you are seeking a short-term mortgage (five to 10 years), individuals over
50 years of age may find it difficult to arrange a mortgage. As a rule
of thumb, a working (resident) individual can usually borrow two-and-a-half
times his annual income. Fixed and variable mortgages are available, from
around 2.54%. Loans are in euro and pounds sterling.
Max LTV%: 92%
Term: Five
to 30 years
Lender: Permanent
TSB: www.permanenttsb.ie.
Italy
Compared with
other European countries, Italy’s mortgage industry is still in its infancy,
and foreigners may find it difficult to obtain financing here. As in France,
you may do better to contact one of the overseas lenders who have recently
moved into Italy—Abbey National has branches all over the country. For
non-resident non-EU buyers, the maximum loan is 50%. Most loan contracts
are in Italian. Loans are available in euro and all major currencies.
Max LTV%: 75%
Term: Five
to 30 years
Lender: Abbey
National: www.abbeynational.it.
Malta
Depending on
income and personal circumstances, you can borrow up to 90% of the property
purchase price, if the home loan is designated in Maltese lire—and up to
80% if it is in a major foreign currency. Fixed and variable options available.
The average interest rate is currently 4.75%.
Max LTV%: 90%
Term: Up to
40 years (variable rate only)
Lender: Bank
of Valletta: www.bov.com.
Mexico
Regardless
of residency, it is near impossible to obtain local financing in Mexico.
However, some U.S. financial institutions offer mortgages to U.S. buyers
of Mexican property. Collateral International in Birmingham, Alabama, is
one such company. It also offers “construction” loans, granting the finance
to build a detached, single-family residence. A minimum loan amount of
$100,000 applies. The maximum you can borrow is $600,000. Loans are fixed
rate, from 9.25%.
Max LTV%: 70%
(50% max on loans over $400,000)
Lender: Collateral
International (Aida Pantoja Maynard, Vice President), tel. (205)951-7337.
New Zealand
Apart from
long-term fixed-rate mortgages (which are impossible to arrange here),
local financing is readily available—and on attractive terms. There is
a minimum loan amount of approximately $90,000. For foreign-currency home
loans (available with HSBC), you can borrow up to 70% of the purchase price.
Residents can obtain up to 95% financing for an owner-occupied property;
80% for an investment property. Loans are available in New Zealand dollars
and most major currencies.
LTV%: Up to
95%
Term: Up to
25 years
Lender: HSBC
New Zealand: www.hsbc.co.nz.
Nicaragua
Again, as in
most Latin and South American countries, local bank financing is mostly
unheard of in Nicaragua. Developer financing may be available for certain
developments—just don’t count on getting the attractive terms you’ve come
to expect from U.S. lenders.
Panama
It is easier
to arrange a mortgage in Panama than anywhere else in Latin America. Local
financing is widely available for foreign residents. Banco General offers
fixed-rate mortgages on residential property for up to 90% of the selling
price. For raw land purchases, you can borrow up to 70%.
Max LTV%: 90%
Term: Up to
30 years
Lender: Banco
General, www.banco-general.com.
Poland
Loans are readily
available for the purchase of Polish property. There is a minimum amount
that may vary from lender to lender and according to location. With Fortis
Bank, this minimum is 35,000 Polish zlotys ($9,000) from any of its branches
outside Warsaw; 50,000 zlotys ($13,000) in Warsaw. Generally, non-resident
buyers can borrow up to 70% (50% if self-employed). Higher percentage loans
may be granted on a case-by-case basis. Current interest rates start at
4.16% for loans in U.S. dollars and from as low as 1.7% in local currency.
Swiss franc and euro loans are also available.
LTV%: Up to
70%
Term: Five
to 22 years
Lender: Fortis
Bank Poland: www.fortisbank.com.pl.
Spain
Mortgages are
readily available for the purchase of property in Spain and on the Spanish-owned
Canary and Balearic islands. A minimum loan amount of $36,000 applies to
most buyers. Non-resident buyers can generally borrow up to 70% of the
purchase price over five to 20 years. Mortgage interest rates in Spain
are among the lowest in Europe, starting from as little as 2.5% fixed.
For residents, terms are:
LTV%: Up to
80%
Term: Five
to 30 years
Lender: Banesto:
www.banesto.es. |
