My Adviser has just retired I need a new one

absolutebounder

I have just heard my much trusted mortgage adviser has retired early due to ill health of his wife.
This is a bit unfortunate as I was looking at a new 6 bedroom villa on the beach front in Cyprus for 1.8 million CYP which I think I could buy. My old adviser was bit of a wizard and so I want some one with brains like him.
My income is a bit complicated as I work though a european management co in Luxembourg so most of my pay is in euros about 850000 and then I get a little from the Uk around 30000 and some in cyprus about 50000cyp.
I want to put down 35% and have the rest on a repayment mortgage over 15 yrs. Does anyone have experience of foreign mortgages? How would it be best to structure it?

toonfish

should be relatively straightforward, and you can get cheap rates. Income has to be provable and they work on debt ratios in the main i.e. total loan expenditure must be 40% of income or less. Can borrow in several currencies too.

AndyWallace

Just type in Google (the UK site and don't forget the " ")

"foreign property guru expert and pink indeed."

HTH, Andy.

herbiesjp

I do like it when humour comes back to these posts

HelpWhereIcan

:rotfl:

Will have to do something about the appalling optimization of my site.... I actually only featured on page 87 for that search term which is a disgrace considering how common it is!!

On a serious note, I have always been told that you should arrange your mortgage in the currency you are paid in; in your case, Euros - being the majority - to minimize currency risk.

My understanding is that the rate available in CY£ can sometimes be lower than the one in € (but that is my understanding and not gospel). Because of the loan amount you are talking about, you may find that if there is a difference in rate payable, it may represent enough of a saving that it offsets the currency risk for you, but that will be a personal decision.

Other than that, do not have enough info about you to do more than guess.

Has your mortgage adviser no succession plan in place? - I would have thought he would have arranged to sell or pass on his clients to another firm. You never know, he may do it as a last hurrah.

PS I have a 3 bed in Hull available for a holiday swap if you fancy letting me use your new villa!

shameless-about-money

A certain someone will be along shortly to complain about "touting" for business!

Mr_helpful

Andy Wallace If you are saying what I think you are saying I wouldnt bother going there if I were you. You wont find what you are looking for

absolute bounder
I would love to help but it is pm Time I am off out

MortgageMamma

Lucky you, I'm stuck in with a screaming three year old and an asda chicken korma. Don't know which is worst

MM x

JoeK_3

absolutebounder wrote: »

I have just heard my much trusted mortgage adviser has retired early due to ill health of his wife.
This is a bit unfortunate as I was looking at a new 6 bedroom villa on the beach front in Cyprus for 1.8 million CYP which I think I could buy.

My old adviser was bit of a wizard and so I want some one with brains like him.

Do we apply here on line?

absolutebounder wrote: »

My income is a bit complicated as I work though a european management co in Luxembourg so most of my pay is in euros about 850000 and then I get a little from the Uk around 30000 and some in cyprus about 50000cyp.
I want to put down 35% and have the rest on a repayment mortgage over 15 yrs. Does anyone have experience of foreign mortgages? How would it be best to structure it?

Here are some facts that you might find of interest and could be helpful.

Cyprus Mortgages: Loans available for the majority of Nationalities for either House Purchase or remortgaging for other purposes including Home Improvements.

Type of Loan: Repayment Mortgage only

Minimum: £ 20,000 - no Maximum - and must not exceed 70% of valuation or purchase price (whichever is the lower)

Proof of Income: Required in all cases (can be made up of Earned Income, Pension, Investment or Rental Income. Please note however, it is not always the case that the Lender will take all or part of these Incomes into account when determining the maximum loan available).

Non-Status loans are currently not available.

Mortgage Term: Maximum 15 years in Cyprus Pounds (10 years in all other major Currencies) - up to age 70

Mortgage Currency: Cyprus Pounds and all other Major Currencies, including Sterling, Euros, US Dollars and Swiss Francs.

Mortgage Current Variable Interest Rate: Is either Currently approx 7.25% in Cyprus Pounds or based on 2.00% above LIBOR for all other major Currencies.

Mortgages for Property in Cyprus - Example: For a Sterling Mortgage of £50,000 over a period of 15 years at an interest rate of approx. 6.75% = approx £450.50 capital and interest per month = a total approximate amount payable over the term of £83,090 including capital, interest, arrangement and survey fees.

Hope this helps

JoeK

toonfish

I reckon you can get rates around 4% in Cyprus, at least you could a couple of months ago.

shameless-about-money

Absolute Bounder we could always do an exchange for my home in Florida!