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.
- Interest rate: view here
- Repayment options: Capital & Interest repayment or Interest only
- Loan term: 30 year term or up to 70 years of age, whichever is earlier.
- Financing: Maximum 70% of purchase price or valuation price, whichever is lower. 65% if multi currency option is offered (multi currency being NEITHER the currency of the property or the income stream).
- Arrangement fee: 0.5% 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.
- Corporate / Trust borrower handling fee: 0.25% of the loan amount for clients who borrow via a company or trust structure, payable upon acceptance of formal offer letter and is non-refundable. Offshore company registration fees may also be payable.
- 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.
- Early repayment: No penalties for prepayment (except Libor, Euribor or COF based loans which do not coincide with the interest rollover date).
- 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 finance local and overseas residents for the purchase of property in Hong Kong for owner occupation or investment purposes.
- Loans secured by Hong Kong property and subject to maximum LTV of 70%.
Bank consent is required for entering into letting or tenancy agreements for terms exceeding 2 years.