I believe that if one takes a longer term mortgage ( say, 20+ years ) they should have variable rates in mind, as opposed to short term mortgages ( say
Hi, Generally no - UK mortgage lenders want the security property to be a UK based property. In special, bespoke circumstances and can sometimes be done, but these are normally few and far between. This is mainly due to the lack of power a lender would have in the event of repossession, should the UK mortgage payments not be kept up.
Hello, can you please tell me if in USA/UK banks don't give mortgages loans with fixed rate beyond 10 years? ( I mean to protect themselves from rate rise they give only variable rate mortgages beyond 10 years) Is that true ? If yes, does that exist in us/uk regulations? Thanks in advance 🙏
Hello El-Mahdy, In the UK lenders generally don't offer fixed rates beyond 10 years, although occasionally the off lender will try to offer a rate for longer (earlier this year there was a lifetime fix). There are a multitude of reasons why lenders don't generally offer longer than 10 year fixes, and whilst some would protect the bank, other reasons would protect the borrower. For example, many European mortgages on a 25 year fix would require you to pay the full 25 year interest, even if you wanted to pay it off early. Do get in touch if you want to discuss in more detail. Kye
@crescent mortgages Thanks a lot for your reply, Is it regulatory by the central bank 🏦 or just a practice of banks? And in case of prepayment, is it mandatory to pay all the interests of 25 years? In Morocco, banks do offer fixed rates beyond 10 years and there are no regulations on that. Thanks for your time.
@crescent mortgages Thanks a lot for your reply, Is it regulatory by the central bank 🏦 or just a practice of banks? And in case of prepayment, is it mandatory to pay all the interests of 25 years? In Morocco, banks do offer fixed rates beyond 10 years and there are no regulations on that. Thanks for your time.
No problem at all. It is a practice of the bank, rather than regulation - for various reasons it works in this economy, rather than the long term rates offered by other countries. It is not mandatory to pay all the interest of 25 years. Interest is generally daily, and therefore you ge generally pay interest up to the day you clear the mortgage, no matter how short that is.
Hi Asif, We did a little bit on Limited companies buy to let mortgages here - th-cam.com/video/HXs3a6va3mM/w-d-xo.html This has some of the basics. Does this cover what you want, or are there more specific elements you're looking for?
It's a competitive tracker - often the trade off with trackers is the difference between that and the best fix on offer. Natwest 2 year fixes aren't generally too good - but if you can get a 2 year fix circa 1% more than the current tracker then a fix could be on the table as an option. You also can find similar tracker with no repayment charges, just in case you did need to move early. It really does depend on each person circumstances - feel free to call or drop us a message and we can take a little more info to see if you should stay put with that tracker, or change.
I believe that if one takes a longer term mortgage ( say, 20+ years ) they should have variable rates in mind, as opposed to short term mortgages ( say
Will a uk mortgage lender accept a eu property as security on a uk mortgage for a flat in London?
Hi,
Generally no - UK mortgage lenders want the security property to be a UK based property. In special, bespoke circumstances and can sometimes be done, but these are normally few and far between. This is mainly due to the lack of power a lender would have in the event of repossession, should the UK mortgage payments not be kept up.
Hello, can you please tell me if in USA/UK banks don't give mortgages loans with fixed rate beyond 10 years? ( I mean to protect themselves from rate rise they give only variable rate mortgages beyond 10 years) Is that true ? If yes, does that exist in us/uk regulations?
Thanks in advance 🙏
Hello El-Mahdy,
In the UK lenders generally don't offer fixed rates beyond 10 years, although occasionally the off lender will try to offer a rate for longer (earlier this year there was a lifetime fix).
There are a multitude of reasons why lenders don't generally offer longer than 10 year fixes, and whilst some would protect the bank, other reasons would protect the borrower. For example, many European mortgages on a 25 year fix would require you to pay the full 25 year interest, even if you wanted to pay it off early.
Do get in touch if you want to discuss in more detail.
Kye
@crescent mortgages
Thanks a lot for your reply,
Is it regulatory by the central bank 🏦 or just a practice of banks?
And in case of prepayment, is it mandatory to pay all the interests of 25 years?
In Morocco, banks do offer fixed rates beyond 10 years and there are no regulations on that.
Thanks for your time.
@crescent mortgages
Thanks a lot for your reply,
Is it regulatory by the central bank 🏦 or just a practice of banks?
And in case of prepayment, is it mandatory to pay all the interests of 25 years?
In Morocco, banks do offer fixed rates beyond 10 years and there are no regulations on that.
Thanks for your time.
No problem at all. It is a practice of the bank, rather than regulation - for various reasons it works in this economy, rather than the long term rates offered by other countries.
It is not mandatory to pay all the interest of 25 years. Interest is generally daily, and therefore you ge generally pay interest up to the day you clear the mortgage, no matter how short that is.
Could you cover buy to let mortgages please via limited companies
Hi Asif,
We did a little bit on Limited companies buy to let mortgages here - th-cam.com/video/HXs3a6va3mM/w-d-xo.html
This has some of the basics. Does this cover what you want, or are there more specific elements you're looking for?
Been offered base rate tracker plus 0.54 with current lender natwest, 2 years, buy out year 1 0.5 of money owed. Buy out year 2 0.25. What you think?
Renewal is april 2023.
It's a competitive tracker - often the trade off with trackers is the difference between that and the best fix on offer. Natwest 2 year fixes aren't generally too good - but if you can get a 2 year fix circa 1% more than the current tracker then a fix could be on the table as an option. You also can find similar tracker with no repayment charges, just in case you did need to move early.
It really does depend on each person circumstances - feel free to call or drop us a message and we can take a little more info to see if you should stay put with that tracker, or change.