Hi all.
Being a few weeks short of a 51st birthday and therefore
4000 years short of a UK financially feasible based retirement age,
does anyone know if UK banks offer mortgages on properties in
asian countries? specifically the Philippines.
I have checked the web sites of Philippines based banks and the
mortgage interest rates
are horrible...the smallest I've seen is 10%
My wife is a filipino.
Thanks.
Arthur
"Davao" <> wrote in message
news:
> Hi all.
> Being a few weeks short of a 51st birthday and therefore
> 4000 years short of a UK financially feasible based retirement age,
> does anyone know if UK banks offer mortgages on properties in
> asian countries? specifically the Philippines.
> I have checked the web sites of Philippines based banks and the
> mortgage interest rates
> are horrible...the smallest I've seen is 10%
>
> My wife is a filipino.
> Thanks.
>
> Arthur
>
How much are property prices over there ?
Can't you stick it on your credit card :-)
A second mortgage on your current property is a more likely option.
On 8 Jun 2006 04:41:29 -0700, Davao wrote:
> does anyone know if UK banks offer mortgages on properties in
> asian countries?
In my experience, it will be difficult to impossible to get such a
mortgage. The UK banks don't even like mortgaging properties in Europe. The
best they offer is to take a mortgage at local rates through one of their
foreign branches or with a partner company.
Miss L. Toe wrote:
> "Davao" <> wrote in message
> news:
> > Hi all.
> > Being a few weeks short of a 51st birthday and therefore
> > 4000 years short of a UK financially feasible based retirement age,
> > does anyone know if UK banks offer mortgages on properties in
> > asian countries? specifically the Philippines.
> > I have checked the web sites of Philippines based banks and the
> > mortgage interest rates
> > are horrible...the smallest I've seen is 10%
> >
> > My wife is a filipino.
> > Thanks.
> >
> > Arthur
> >
>
> How much are property prices over there ?
> Can't you stick it on your credit card :-)
>
> A second mortgage on your current property is a more likely option.
For about =A340,000 its possible to buy the kind of gaff I'd be happy to
spend the
rest of my days in. But if I was to get lucky I might find one good
enough for =A320,000.
Arthur
On 8 Jun 2006 04:41:29 -0700, "Davao" <>
wrote:
>Hi all.
>Being a few weeks short of a 51st birthday and therefore
>4000 years short of a UK financially feasible based retirement age,
>does anyone know if UK banks offer mortgages on properties in
>asian countries? specifically the Philippines.
>I have checked the web sites of Philippines based banks and the
>mortgage interest rates
>are horrible...the smallest I've seen is 10%
I live in the Philippines and have a property here, although not a
mortgage.
The reason interest rates offered by local banks here are high is that
Philippines Peso interest rates are generally higher than those for
the currencies of the western economies.
I don't know what kind of property you're thinking of buying, but if
you buy direct from the developer of a new construction project they
will often offer much better repayment terms than you'd get by
borrowing the money from a bank.
Chris [In Manila]
"Davao" <> wrote in message
news:
Miss L. Toe wrote:
> "Davao" <> wrote in message
> news:
> > Hi all.
> > Being a few weeks short of a 51st birthday and therefore
> > 4000 years short of a UK financially feasible based retirement age,
> > does anyone know if UK banks offer mortgages on properties in
> > asian countries? specifically the Philippines.
> > I have checked the web sites of Philippines based banks and the
> > mortgage interest rates
> > are horrible...the smallest I've seen is 10%
> >
> > My wife is a filipino.
> > Thanks.
> >
> > Arthur
> >
>
> How much are property prices over there ?
> Can't you stick it on your credit card :-)
>
> A second mortgage on your current property is a more likely option.
> For about £40,000 its possible to buy the kind of gaff I'd be happy to
> spend the
> rest of my days in. But if I was to get lucky I might find one good
> enough for £20,000.
>Arthur
So if you can afford a 6% mortgage on 40k thats 2,400 per year (or 200 per
month).
If, instead you saved 2,400 per year for 8 years thats 19,200 + interest
should be 20k.
So in 8 years you can afford the 20k place for cash.
If you can up your savings rate to 400 per month you could buy it in 4 years
!
If you can up your savings rate to.......
> "Davao" wrote
> > For about £40,000 its possible to buy the
> > kind of gaff I'd be happy to spend the rest
> > of my days in. But if I was to get lucky I
> > might find one good enough for £20,000.
>
"Miss L. Toe" wrote
> If, instead you saved 2,400 per year for 8
> years thats 19,200 + interest should be 20k.
> So in 8 years you can afford the 20k place for cash.
Will it still cost only £20K in 8 years' time?