Prior to your visit to view projects within your set criteria you have to consider how the investment is going to be paid for. In all cases, an initial reservation deposit will be necessary to take the unit off the market and then there will be a defined period before the next payment, usually 1 month, has to be made at the signing of the private purchase contract. Both the reservation deposit and the first payment at private purchase contract will be needed to be paid in cash. The final ammount may be paid by obtaining a mortgage.
There are a wide range of mortgages and remortgage products on offer around the world including fixed rate, interest only, buy to let, capped, discount and variable interest rates. Usually in the case of a developers mortgage, the rates are fairly preferential, however it is always advisable to shop around for one to make sure you get one that suits you individually.
Repayment Mortgages This is also known as capital and interest loan. With this type of loan, your monthly payments gradually pay off the ammount you owe as well as paying off the loan.
As each of these payments are met, provided all are paid off in full then the mortgage will be paid of at the end of the agreed term.
Interest Only Mortgages With Interest Only Mortgages your monthly payments only cover the interest of the loan. They do not pay off any of the capital so another bank savings account or investment scheme is needed to build up and repay the mortgage at the end of the term.
This is a major responsibility to be able to pay off the remaining ammount at the end of the agreed term.
Interest Rates There are many different types of interest rate deals available - which one needs to be decided as to which deal best suits you. Types of interest vary. These include
10 Questions you may wish to consider when selecting a mortgage.
1.) Do I know the type of mortgage I require or do I need help in selecting the right one? 2.) How much is the property worth? 3.) How much can I borrow? 4.) How much can I afford to repay each month? 5.) What is the APR (Annual Percentage Rate)? 6.) What interest rate deal is on offer (fixed, discounted, tracker)? 7.) What are the monthly repayments? 8.) Are there any charges or fees for early repayment? 9.) What other fees or charges are payable? 10.) What happens if my circumstances change - could I still afford to make the repayments?
The information contained on this page is for information purposes only and is not intended to address particular requirements. You should seek qualified financial advice wherever possible. Interest rates may go up as well as down. Failure to keep up with mortgage repayments may jeopardise your home. Always seek the advice or a registered company
For a list of mortgage brokers (International and national) please select your country of interest and search Off-Plan Associates section on the left toolbar for more information.
Foreign Exchange
You may not have realised it but your budget could increase automatically by 1000's by carefully choosing who to change your £'s, $'s, €'s or other currency.
To see just how much your currency is worth today, please click on the currency converter link to be redirected to our currency partner Moneycorp where you can check up to the minute spot rates and learn more about buying your currency on a forward rate. You may just be able to save a small sum to pay for the furnishings of your new holiday home. It has been done before!Currency Converter
N.B. This is the Live Interbank Offer Rate (L.I.B.O.R) and will not be offered by your bank. You will be able to use this to get today's exchange rate however we recommend that you seek the service of an independent currency specialist that will offer you a rate that is closer to L.I.B.O.R.
