Please note, that there are no non-status/self-certification mortgage facilities available in New Zealand (although renting out your property is permitted), all loans need to be supported by a minimum requirement of proof of income, i.e. if employed - copies of your last three month's payslips & copies of your latest P60/Employer’s Reference together with copies of your last 6 month’s Personal Bank Statements will be required or alternatively if you are self-employed - copies of your last two years Audited Accounts & copies of both your last 12 month's Business and last 6 month’s Personal Bank Statements will be required on application.
Unfortunately in New Zealand the New Zealand Lenders will NOT take into consideration any proposed Rental Income from the property for mortgage purposes/repayments.
Your loan is based on your joint net “take home” pay and is calculated on an affordability basis. All your existing liabilities including any mortgage/rent payments, personal and bank loans and any maintenance (ie: Divorce) payments together with your proposed New Zealand mortgage payments must not exceed 35% of your net monthly income.
Example:
Net joint monthly income £ 2,500 times 35% of that figure is £ 875 minus existing monthly mortgage payment £ 300 – No other liabilities. This leaves a balance of £575 for a proposed New Zealand Mortgage payment.
Mortgage details:
- Maximum loan to value 80%
- Maximum term 25 years
- £50,000 minimum loan
- New Zealand Dollars only
- Repayment mortgages only
- Rates from approximately 9.55% for variable rates or can be fixed for five years at 7.75%
80% Interest Only (Max 4 Applicants)
Most Nationalties covered
Western Australia, New South Wales, South Australia, Queensland, Canberra, Victoria and New Zealand all areas.
| Maximum age | Mortgage must be paid up in full by age 70 |
Maximum LTV |
80% of valuation or purchase price whichever is lower |
Maximum loan size |
N/A |
Maximum term |
30 years |
Repayment type |
Interest full term only or Repayment |
Compulsory products |
Buildings insurance |
Bank arrangement fee |
0.50% of lending payable after formal offer an before completion |
Interest Rate |
Equivalent to Quarterly Euro/LIBOR plus 1% |
Rate review and payments |
3 monthly in arrears |
Income criteria |
Existing UK liability and new liability must not exceed 50% of proven net income or 5 times gross |
Redemption penalty |
0% |
Credit search UK |
No |
Application Charges |
|
|
|
Valuation (Appraisal) costs |
$ 700 |
Processing fee |
0.50% of lending payable up front and refundable if loan does not complete |
Morocco products |
Maximum Percentage of purchase price subject to valuation |
Maximum Percentage of valuation |
Term |
Max Age |
Bank Fee |
Redemption penalties |
Repayment Basis |
Interest rate |
Product MO1 |
70% |
70% |
25 years |
73 |
0.60% |
1 Months interest |
Interest only up to 6 months |
Rates from |
Product MO2 |
70% |
70% |
15 |
60 |
Client specific |
1 Months interest |
Interest only up to 6 months |
7 year term or less 4.72% |
Product MO3 |
70% |
70% |
25 Years Variable |
60 |
€ 500 plus vat |
1 Months interest |
Capital and Interest |
Rates from 5.07% |
Product MO4 |
70% |
70% |
25 Years |
70 |
0.50% |
1 Months interest |
Capital and Interest |
Variable 7 years or less 4.64% |