American mortgages are available for the majority of nationalities, for house purchase, home improvement or equity release purposes.
Loans are based on the valuation or purchase price (whichever is the lower), LTV varies depending on the state and currency of the loan, as shown in the table below.
Proof of income is required in all cases over 75%, and can be made up of earned income, pension, investment or rental income. However, it is not always the case that the lender will take all or part of these incomes into account when determining the maximum loan available. The income criteria is variable, Bank and Employer’s References are required if employed, and Bank and Accountant’s Reference if self-employed. Existing borrowing in the UK and overseas will be taken into account.
Example American mortgage in US Dollars:
A repayment mortgage of $100,000 over a period of 30 years at a Variable Interest rate of approximately 7.45% equals: approximately $703.00 capital and interest per month, therefore a total approximate amount payable over term of $257,000 including capital, interest, arrangement and survey fees.
Product US1
80% Interest Only (Max 2 Applicants only must be financially linked)
UK CLIENTS ONLY
Maximum age |
Mortgage must be paid up in full by age 75 |
Maximum LTV |
Based on loan size as follows: |
Maximum loan size |
£600k on 1st property; |
Maximum term |
5 - 25 years |
Repayment type |
Interest only or Repayment |
Compulsory products |
Buildings insurance |
Bank arrangement fee |
1% of lending deducted from gross advance |
Interest Rate |
Bank of England base rate plus 2.74% |
Rate review |
Variable |
Income criteria |
Existing UK liability and new liability must not exceed 40% of proven gross income |
Redemption penalty |
3% for year 1; 0% thereafter |
Credit search UK |
Yes |
Application Charges |
|
Underwriting Fee |
$350 |
Documentation preparation fee |
$320 |
Valuation (Appraisal) costs |
$350 |
|
|
Completion Charges |
|
Exchange rate fee |
|
Product US2
80% Interest Only (Max 4 Applicants)
Most nationalities considered
New York, Washington,California, Colorado, Connecticut, Florida, Hawaii, Oregon, Neveda and New Jersey States only.
Canada
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 |
No Maximum |
Maximum term |
30 years |
Repayment type |
Interest only or Repayment |
Compulsory products |
Buildings insurance |
Bank arrangement fee |
0.50% of lending payable after formal offer and before completion. |
Interest Rate |
1.5% above Lloyds internal costs of funds which closely matches Quarterly Euro/ LIBOR |
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 incomes |
Redemption penalty |
0% |
Credit search UK |
No |
Currency Switching |
Currency switching available up to 75% ltv |
Costs |
|
Stamp duty |
1% |
|
|
Valuation (Appraisal) costs |
$700 |
Mortgage processing fee |
0.50% |
|
|
|
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