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Mortgage loans for expatriates in the Netherlands
A 100% independant, expert and dependable mortgage advisory service for expatriates who want to buy a home in the Netherlands. Let our professionals help you find the best mortgage at the best possible interest rates. Our expert knowledge is made available to some well-known expatriate sites and we have written several extensive essays with them about purchasing a home in the Netherlands, acquiring a mortgage in the Netherlands and much more.
Monster mortgage's back - is it a downside? cash
Huge mortgage loans with five fold incomes or more would no longer exist. However, this weeks Clydesdale Bank said it has granted first-time mortgage purchasers 5 of these. Five multiplied by a borrower's earnings and loan up to 600,000 pounds - and the purchaser only needs a 5% down payment. It sent shock waves through the mortgage sector, which was afflicted with allegations of "reckless loans" before the accident.
Abbey (now Santander) began to offer five -fold mortgage payments in November 2006. Mr Vince Cable, then spokesperson for the Liberal Democrats' Ministry of Finance, said the story was "very disturbing" and added that "it was likely that these unaccountable credit policies would result in a monetary catastrophe for many people". It is however required that the initial purchaser has an earning capacity of at least 40,000 and has recently completed a qualifying listing of professions that include bookkeepers, auditors, architects, sworn experts, dental practitioners, physicians, airline crew, pilot, lawyers and veterinarians.
Others have loosened credit limits in recent years, but none have gone as far as Clydesdale. Creditors use "affordability" testing instead of pay multipliers, but according to mortgage agents this does indeed mean that Nationwide will award up to 4.75 fold of revenue, and while Lloyds (which Halifax is one of) has recently raised its multipliers, it will only be five fold of revenue, up to a peak of 500,000, with a 25% minipayment.
The HSBC maximizes out at 4. 75x, but lends this to 90%. The Barclays goes the farthest of cashiers and lends 5. 5 x earnings on a redemption mortgage, but the borrower must have a floor of £75,000 and must put down a Deposit of at least 15%.
Recently Sanander has also raised its peak to 5.5 fold its earnings. In the mortgage markets, the other'stretch' is to extend the duration of the credit. Ray Boulger says of broker John Charcol: "The maximal incomes of most creditors are between 4 and 4.5. That is why the lid binds bundles at 4. 5x is the lid of the Bank of England's Financial Policy Committee on loans above 4. 5x.
Revenue 5x, which means that no more than 15% of new loan business may exceed 4. Revenue 5x on a 12-month roll rate base.