Frequently Asked Mortgage Questions

Lifestyle Brokers offers International Currency Mortgages which can be used to finance property purchase for a wide range of personal and investment reasons. Please see below our FAQ section which should answer any questions you have.

To get a personal quote and a Lifestyle mortgage report showing exactly just how much you can save, contact Lifestyle Brokers now. Register for more information about managed international multi-currency mortgages.

Mortgages Explained

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How do I re-mortgage?

If your current mortgage is for less than 85 per cent of the value of your property you may be able to access this equity by re-mortgaging.

  • We can refer you to one of our independent finance professionals to help you with this.
  • To get a personal quote and a Lifestyle mortgage report showing exactly just how much you can save, contact Lifestyle Brokers now.
  • Register for more information about managed international multi-currency mortgages.
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What happens to any fees/deposits if I pay them and decide not to go ahead?

The reservation holding deposit is non refundable as we will have taken the property off the market as soon as you made your reservation.

  • The deposit is normally between £500 and £3,000.
  • Your property will not be taken off the market until we receive cleared funds into our account or your credit card payment is processed.
  • Finders fees are non refundable once paid. These are payable within seven days of you reserving the property, but in the case of some build complete properties we may extend to the exchange or completion date.
  • You will be notified regarding any deposits due. These need to be paid direct to your solicitor who will hold them in trust until they need to be paid.
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Why should I use Lifestyle Brokers rather than going direct to an estate agent?

An estate agent has a duty to the vendor to achieve the highest possible price on a property.

  • As a broker we act for you, achieving the lowest price and then consequently the highest yield (the percentage of the purchase price achieved in annual rental income).
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How do Lifestyle Brokers earn their fees in relation to property sales?

We don't charge membership fees, joining fees or demand that you place large sums of money for a property.

  • You remain in control of your capital.
  • We offer a property investment service which is completely free, privileged access to our resources such as articles, newsletters and personalised consultations with our experienced property consultants - all the tools required to build a successful property portfolio.
  • We earn our fee each time you buy a property through us. Generally our fee is 2-3 per cent plus VAT of the property's valuation.
  • This fee is payable within seven days of reservation. In the case of a build complete property, however, you may be able to pay the fee on completion of the mortgage.
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Can I switch an existing mortgage?

If you have an overseas property, switching your mortgage to the International Mortgage Service (IMS) could be a smart move.

  • We can help if you are looking to save money on your repayments or if you want to release money tied up in your overseas property.
  • Providing the property you are re-mortgaging is not your main home, we can arrange re-finance packages for investment or holiday homes in the following countries: Australia, Canada, Dubai, France, Hong Kong, Malaysia, New Zealand, Portugal, Singapore, Spain, United Kingdom and United States of America.
  • Your overseas property can be re-mortgaged in most major currencies including Pounds Sterling, US Dollars, Euro, Swiss Franc, Australian Dollars, New Zealand Dollars, Hong Kong Dollars, Canadian Dollars and Singapore Dollars subject to qualification criteria.

To get a personal quote and a Lifestyle mortgage report showing exactly just how much you can save, contact Lifestyle Brokers now. Register for more information about managed international multi-currency mortgages.

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Can I buy a holiday home abroad?

Providing the property you are buying is not going to be your main home, we can arrange a mortgage for your holiday home in the following countries: Australia, Canada, Dubai, France, Hong Kong, Malaysia, New Zealand, Portugal, Singapore, Spain, United Kingdom and United States of America.

  • A competitive range of variable rate mortgages are available in all major currencies: Sterling, US Dollars, Euro, Swiss Franc, Australian Dollars, New Zealand Dollars, Hong Kong Dollars, Canadian Dollars and Singapore Dollars subject to qualification criteria.

To get a personal quote and a Lifestyle mortgage report showing exactly just how much you can save, contact Lifestyle Brokers now. Register for more information about managed international multi-currency mortgages.

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How does the currency switching work?

Subject to qualification criteria and availability which varies from time to time, when currency switching options are provided, you are allowed to switch the currency of your mortgage throughout the life of the loan.

  • The first two switches in a calendar year are free of charge. Thereafter, switches are subject to a charge of USD150 (subject to provider).
  • We offer advice on this service. Any currency switching requires an instruction from you, with at least 3 working days notice. Switches in currencies, other than from GBP, generally take place every three months when your repayments are due.
  • Forward exchange contracts can be arranged at our sole discretion for settlement of your mortgage, providing these coincide with your next scheduled payment.

To get a personal quote and a Lifestyle mortgage report showing exactly just how much you can save, contact Lifestyle Brokers now. Register for more information about managed international multi-currency mortgages.

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Must I have life cover when arranging a mortgage for a French property?

Our providers do not necessarily insist on having life cover when taking out a mortgage for a property in France or other countries.

  • However this is something you should seriously consider if you do not have adequate cover already in place. Such cover is recommended for mortgaged properties valued in excess of GBP 500,000 and you are advised to seek independent advice on related protection for your loan.

To get a personal quote and a Lifestyle mortgage report showing exactly just how much you can save, contact Lifestyle Brokers now. Register for more information about managed international multi-currency mortgages.

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Can I use the International Mortgage Service to purchase land?

Sorry - we do not provide finance for land or commercial property of any description which also includes finance for self-build projects.

  • With the exception of Dubai, Australia & New Zealand the banks can only provide loans against completed properties.

To get a personal quote and a Lifestyle mortgage report showing exactly just how much you can save, contact Lifestyle Brokers now. Register for more information about managed international multi-currency mortgages.

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Can I buy a property off-plan?

Yes though the banks can only provide finance once the newly-built property has already been fully constructed.

  • To get a personal quote and a Lifestyle mortgage report showing exactly just how much you can save, contact Lifestyle Brokers now.

Register for more information about managed international multi-currency mortgages.

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How do I know how much I can borrow?

Generally customers are allowed to borrow up to five times their sole or joint basic annual salary. The banks will also take into consideration up to 70% of any rental income.

  • Typically, the banks will lend up to a maximum of 70% of the purchase price or valuation, whichever is lowest. This applies to all counties covered.
  • If the mortgage is taken out in a currency other than that of the property or your main income then the maximum loaned is 65% of the purchase price or the property valuation, whichever is the lowest.

To get a personal quote and a Lifestyle mortgage report showing exactly just how much you can save, contact Lifestyle Brokers now. Register for more information about managed international multi-currency mortgages.

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What is the minimum amount I can borrow?

The minimum loan is GBP 100,000 or currency equivalent.

To get a personal quote and a Lifestyle mortgage report showing exactly just how much you can save, contact Lifestyle Brokers now. Register for more information about managed international multi-currency mortgages.

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Can I make a lump sum payment or early repayment in full?

You may choose from a range of repayment methods including:

  • Traditional repayment (capital and interest)
  • Interest only plus savings plan, lump sum investments or deposits
  • Interest only (in this case a lower loan to property value will apply)
  • Lump sum payments or early repayment of the mortgage can be made but are normally subject to penalties in the first 3 years of the mortgage. These vary according to the provider.

To get a personal quote and a Lifestyle mortgage report showing exactly just how much you can save, contact Lifestyle Brokers now. Register for more information about managed international multi-currency mortgages.

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How long will it take for my mortgage to go through?

From receipt of a signed offer letter, it will typically take 4-6 weeks for property purchases in UK, Australia, New Zealand, Canada, Dubai, Hong Kong and Singapore and up to 6-8 weeks for property purchases in the USA.

  • Buying property in Spain, France and Portugal will normally take a bit longer – typically up to 12 weeks from receipt of a signed offer letter.
  • Please note, these are guideline timescales only but ensuring you have all the necessary paperwork to accompany the mortgage application can help speed things up.
  • If you are in any doubt as to what you need to supply please contact Lifestyle Brokers.

To get a personal quote and a Lifestyle mortgage report showing exactly just how much you can save, contact Lifestyle Brokers now. Register for more information about managed international multi-currency mortgages.

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What currency can I arrange my mortgage in?

You can arrange your mortgage in the following currencies: Pounds Sterling, US Dollars, Euro, Swiss Franc, Australian Dollars, New Zealand Dollars, Hong Kong Dollars, Canadian Dollars and Singapore Dollars subject to qualification criteria.

  • Generally speaking it is wise to match the currency of your loan with the currency of your assets - in this case the property you are buying. However some people choose to match the currency of the loan to the currency of their salary or more liquid assets such as savings.
  • The choice depends largely upon personal circumstances, future plans and currency exchange rates.

To get a personal quote and a Lifestyle mortgage report showing exactly just how much you can save, contact Lifestyle Brokers now. Register for more information about managed international multi-currency mortgages.

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Specifications of managed multi currency mortgages?

Specifications of managed multi currency mortgages Interest only multi-currency mortgages from as low as 1.8% p.a! Up to 75% loan to value!

  • Up to 30 years term (optional)
  • Pre approved credit line
  • Current account set up for financing loan
  • No buy to let penalty
  • Two currency switches per year with no charge
  • Currencies available : Pounds Sterling, Euro, US Dollars, Japanese Yen , Swiss Franc, New Zealand Dollars, Hong Kong Dollars, Singapore Dollars, Canadian Dollars, Australian Dollars.
  • Property can be your second home, holiday home or buy-to-let and can be located in following countries: Australia, Canada, Dubai, France, Hong Kong, Malaysia, New Zealand, Portugal, Singapore, Spain, UK and US.
  • Off-plan property mortgages available
  • The minimum mortgage amount accepted is USD $150,000 or equivalent

To get a personal quote and a Lifestyle mortgage report showing exactly just how much you can save, contact Lifestyle Brokers now. Register for more information about managed international multi-currency mortgages.

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For What Types Of Borrowers Are Interest-Only Mortgages Suitable?

Interest-only mortgages are for borrowers who have a valid use for a lower initial required payment, and are prepared to deal with the consequences.

  • Pay principal when convenient: borrowers with fluctuating incomes may value the flexibility the IO mortgage gives them. When their finances are tight, they can make the IO payment, and when they are flush they can make a substantial payment to principal.
  • Buy more houses: it is common for families to begin with a "starter house", then move into a more expensive house as their incomes rise. This process of "trading up" carries high transaction and moving costs. You can avoid these costs by skipping to the second house now. In the short term, this will cause a cash flow strain, but the IO mortgage may make it manageable.
  • Invest the cash flow: For most homeowners, paying down mortgage debt is the most effective way to build wealth. Nonetheless, some may build wealth more rapidly by investing excess cash flow rather than paying down their mortgage. For this to succeed, their return on investment must exceed the mortgage interest rate, since that rate is what they earn when they repay their mortgage.
  • Quick capital gain: An interest-only (IO) is the instrument of choice in a quick turnover situation if you are trying to maximize the amount of house you can buy, and are limited by your income. The IO option lowers the required initial payment, which allows you to qualify for a larger loan amount. This is why buyers in markets undergoing strong price appreciation who are looking for quick capital gains gravitate to IOs. The more expensive the house they can buy, the larger the expected capital gain.
  • Payment responsive to principal reduction: on most IO loans, whether fixed or adjustable rate, the monthly mortgage payment will decline in the month following an extra payment. This is the only type of mortgage that has this feature. On a conventional FRM, the payment never changes while on adjustable rate mortgages (ARMs), the payment doesn't change until the next rate adjustment. Some borrowers find this feature extremely convenient. For example, a home purchaser who must close before his existing house is sold may want to use the proceeds of the sale, when it occurs, to reduce the payment on the new mortgage. On many but not all IOs, a large extra payment reduces the payment in the following month. On some IOs, however, the payment doesn't change until the anniversary month, and on others it does not change until the end of the IO period.

To get a personal quote and a Lifestyle mortgage report showing exactly just how much you can save, contact Lifestyle Brokers now.

Register for more information about managed international multi-currency mortgages.

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Why multi-currency mortgages?

There are three main benefits to managed currency mortgages:

  • Interest rate savings.
  • Reduction in the capital value of the debt. For example, if we move your debt into the Japanese yen and the yen falls by 10% against the pound then your debt is 10% smaller than when we started.
  • Tax efficiency. For private individuals borrowing against their main residence the benefits of the programme are tax free. Under current UK tax legislation, we are advised that the Inland Revenue does not regard reductions in the sterling equivalent of a mortgage - as opposed to gains on assets - to be liable to Capital Gains tax, if such gains are made by individuals in the context of borrowing secured on their main residence.

To get a personal quote and a Lifestyle mortgage report showing exactly just how much you can save, contact Lifestyle Brokers now. Register for more information about managed international multi-currency mortgages.

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What Is An Interest-Only Mortgage?

A mortgage is “interest only” if the scheduled monthly mortgage payment - the payment the borrower is required to make - consists of interest only.

The option to pay interest only lasts for a specified period, usually 5 to 10 years

  • Borrowers have the right to pay more than interest if they want to. If the borrower exercises the interest-only option every month during the interest-only period, the payment will not include any repayment of principal.
  • The result is that the loan balance will remain unchanged. For example, if a 30-year loan of $100,000 at 6.25% is interest only, the required payment is $520.83.
  • In contrast, borrowers who have the same mortgage but without an IO option, would have to pay $615.72. This is the "fully amortizing payment" - the payment that would pay off the loan over the term if the rate stayed the same.
  • The difference in payment of $94.88 is “principal”, which goes to reduce the balance.
  • For a more complete illustration of the difference between an interest-only and a fully-amortizing mortgage, go to our ‘Mortgage Calculator page’.

To get a personal quote and a Lifestyle mortgage report showing exactly just how much you can save, contact Lifestyle Brokers now. Register for more information about managed international multi-currency mortgages. To get a personal quote and a Lifestyle mortgage report showing exactly just how much you can save, contact Lifestyle Brokers now. Register for more information about managed international multi-currency mortgages.

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