Forward contracts case study video.
For overseas property buyers a forward contract can save a considerable amount of money when making final payments for an overseas property puchase. Fix the exchange rate for up to two years ahead with just a 10% deposit.
Monday 27 April 2009
Tuesday 21 April 2009
Spanish mortgages in Spain
Homeowners do not always benefit from the drop in interest rates.
The official rate with which most mortgage repayments in Spain are calculated, the Euribor s falling but that does not mean that all home owners will reap the full benefits of the decline.
Ausbanc (the association of users of banking services) has warned that the small print of around 90 per cent of mortgages in Spain includes a “collar” that prevents the interest from falling below a certain amount, normally between three and five per cent.
So although, the Euribor has reduced to around 1.5% many homeowners are still paying over 5% on their Spanish mortgages. Furthermore, owners with mortgages based on the annual euribor may have there mortgage based on a rate set last year and with no room for review until the official review date.
The collar can, of course work the other way and protect home owners if the rate goes higher than a certain limit but that is little comfort to homeowners at the moment.
Ausbanc says that writing in a collar clause is perfectly legal, as the bank and customer sign the agreement before a public notary, but in reality few people know that these limits exist.
Clients effected by this should seek independent advice from a reputable broker. It may be possible to re mortgage to a different lender at a much reduced rate of interest.
The official rate with which most mortgage repayments in Spain are calculated, the Euribor s falling but that does not mean that all home owners will reap the full benefits of the decline.
Ausbanc (the association of users of banking services) has warned that the small print of around 90 per cent of mortgages in Spain includes a “collar” that prevents the interest from falling below a certain amount, normally between three and five per cent.
So although, the Euribor has reduced to around 1.5% many homeowners are still paying over 5% on their Spanish mortgages. Furthermore, owners with mortgages based on the annual euribor may have there mortgage based on a rate set last year and with no room for review until the official review date.
The collar can, of course work the other way and protect home owners if the rate goes higher than a certain limit but that is little comfort to homeowners at the moment.
Ausbanc says that writing in a collar clause is perfectly legal, as the bank and customer sign the agreement before a public notary, but in reality few people know that these limits exist.
Clients effected by this should seek independent advice from a reputable broker. It may be possible to re mortgage to a different lender at a much reduced rate of interest.
Wednesday 15 April 2009
Marbella to host the Davis Cup
It has now been confirmed that Marbella has been successful in it’s bid to host an eliminatory round for the Davis Cup.
It has been 20 years since Marbella last hosted this international tennis tournament and it is some achievement to win the vote against some strong bids from Zaragoza and Tenerife.
Spain will play Germany at the Puerto Banus bull ring between July 10th and 12th.
12,000 spectators are expected to fill the bull ring and the event is sure to attract an international se of celebrity’s o the playground of Puerto Banus.
The Marbella sports councillor, Angel Mora praised the hard work of all those involved with the bid including Spanish tennis legend Manolo Santana who build the famous tennis centre between Marbella and Istan.
It has been 20 years since Marbella last hosted this international tennis tournament and it is some achievement to win the vote against some strong bids from Zaragoza and Tenerife.
Spain will play Germany at the Puerto Banus bull ring between July 10th and 12th.
12,000 spectators are expected to fill the bull ring and the event is sure to attract an international se of celebrity’s o the playground of Puerto Banus.
The Marbella sports councillor, Angel Mora praised the hard work of all those involved with the bid including Spanish tennis legend Manolo Santana who build the famous tennis centre between Marbella and Istan.
Subscribe to:
Posts (Atom)