Mortgages

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Mortgages

Postby J » Sun 14 Aug 2005 18:04

Hi everyone

Thanks for posting all of that wonderful infomation it certainly has made life a lot easier for me to find it all under one roof.

We are planning a visit to malta in september this year (05) to check it out as a possible new home - well the move would be in a year or so. We are both late 20's and have 2 children of primary school age.

I have a few Q's and if anyone can help i'd greatly appreciate it..

I'd like to know a little about getting a mortgage in malta.. i.e. what is the general deposit required on a mortgage?

<snipped by Tim during revamp>
I think thats about it for now.

many thanks

J..
J
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Postby oceangoing » Mon 15 Aug 2005 10:15

Dear J

Can't answer all your questions, but a few.

Mortgage: Theoretically, you can get a local mortgage (the two banks there are HSBC and Bank of Valletta) for up to 90% of the price. How much you can actually get depends on you income for the past few years (you'll have to supply pay slips and P60s) and your other circumstances.

My recommendation for your visit would be to hook up with an estate agent when you're here - all the ones we've met were extremely helpful. They all have contacts to local bankers and can set up an appointment for you with a mortgage officer. If the person is not good, tell your estate agent and they'll find a new person to talk to. Estate agents collect all feedback from their British clients and soon know which of the Maltese are particularly suited to the British temperament for business dealings. ;)

We have a wonderful couple of contacts at HSBC, super efficient, friendly, helpful - and because they're so good, we were able to do most of the business via email from the UK.

I would take your last few P60s and last three payslips, last couple of bank statements, any other documents concerning existing loans you're paying off and/or savings you have etc with you (the originals). You should then be able to get a decision within 3 days or so, whilst you're still in Malta. You don't have to go for it, but it'll give you a good idea what to expect when you do need it.

Current interest rate is 4.75%.

<snipped>

Hope this helps a little.

Enjoy your visit in September, and keep us posted!

Best wishes

Gesine
oceangoing
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Postby J » Mon 15 Aug 2005 11:11

Hi Oceangoing

Many thanks for that it makes things a good bit clearer.

We have never actually been to malta before, but hearing so much about it, we seem to be liking the sound of it more each day. In fact, from all of the people I've spoken to, not one has had a bad word to say about the place.

I shall keep you posted.

thanks again

J.. :D
J
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Posts: 2
Joined: Sun 14 Aug 2005 17:45
Location: U.K.


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