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Mortgage Rates

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Mortgage Rates

Postby Troika » Wed 11 Jul 2007 11:35 GMT

I'm just shopping around for a mortgage for Malta. Any advise would be welcome. I get paid in US dollars and bank offshore. My bank doe's not do mortgages for Malta.

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Postby gozomark » Wed 11 Jul 2007 13:28 GMT

do you want an onshore or offshore mortgage ?

do you want it in US$, or MTL/Euro ??

as your income is in US$, then financially it would make sense to have your mortgage in US$.
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mortgage rates

Postby Troika » Wed 11 Jul 2007 16:38 GMT

Thanks for that mark. You are right I do need a mortgage in dollars and if I can't get that I suppose the next best thing would be euro. I'm not up to speed with the local currency against the dollar how does that fair. Will I have any problems getting a bank account with them.

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Postby gozomark » Wed 11 Jul 2007 17:41 GMT

Malta is switching to euro in Jan, so euro mortgage is same as MTL one

opening a bank account anywhere in Europe is time consuming, all to do with money laundering/tax evasion rules - you will probably need the following

passport/ID card
proof of address
reference from a bank

which country are you coming from ?
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Postby Troika » Sat 14 Jul 2007 15:29 GMT

Coming from UK allready banking offshore but they don't do mortgages for Malta. LloydsTSB
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Postby peterj » Fri 20 Jul 2007 19:52 GMT

To add a little detail to Mark's list, the bank reference (based on experience of Lombard and HSBC) has to be requested by the Maltese bank on your behalf. This can be initiated before you get here, to speed up the process. Ours took 3 months to process - we had initiated 6 weeks before arrival - but this was probably unusually long - the Maltese bank lost the first copy grrr!!.
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Postby kaveri » Thu 18 Dec 2008 06:04 GMT

What do you do when your mortgage broker lies to you about your refinance? Working with a mortgage company to refinance my home and the agent keeps telling me not to worry, we will close guaranteed. Now after a month and we still haven’t closed, we haven’t made a house payment in 2 months because he told us not to, and now the loan may not close because we are late with the mortgage payment. What do we do?
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Postby gozomark » Thu 18 Dec 2008 06:19 GMT

is this on a property in Malta ?
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Postby Mr Kriss » Thu 18 Dec 2008 13:10 GMT

Hopefully you had this "advice" in writing. If so, then send a copy to your lender, tell them the situation and ask that they agree to this not being shown by credit reference agencies as bad debt. If they agree, get it in writing and send to Experian and Equifax as the two main agenices, plus any agencies that your lender mentions. Actually it's worth getting reports from these two first to see what they have about you.

In these tems where credit is hard, it is worth investing some time to ensure that your ceredit references are correct. You may be surprised what rubbish gets sent through to these folks and recorded against you. I once had an entry against my name in one of these because of a bad debt run up by a tenant in a house three years before I bought it!
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