UK Property Loan
A loan may be provided to persons who are normally resident outside the United Kingdom to assist with the acquisition of a property or for equity release. The Bank will review each client’s assets, liabilities and income statement and may request additional documentation in support of the information provided. The Bank will also review the existing tenancy agreement in cases where the property is already tenanted. Please note, the Bank does not provide owner occupied mortgage facilities, the Bank does provide short term interest only facilities for non- owner occupied properties.
What does it offer me?
3 - 5 years
1.5% of facility amount (or 0.5% on any subsequent renewal)
3 year loan: 1 Month LIBOR + 3.65% (per annum)
5 year loan: 1 Month LIBOR + 3.85% (per annum)
Loan to value
Maximum 65% of the purchase price or a professional valuation of the property, whichever is lower
Charged quarterly in arrears
A cash deposit equal to six months debit interest is to be held on account with Standard Bank Isle of Man at all times
The property must be tenanted and the rental income mandated to the Borrowers account at Standard Bank