A deal struck between a major Maltese Bank and a leading Property Agency means that potential UK buyers are a lot closer to their dream of owning a property on the island.
Details of the scheme were released by UK based www.maltabuyproperty.co.uk - who work exclusively with Frank Salt Real Estate, the largest agent on Malta.
Ray Woods a spokesman for the Company said,
“Demand for property on Malta from the domestic population remains very strong and the banks there are in good shape.
There are more flights to Malta than ever, with Easyjet now flying from Newcastle - and Ryanair flying daily from Luton and now adding Edinburgh and Bristol to its’ departure points. Air Malta also flies from most UK locations and BA has a service from Gatwick.
However, we all know that some UK purchasers are holding back from purchasing for two major reasons:
- The present low rate of exchange between sterling and the euro
- The difficulty that some face in selling a UK property.
I am delighted that HSBC Malta has agreed with our associates Frank Salt to make special finance available to overcome these issues.
First, they will allow UK purchasers to deposit sterling in accounts on Malta without converting those funds to euros.
This money will be used as the security for an interest only mortgage in euros.
This loan will not be repayable for up to 5 years and there will be no early repayment charges.
In other words, when the client decides that the time is right, they can convert their sterling into euros and repay the capital element of the loan. Interest on the euro loan will be just over 3% at current rates. This way, clients don’t have to wait until sterling recovers against the euro to buy their dream property.
Secondly, where a client is having a problem selling their UK property – and this normally applies to those relocating to Malta; the Bank is prepared to advance an interest only mortgage on a Malta property for up to 70% of its value for a period of up to 5 years.
Again, this ensures that UK clients can continue to negotiate to get the best price for their UK property without having lengthy delays to buy a home in Malta.
Finally, www.maltabuyproperty.co.uk is re-introducing a special £250 cash-back on every property sale agreed before the end of May 2009 to help kick start the year.
We believe that together, these measures demonstrate our commitment to help our clients to find the sun in 2009 in A safe and secure location!
We always advise clients however to take independent financial advice before proceeding.”
For more details, go to www.maltabuyproperty.co.uk or Freephone: 0800 781 1898 (UK) or 00 44 121 373 2440.
Issued by Ray Woods of www.maltabuyproperty.co.uk in association with Frank Salt Real Estate of Malta: Mob: 07967 686230
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