LTV:

• 50% UK mortgage for property in California, Florida, Nevada or Oregon (min £100k lend Min Property value $400,000)
• 60% UK mortgage for property in Colorado, Connecticut, Hawaii, New Jersey, New York or Washington State (min £100k lend Min Property value $400,000)
• 70% US Bank mortgage available in all states to non-residents ( Min $50k lend)
• 70-90% US Bank mortgage for residents ( conditions vary according to State)

Rates:

• 50% LTV Sterling – UK Base Rate +3.09% for property in California, Florida, Nevada or Oregon
• 50% LTV US Dollar LIBOR + 2.89% ( California, Florida, Nevada or Oregon)
• 60% LTV Sterling – UK Base Rate + 2.89% (for property in Colorado, Connecticut, Hawaii, New Jersey, New York or Washington State )
• 60% LTV US Dollar LIBOR + 2.69%
• 70% LTV US Bank LIBOR + 2.25%up ( rate depends on credit score & state) up to $417,000*

Jumbo & Super Jumbo Mortgages are bespoke quoted.

* The Federal Housing Finance Agency (FHFA) announced that the “new” conforming loan limit for 2009 will remain at $417,000 for most areas in the U.S., unchanged since 2006. Loan limits for high- cost areas, including California, are capped at $625,500, down from the previous $729,750 limit. The conforming loan limit determines the maximum size of a mortgage that Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac can buy or guarantee. Non-conforming or jumbo loans typically carry a higher mortgage interest rate than a conforming loan. The Stimulus Package has temporarily increased loan limits to $729,450 in certain zip codes and counties where luxury homes are found. This may include California, Hawaii, New York, Colorado, Virginia and other high cost areas.

Super Jumbo Loans are those over $1 million

Term:

30 years Max term or Maturity of loan by age 70 ( whichever is lower)

Product:

Repayment and interest only mortgages available. Repayment mortgages can be at a fixed rate from a US bank for the life of the loan – up to 30 years. Fixed rate mortgages start at a rate higher than the current variable rate (Adjustable Rate Mortgage), but at times of low rates like today can be a good buy. Shorter Terms are at lower rates than longer terms eg 15 years 4.75% and 30 years 5.25%.

Interest only mortgages are available from US banks with an interest only period from 3-10 years after which they switch to repayment for the term of the loan. From UK lender sterling or dollar interest only mortgages are available for 30 years at a premium of 0.2% on the margin.

Pledged Asset Mortgages are available from US lenders where the applicant can borrow the whole of the purchase price by pledging certain liquid assets as additional security.

Affordability:

All US lenders require affordability criteria to be met. Typically all monthly financial commitments must not exceed 50% of net monthly income. Criteria vary by lender but the amount borrowed must not exceed 5x the applicant(s) income.