New forum member looking for honest advice from 'real' property owners!

[MrSkipsey]

Hi everybody, I have just found this forum and have been reading up on a few things but with so many pages being opend Im starting to loose track so I thought Id put up one post and collate all my information here.

Hope you dont mind, and I am using the 'search' funtion too!!!

I have been to Egypt a few times with my girlfriend, I love diving and my girlfriend, well, she tried it once but somehow prefers to lay on the beech, or the boat!
Egypt is an ideal destination for us as it is only 5hrs from London and package deals are reasonable for what you get but I would love to buy a property in Egypt as I would one day like to spend more then just 4 weeks a year there.

We have been to
hurghada
El Gouna
Cairo
Luxor
and although we loved them all the choice for property is staggering and I only wish I could afford them all!

This is why I have joined this very informative forum and hopefully can help solve my dilemnas.

I am looking at ideally buying a place in Hurghada, El Gouna or Marsa (I know, I havent been there yet) but am not sure. I would consider Sharm but to be honest I dont think I could afford it.

My main worry is financing....
You see, I went bankrupt in Nov 2006 and was subsiquently discharged in July 2007. This is where my concern lies, how is the financing arranged? Is it down to Uk credit checks or is there an Egyptian way of doing it?

I have spoken to a UK based company whose link was posted in a members post regarding a property in Marsa and they seem to think that as long as I can prove income and bank statements then my bankruptcy may not pose as much a problem as I thought.

I then continued to read the thread and am now in two minds as to whether the thread is actually linked to a developer trying to promote the area.

I have nothing against anyone on this forum nor do I want to give the impression that I am attacking anyones intregrity but as a potential buyer, along with so many of you I do not want to be caught up in a rip-off and buy something worthless!

If anyone who may have been in this situation or similar could advise then I would very much appreciate it. If I can overcome this hurdle then I will be able to start looking at properties.

Just to advise you all now, I have only contacted the one company as mentioned above and, although any information you may give me about my related question is no way concrete I would like your input before a companies as you will have my best interest at heart and are in no way trying to sell me anything wheres I feel a company may try to sell me a line!

Look forward to speaking to you all,
Mike.

[queenie40something]

Hi Mike and welcome to the forum.

I dont know alot about bankrupcy and this probably is a stupid question. Would you now not be able to get a personal loan? Or could your girlfriend get one in her name?

What sort of budget do you have in mind. There are alot of developments off plan that offer interest free payment plans over 2 or 3 years where you put down an initial deposit.

There are properties in Sharm that you could get under £30,000 but you do tend to get more for your money in Hurghada.

In Sharm Naama bay is getting quite expensive but there are some very very cheap properties in Hadaba and you could get somewhere for under £20,000.

I am buying in the up and coming area of Nabq and prices are rising. We bought in Oct off plan for £21,700 and they are now selling for nearly £30,000.
So my advise is if you can get a loan or whatever dont hesitate in searching do it now.

Good luck and if you need in assitance on Sharm please dont hesitate to ask.

Alison

[MrSkipsey]

Many thanks queenie for your help. I dont think I will be able to get a loan at present as I am black listed for 6yrs. (4.5yrs left) But, I am keeping my fingers crossed that with my present income I may be able to find someone who may provide me with a loan albeit with a slightly higher interest rate.
I havent really set a budget yet as the bankruptcy is my major concern. Ideally I would love to buy 2 properties on the same complex for about £20-£30k each.

My only financial commitment is my weekly rent which, for a one bed council flat is extremely low.

The only other way around it is to try and put it in my dads name and pay it off but he has properties that he has a mortage on and wants to sell later this year and buy in Tennerife so it may be financailly difficult if they was to assume it was all being paid for by himself. As for my girlfriend,....I wouldnt want to do that to her in case anything went wrong and she was left with it all in her name.

[queenie40something]

If you could scrape together enough of a deposit then you could start looking at off plan ones with interest free instalments.

[Aegean]

Originally Posted by queenie40something

If you could scrape together enough of a deposit then you could start looking at off plan ones with interest free instalments.

It's OK to scrape together the deposits but lets be honest he needs to ensure he has the means to pay of the payments even if they are interest free over 2 to 3 years.

[MrSkipsey]

I have the means to pay. I didnt want to publically commit my finacial status but I think it would help, then that way you will know what I have to play with.

I currently am bringing in £30k per year (£600/week) and my only financial commitment is my rent. £4k per year (£80/week).

Therefore leaving £14k to play with. Once Ive taken out cost of living and tax and NI.

Which is just over £1k per month.

These are only rough guesses on expediture.

[Aegean]

Originally Posted by MrSkipsey

I have the means to pay. I didnt want to publically commit my finacial status but I think it would help, then that way you will know what I have to play with.

I currently am bringing in £30k per year (£600/week) and my only financial commitment is my rent. £4k per year (£80/week).

Therefore leaving £14k to play with. Once Ive taken out cost of living and tax and NI.

Which is just over £1k per month.

These are only rough guesses on expediture.

No probs then - but got impression you would have issues getting a loan.

[jeremy bright]

mortgages are starting to become available now in Egypt with some developers so properly will not look into you past in the uk

[MrSkipsey]

Originally Posted by Aegean

No probs then - but got impression you would have issues getting a loan.

Thats correct mate. Ex bankrupt. Made BR in Nov 2006 and discharged in June 2007.
My Experian credit report shows satisfied / partially satified on all creditors except for Tesco Personal Finance who are dragging there heels but have 11 days to comply before Im allowed to call in the financial ombudsman.

But obviously, although it shows satisfied / partially satisfied I still have a red mark against the 3 creditors.

[MrSkipsey]

Originally Posted by jeremy bright

mortgages are starting to become available now in Egypt with some developers so properly will not look into you past in the uk

How trusting are they in Egypt? I know you can get striped up by anyone but at least in the UK your able to go round and bang on the door if the proverbial hits the fan!

Would I need a deposit or do they do 100% mortgages?