Mortgage in Egypt

[awahee123]

I think as we've all said before the best route is to get a remortgage on your original property in whatever country you live in,it certainly looks like the best way forward.
The main problem is always going to be the lender not wanting to lend until the property is complete,so it's really any good for resale properties, as most off plan developments would have little left to sell by the time the development was complete.That is my personal opinion.What does anybody else think?.

[propertastic]

Remortgaging is definitely the way to go for those people who have existing property - it will be much simpler to arrange and interest rates will be a lot lower.

You're right about the offplan situation but, if the figures are right that the best mortgage that will be available is 65% LTV, then this is what most buyer's would need upon completion.

If you consider that most developers want 50% upon completion and then the buyer will need to pay for legal, air conditioning and furniture at that point, then the 65% would be roughly how much the buyer needs when he or she needs it in order to complete a purchase providing that he or she is able to come up with the first 50%

I have seen several surveys during 2007 that says that there are a lot of younger buyers who can't get into the property market in the UK who are interested in buying abroad. For them, getting an Egyptian mortgage would be their only option.

[awahee123]

Hi Nick,

It is catch 22, if you have a property to remortgage definately the best way forward.
If you are a first time buyer you do face certain problems especially if you need a mortgage.Maybe some of the larger developers will be in a position to arrange 10 or 15 year mortgages directly,However this is probably one for the future,they will only look at this route once the Cash buyers have dried up.

[jeremy bright]

looks like there now is mortgages available to non Egyptians property companies are offering them now like this one i have found


Mortgages

For those investors who wish to take delivery of the apartment and who may need financing, mortgages for up to 65% LTV can be arranged and with competitive interest rates. All mortgages are subject to status and will be delivered by several local banks by our associate mortgage brokers in Egypt.

[BabetteRSP]

Mortgages

For those investors who wish to take delivery of the apartment and who may need financing, mortgages for up to 65% LTV can be arranged and with competitive interest rates. All mortgages are subject to status and will be delivered by several local banks by our associate mortgage brokers in Egypt.

Tell us more, what have you found??

[queenie40something]

Hi I also received an email that contained

Following on from our previous emails we are delighted to announce that before the official launch of this exciting new development there will be a number of apartments where we can offer either staged payments or a mortgage.

This is excellent news as it means clients who did not have access to capital to purchase outright, and thereby get in at the lowest possible price ,can now do so and obtain best possible plots and price.

This is for Marsa Alam development.

[J4hurghada]

For all us that have bought that is great news, with morgage's being avalable it will certainly put the prices up.

[NICKY P]

Ive got 10k-12k to use as a deposit but i dont want to remortgage my property in the uk.Has anybody got any idea how to finance the rest while paying installments with rental income

[queenie40something]

Originally Posted by NICKY P

Ive got 10k-12k to use as a deposit but i dont want to remortgage my property in the uk.Has anybody got any idea how to finance the rest while paying installments with rental income

Hi Nick - can you not get a personal loan??

[cin7166]

Hi Nick,

I'm going for a personal loan for my one, 6.4% so over two years I'm only paying around £1300 back on interest.