To get right into it I'm a potential FTB with Β£14,000 saved in a LISA earning Β£35,000 per annum living in central belt Scotland. I've read numerous articles and watched some YouTube videos but I don't feel my questions have been answered and was hoping some advice could be given from this sub.
I am aware of all the 'additional' fees I need throughout the mortgage process e.g. lawyers and brokers fees etc. but do I need an additional bracket of money for the price over the Home Report or can I use the money in my LISA savings for this?
Also, my long term partner (with a view to marriage if necessary for this process) is on a tier 2 skilled worker visa. Would she be able to contribute her salary towards the mortgage? Additionally, she has her own Β£10,000 saved that she would like to contribute towards a home and I don't know where she fits into the scenario.
Finally, I read that in the first few years of paying off your mortgage (LTV I think), it's the interest that is being paid off. When overpaying in those early years are you chipping away at interest or repayment?
Thank you, any advice is appreciated.
Which Spanish banks open accounts for foreigners EU nationals? Which ones give mortgage for EU nationals? What information do they require? Do they take into account salary, dividends, real estate in other EU countries?
A few years back I was the listing agent on a property where the buyer was a foreign national. They were able to get financing via Wells Fargo with 50% down. Does anyone know of any banks in Texas or national banks/mortgage companies that can pull this off now?
My regular guy at Guild Mortgage said they don't have anything to offer and that it would need to be a "portfolio" type loan from a local TX bank.
There is something I don't understand if a US citizen gets a foreign mortgage - https://blog.taxadvisorypartnership.com/blog/us-tax/foreign-mortgage-exchange-rate-gain
As shown in the example in the above link or this photo here - https://imgur.com/a/a57Wg4i , why would the IRS consider the full mortgage amount in 2013 when the individual has already been paying into the mortgage every month since they started the original mortgage back in 2005?
Here is a similar example - https://www.andrewmitchel.com/charts/rr_90_79.pdf
From what I understand, this would only apply in scenarios where the full mortgage amount was paid as opposed to monthly. My understanding is that the de minims amount is 200 Euros so this issue should rarely apply to monthly repayments of a mortgage.
In addition, I believe this exchange rate gain with the IRS would arise when one refinances. Am I correct?
For example, 100,000 Euro 10 year mortgage taken out in 2020 when the exchange rate is 1 USD = 1 EUR ($100,000 USD). In 2030, when it's time to refinance the exchange rate is 0.75 USD to 1 EURO and there is 50,000 Euro ($37,500 USD) remaining on the mortgage balance.
Would the refinancing of the 50,000 Euro amount result in a foreign exchange rate gain of taking the $50,000 USD (1 USD = 1 EUR back in 2020) to the exchange rate in 2030? So would the $50,000 USD - $37,500 USD = $12,500 be considered a foreign exchange rate gain and be a taxable event?
Also, will the foreign exchange rate gain be considered as "Other Income" and eligible as part of the Foreign Earned Income Exclusion?
Hi! Hoping someone can help -
I have a property and accompanying mortgage in South Africa, but all my other assets in Australia. I've tried to capture an accurate $ loan value by multiplying the ZAR loan each month by the exchange rate. The problem is that this makes the "Cash" tab think I've taken out new properties/loans and throws out my savings rate.
Is there any way I can fix this issue without fixing $ amounts? (i.e. not taking into account monthly exchange rate fluctuations)
https://preview.redd.it/l2y1yywvb7381.jpg?width=442&format=pjpg&auto=webp&s=46c731ba44eb479012ca91570eedddb269a7bc89
TIA.
Didn't find too much information about this online so thought I would ask here. I will be going to the U.S on a TN-1 visa, and planning to get a mortgage in Canada (with a partner who lives here). I was wondering if anyone had been in this situation before? And whether there would be any issues with using money abroad to buy a home? I am a Canadian citizen btw.
Hey guys. Sorry I've never posted anything. Been searching for some info but seems to be hard to find. Looking at buying property in Europe using a foreign bank (dual citizenship).
Does anyone know if lending money in a foreign country will affect how much I can borrow in Canada? I know I have to declare foreign property.
Pointing me in the right direction would be appreciated!
Thanks
Iβm confused as to why there is no simple answer to the question of whether Djokovic can legally enter Australia under our current laws.
Looking at the immigration website the rules are basically:
- You need to be vaccinated, if not:
- You require an exemption
https://covid19.homeaffairs.gov.au/before-i-travel
Djokovic is not vaccinated & doesnβt have a government immigration exemption (my understanding is he has a medical exemption issued by Tennis Australia to play in the Open)
Doesnβt this all equate to not meeting the entry requirements & hence not allowed into Australia?
Hi,
UK citizen, Japan resident for more than 5 years.
I have a home in the UK that I am thinking of selling to buy somewhere in Japan. I bought it well before I came to Japan. I have a mortgage against it which was for 80% of the purchase price, but is now only 30% of the current value (the value of the property has gone up).
I am considering taking out a second mortgage in the UK for another 30% of the current value.
If I sell the property in a few years time (and assuming that the value in the UK doesn't change to keep things simple), do I pay capital gains tax in Japan of:
- 100% of the value (mortgages don't count)?
- 70% of the value (only mortgages before I moved to Japan count)?
- 40% of the value (all mortgages against the property count)?
- something else entirely?
I know that I have to pay a partial capital gains tax in the UK as I haven't been resident in the UK for 90 days each year. Can I deduct this capital gains tax against the capital gains tax in Japan?
UPDATE: The financial statement did not check out. The sponsor owns the majority of the shares and is also the managing agent. This is a direct conflict of interest and it shows in the financial statement. Management regularly underestimates the expenses and the deficit is split amongst the tenants in a special assessment, despite the sellerβs broker telling me there were no special assessments. The reserve fund was used last year leaving very little in the account. This happened in the same year a mortgage was taken out AND the maintenance increased by 7%. In addition, the building credited themselves back the tax abatement that was supposed to be divvied up amongst shareholders as part of the assessment (apparently, this part is normal).
And back to streeteasy I go. To respond to those in the thread, I found this information out without hiring an attorney. I will hire an attorney in the future, after seeing if one is necessary, but this was the reason I did not want to hire an attorney outright.
Basically the title - Iβm about to put an offer in on a 2 bedroom coop and was advised that the Coop has an arrangement with one bank - National Cooperative Bank.
The building has less than 50% owner occupancy. Since this is not in accordance with the FHA guidlines that larger banks follow, for expediency, the brokerage firm had the building approved by NCB Bank. The Board charges $200 to fill out a bank questionairre.
The apartment has been on the market since 2019. The past two deals fell through with the previous broker and the current broker didnβt specify why. Does this information cross brokerage firms? The price of the apartment has dropped drastically (my broker said the original asking price wasnβt realistic and the current price is more in line with the going rate of the re market).
Iβm not concerned with being denied a loan. I have an excellent credit score, 20% down, and a decent emergency fund but Iβve never heard of this arrangement before. Iβm waiting for the past two yearβs financial statements but should I be concerned? Does anyone have any experience with a similar situation?
Any words of advice are appreciated!
https://finance.yahoo.com/news/chinese-banks-raise-mortgage-rates-093000776.html
"Commercial banks across several Chinese cities have begun raising their mortgage rates, as they increase the cost of buying homes to help the government keep a lid on speculative buying that is fueling a runaway housing bubble.
In southern China's technology metropolis Shenzhen, nine banks followed China Construction Bank in raising the mortgage rate for first-time buyers by 15 basis points to 5.1 per cent, while second-home buyers have to pay 5.6 per cent for loans, up 35 basis points.
Even in smaller cities like the Jiangxi provincial capital of Nanchang, with a population of 5 million people, the rate for first-home loans has jumped by 47.5 basis points to 6.125 per cent at the Industrial and Commercial Bank of China and Agricultural Bank of China, while other banks raised their rates to 5.88 per cent, according to a May 12 survey by the real estate agency Leju. Second-property buyers had to pay between 5.8 per cent and 6.37 per cent."
I remember UMass Amherst had a brouhaha a while back because they banned Mechanical Engineers from Iran in enrolling (though they retracted because they said they misinterpreted a federal regulation)
Let's say the Massachusetts legislature passes a law saying "no higher education institution in this state can enroll Iranian nationals". Would such a law be able to stand 14th amendment, immigration and civil rights pre-emption?
Assume it's an Iranian national lawfully living in the Massachusetts that is now applying to UMass Amherst so no standing issues
Hi all, I'm in the process of planning a long road trip that will go through some countries that are courantly quite dangerous. A while back I watched a video which mentioned a site which had detailed information about current national security threats and was wondering if anyone has any more information about it as it will help planning a lot.
To get right into it I'm a potential FTB with Β£14,000 saved in a LISA earning Β£35,000 per annum living in central belt Scotland. I've read numerous articles and watched some YouTube videos but I don't feel my questions have been answered and was hoping some advice could be given from this sub.
I am aware of all the 'additional' fees I need throughout the mortgage process e.g. lawyers and brokers fees etc. but do I need an additional bracket of money for the price over the Home Report or can I use the money in my LISA savings for this?
Also, my long term partner (with a view to marriage if necessary for this process) is on a tier 2 skilled worker visa. Would she be able to contribute her salary towards the mortgage? Additionally, she has her own Β£10,000 saved that she would like to contribute towards a home and I don't know where she fits into the scenario.
Finally, I read that in the first few years of paying off your mortgage (LTV I think), it's the interest that is being paid off. When overpaying in those early years are you chipping away at interest or repayment?
Thank you, any advice is appreciated.
