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Malta is very active at the moment in marketing the country's strategic positioning and is attracting various industries to Malta. Internet gambling companies, software companies, offshore banks and investment companies are setting up like wildfire at the moment due to very attractive tax rates and benefits that the government is offering to these industries. This in turn is driving a steady growth in both capital and rental returns on property.
Based on the valuation or purchase price of your property (whichever is lower), you could take a loan for up to 90% (in Maltese Lira) or 80% (in other major currencies) of its value; for the purpose of purchasing, or re-mortgaging for home improvements.
There are no non-status/ self-certification mortgage facilities available in Malta, therefore all loans need to be supported by a minimum of, proof of income. If you are employed, you will need to produce, your last six months payslips, P60/employers reference and your last 6 months Personal bank statements. If you are self-employed you will need copies of your Audited Accounts together with you last 12 months business, and 6 months personal bank statements.
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The Lenders in Malta will not take into account any proposed rental income from the property that you wish to buy.
Your loan will be based on your personal (or joint) ‘net' pay, and is calculated on an affordability basis. For you to be considered by the lenders in Malta you total out-goings must not exceed 35% of your net monthly income.
A Maltese bank account will be required.
Types of Mortgage: Repayment only
Minimum loan amount - LM25,000. Maximum TBA, but must not exceed 90% of valuation or purchase price (whichever is the lower)
Term: Maximum 40 years up to age 65
Currency: US$, Euros, Sterling & Maltese Lira
Current Variable Interest Rate: from approx 4.75%.
Example Mortgage in Maltese Lira: Repayment Mortgage of LM100,000 over a period of 40 years at an approx Variable interest rate of 4.75% = approx LM465.00 Capital & Interest per month = a total approximate amount payable over the term of $ 223,200 excluding other fees.
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* Max age 65
* Max 90% LTV
* Min loan LM 25,000
* Rates from approx 4.75%
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* Maximum Term 40 years
* Currencies: US$, Euros, Sterling £ & Maltese Lira
* Repayment only
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Apply Here (or see the list on the left): We use Conti Financial to help arrange your mortgage. Please complete their enquiry form and supply as much information as possible to help them to find you your ideal mortgage in Malta or any other country
Think carefully before securing other debts against your home. Your home or foreign property may be repossessed if you do not keep up repayments on your mortgage.
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