hi i dont if this will be of any use to anyone but today i was told by the HSBC that they are now offering morgages to non egyptians wanting to but property in egypt there will obvousily be restrictions firstly you will need to be a HSBC customer in the uk and open a bank account in egypt they will offer 60% on the property and at a rate of 6% the property will also need to registable of course i am waiting for an email from the HSBC confirming this and setting out the full crieria for getting a morgage and i will post it as soon as i get it thank you alison

Hi Alison,
Do you have any news regarding the mortgages?
Would it be secured on the Egyptian property or would it require equity in the UK property?
(any links or contact details from HSBC?)
thank you
David

Hi

I also met the HSBC manager in Hurghada last week and he told me about about the 60% mortgages, but not as cheap as 6%.

They are for a short term maybe up to 7 years, and have to be checked against all of your other credit worldwide, so may not be any point if you can get the money in the UK as an extension on your UK property or as a personal loan which may be easier to handle. Property registration in Egypt is a potential concern and will be even worse when complicated by a mortgage, but is is now more easily completed than it was year ago.
Your re-payments will also be subject to currency flucuations which you cannot control and will create more problems. They will do a GB sterling loan but at a higher rate of interest.

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Dear All,

We are meeting with several banks this week in Egypt so that we will be in a position to be able to offer Mortgages in the region, we are working with several of the major developers also to be able to broker great deals.

I will post the results as soon as possible.

Jeff Scott
Worldwide Mortgage Alliance

Excellent work. I am very interested to hear the results of your investigations. I have heard reports that HSBC are starting to offer mortgages, but don't know of many other banks.

Are the mortgage products you are planning on offering only going to be available for UK residents, or would you be able to help buyers in other EU countries (including very dodgy EU countries where the majority of people able to afford to buy international property don't have much of a paper trail to show where they got all their money from!)?

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EGYPT REAL - Your One Stop Shop for Hurghada Property

Author of: Propertastic's Complete Guide to Hurghada Property and Egypt's Red Sea Riviera Real Estate

i would have thought this would make it more secure and safer i.e no title deeds no mortgage

Alison
Are you confident that you will get these mortgages from HSBC at 6%? This is completely different from offers made to other very large Developers in the same area. I would be worried about offering your projects with a mortgage to my clients unless you can absolutely guarantee that it will happen on the terms you publish. Do you have a letter from HSBC with the full terms of the offer?

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PROPERTY SHOP INC. International Property Brokers
EGYPT REAL - Your One Stop Shop for Hurghada Property

At what point in the build cycle can you borrow if you are buying off-plan

I know that HSBC will lend on my development once the shell is finished and we start on the internal work.

.

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we are working with developers to provide a mortgage solution of developments across the region, we are looking at offering "Agreements in Principal" so the client is assured of completing, we can arrange this 12 months in advance of the completion date.

Im sure All the Banks will jump onto the mortgage bandwagon once a couple of lenders see the massive profits here for themselves.