{"id":122582,"date":"2022-03-24T06:20:25","date_gmt":"2022-03-24T06:20:25","guid":{"rendered":"http:\/\/www.quintadosilval.pt\/?p=122582"},"modified":"2022-03-24T06:52:00","modified_gmt":"2022-03-24T06:52:00","slug":"what-it-is-like-to-get-a-mortgage-in-different-44","status":"publish","type":"post","link":"http:\/\/www.quintadosilval.pt\/en\/what-it-is-like-to-get-a-mortgage-in-different-44\/","title":{"rendered":"What it is like to get a mortgage in different countries across the world"},"content":{"rendered":"What it is like to get a mortgage in different countries across the world<\/title><\/p>\n<ul>\n<li>,<\/li>\n<\/ul>\n<p>For most of us, we save for a deposit, apply for a mortgage then spend approximately 30 years paying it back until we own the home.<\/p>\n<p>Whilst there are various types of mortgages available in our country, the home-buying process is always the same – unless that is you have the cash to buy a property outright.<\/p>\n<p>However, there are many countries overseas that have a completely different methods and schemes to us when it comes to buying a home.<\/p>\n<p>These countries below each have alternative ways of getting people onto the property ladder, and this is how they differ to ours, according to research by Online Mortgage Advisor.<\/p>\n<h2>Sweden<\/h2>\n<p>In addition to the standard proof of a steady income, Swedish banks use the following calculations to determine how much they’ll lend you:<\/p>\n<p>However, in certain cases, it might be possible to get an additional unsecured loan – but a higher interest rate would then be charged and the loan would have to be paid off in a shorter time frame.<\/p>\n<p>New loans have to be repaid at the rate of 2% per year until the loan is down to 70% of the property’s value, and then at 1% per year until its reduced to 50%<\/p>\n<p>A maximum mortgage of five times your pre-tax annual income is seen as standard, which is slightly higher than the UK average of 4.5 times your annual income.<\/p>\n<p><!--more--><\/p>\n<h2>Singapore<\/h2>\n<p>Singapore has the second most expensive housing market in the world – meaning 80% of the country’s residents live in government-built and subsidised units, such as high-rise flats.<\/p>\n<p>But for those who are able to buy their own house, most banks offer mortgages at fixed or variable rates.<\/p>\n<p>In most cases, the banks will offer loans of up to 60% or 80% of the purchase or valuation price, whichever is lower, and the buyer will then have to top up the remaining amount in cash from a Central Provident Fund account.<\/p>\n<p>Buyers in Singapore will also have to factor in the Total Debt Servicing Ratio, which limits the monthly debt obligations to 60% of a salaried person’s income.<\/p>\n<p>Interest rates can often work in the favour of the borrower in Singapore, so getting a mortgage pegged to a variable rate might be more beneficial – as some of the variable mortgage options are based on the rate that Singapore banks exchange money with each other, which tends to be a more resilient option.<\/p>\n<h2>Canada<\/h2>\n<p>Similarly to Sweden, Canada has interest rates that are secured for five years on average, and the max loan term is only 10 years.<\/p>\n<h2>France<\/h2>\n<p>The general rule of thumb in France is that you can borrow five times your individual or combined income for a repayment mortgage.<\/p>\n<p>However, in France you must have net assets outside of your main residence which equal at least the value of the interest-only mortgage.<\/p>\n<p>For example, if you want to borrow \u20ac1million through an interest-only mortgage, you’ll need to have at least that amount stored away somewhere.<\/p>\n<p>The main thing considered when someone wants to take out a mortgage in France is the debt-to-income ratio, and it’s the main thing that can derail the property dreams of even the richest person.<\/p>\n<p>Banks will look to see if your existing monthly payments for loans and mortgages exceed one third of your gross monthly income.<\/p>\n<p>So, if you have two children in private education, the term fees for the school will not be reviewed in your outgoings.<\/p>\n<h2>South Africa<\/h2>\n<p>Generally speaking, to secure a mortgage in South Africa you’ll need a minimum deposit of 50% of the property’s purchase price.<\/p>\n<p>Although lenders offer a choice of either fixed or variable interest rates, most mortgage lenders in South Africa opt for a home loan on a variable-rate basis, with a maximum of 30 years available.<\/p>\n<p>Fixed rates are much less common due to the noncompetitive rates offered by banks to offset the risk of volatile interest rates.<\/p>\n<p>Whichever mortgage type you choose, a loan in this country will generally have to be paid off by the age of 70.<\/p>\n<h2>United Arab Emirates<\/h2>\n<p>If you’re taking out a loan to buy a property in the UAE, you’ll typically need a deposit of at least 25% for a property worth up to AED 5 million.<\/p>\n<p>Borrowing is capped in the UAE, so the amount you’re borrowing cannot be more than your total anticipated earnings for the next seven years and, in <a href=\"https:\/\/badcreditloanshelp.net\/payday-loans-nd\/\">https:\/\/badcreditloanshelp.net\/payday-loans-nd\/<\/a> Dubai, mortgage payments are capped at 50% of your monthly income.<\/p>\n<p>The mortgage market in the USA is very well developed, but it operates slightly differently to how it does in Europe.<\/p>\n<p>In America, a key calculation used in the mortgage application is the debt-to-income ratio, which will establish whether you can maintain the mortgage repayments along with your existing loans.<\/p>\n<p>This must not exceed 50% of your gross monthly income, so some lenders will be looking for very detailed information about your financial status.<\/p>\n<p>Mortgages are available in the US for up to 75% of the property’s value, with most of them being on a repayment basis, with the maximum term being 30 years<\/p>\n","protected":false},"excerpt":{"rendered":"<p> […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[16602],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What it is like to get a mortgage in different countries across the world - Quinta Do Silval<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.quintadosilval.pt\/en\/what-it-is-like-to-get-a-mortgage-in-different-44\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What it is like to get a mortgage in different countries across the world - Quinta Do Silval\" \/>\n<meta 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