?

payment options

  1. Re-mortgage of Uk property

    25.0%
  2. Developers finance options

    0 vote(s)
    0.0%
  3. Cash

    37.5%
  4. Mortgage in Egypt

    12.5%
  5. Personal loan

    25.0%
  6. Secured loan

    0 vote(s)
    0.0%
  7. Other

    0 vote(s)
    0.0%
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How are you financing your purchase?

Discussion in 'Egypt property' started by wemyss1960, Jul 2, 2008.

  1. wemyss1960

    wemyss1960 New Member

    Thought this may an Interesting thread.

    Please state any specifics if possible.

    sorry - left out 'dont know' from the poll
     
    Last edited: Jul 2, 2008
  2. Lsab

    Lsab New Member

    Hi Stuart,

    Our financing is a bit of a mixture. The first 40% is part personal loan part cash, the final 60% we hope to pay with an Egyptian mortgage.

    Nice thread by the way.

    Linda
     
  3. wemyss1960

    wemyss1960 New Member


    Thanks Linda,

    where did you buy? where you promised a mortgage?
     
  4. queenie40something

    queenie40something Senior Member

    Hi Stuart mine is a personal loan that will all be paid off in 3 years - yippee.
     
  5. wemyss1960

    wemyss1960 New Member


    Thanks Alison,

    A short term personal loan at a decent rate I hope.

    Enjoy the sun!!!!
     
  6. queenie40something

    queenie40something Senior Member

    Hi Stuart - yes it was a decent rate. We didnt want it hanging round our neck for years. Of course if we manage to rent it out the extra income will be used to pay the loan off earlier.
     
  7. Lsab

    Lsab New Member

    We're buying a studio on Hania Beach, Stuart. We haven't actually been promised a mortgage but am hopeful we'll get one.
     
  8. SuziQ2708

    SuziQ2708 Guest

    We were lucky enough to have a share in the proceeds of the sale of a property in the UK. For the past 5 years it has sat in a bond and hardly grown. We decided to plough it into another property, but with UK prices being too high our only option was to purchase abroad. Egypt is our favourite holiday destination with bags of potential, so this made our decision for us. We hope our capital fund will grow enough over the years to keep us in the lifestyle we're accustomed to when we retire. You have to speculate to accumulate ... as the saying goes :)
     
  9. soluman46

    soluman46 New Member

    Great Idea. I also used a mixture of savings (40% and legals) and 60% added to UK mortgage. I have a studio in dp1. The furniture pack was purchased on a 0% 12month credit card. May as well not pay interest before you get it! I will pay most of this off in September with cash savings.
     
  10. johnwayne

    johnwayne Banned

    hi Lsab - the morthgage looks interesting - is this only for Hania?
     
  11. Lsab

    Lsab New Member

    Apparently so but I don't know enough about it to elaborate.

    My husband is Egyptian so I'm hoping we won't find too much difficulty getting a mortgage. Time will tell!
     
  12. wemyss1960

    wemyss1960 New Member

    like your style!

    Please keep the posts coming and dont forget to mention on which development you have bought or maybe buying on. Also possibly when your development should be completed and when your final payment has to be made. Are you looking to rent out/flip or just use as holiday home?
    This thread should give a true reflection of why we have all purchased.

    keep them posts coming!
     
  13. SuziQ2708

    SuziQ2708 Guest

    As requested :)

    We're purchasing a two bed villa apartment on the pool level with turn key furniture package and 8% rental guarantee, at the Oasis Marina development which is due for completion on December 31st, 2009. We are cash buyers and took advantage of the 25% discount on gross price which was just under £78,000We paid 20% deposit upon receipt of the Agreement Contract a couple of weeks ago and the final 80% balance is due on July 27th. Although the main reason for purchase is for financial gain (god willing), we will also make use of our apartment for holidays, which is not a bad thing as we generally holiday in Egypt each year anyway. Best of both worlds I say :cool:
     
  14. wemyss1960

    wemyss1960 New Member

    Congratulations Suzanne,

    Should be a great investment if your rental is guaranteed.
     
  15. SuziQ2708

    SuziQ2708 Guest

    It's guaranteed at 8% for 5 years and they've included it in the Sales Contract, so looking good :D
     
  16. queenie40something

    queenie40something Senior Member

    Hi Stuart - mine is very nearly complete - saw the apartment a couple of weeks ago and all that needed to be done was window in bathroom, balcony finished, our garden to be landscaped and the pool and landscaping around the pool. Should be complete in a couple of weeks. Bought on Sierra, Nabq, Sharm. We havent gone with the hotel rental. We originally just bought for ourselves but we have had so many want to rent it from us ( family and friends ) that it would be silly not to take their money!! Hubby has a work colleague that is having a holiday home built ( due for completion Nov this yr ) in Kenya and he has asked to do a holiday swap which is also a bonus and gives us a break from Sharm.
     
  17. SuziQ2708

    SuziQ2708 Guest

    Lucky you Alison, bet you can't wait to get back over there. Maybe in a couple of years we could do a holiday home swap too, would be nice to go back to Sharm :) When all these developments are completed, we could set up 'holiday home' swapping services LOL ;)
     
  18. queenie40something

    queenie40something Senior Member

    Yes defo Suzi - I think there is a thread in the lounge on this. A change is as good as a rest!!
     
  19. queenie40something

    queenie40something Senior Member

  20. wemyss1960

    wemyss1960 New Member

    Hi Alison,

    Glad everythings going well. I personally love Sharm and have been there on holiday the last 2 years. I should imagine having got in early that you have had a nice return so far on your investment.According to my nephew, Nabq will be the biz!
     
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