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Malta Mortgages
Q. How much mortgage can I have to buy a
residential property in Malta ?
Please note, that there are no non-status/self-certification mortgage
facilities available on the island of Malta (although renting out your
property is permitted), all loans need to be supported by a minimum
requirement of proof of income, i.e. if employed - copies of your last three
month's payslips & copies of your latest P60/Employer’s Reference together
with copies of your last 6 month’s Personal Bank Statements will be required
or alternatively if you are self-employed - copies of your last three years
Audited Accounts & copies of both your last 12 month's Business and last 6
month’s Personal Bank Statements will be required on application.
In addition, in Malta the Lenders will NOT take into consideration any
proposed Rental Income from the property for mortgage purposes/repayments.
Your Malta mortgage is based on your joint net “take home” pay and is
calculated on an affordability basis. All your existing liabilities
including any mortgage/rent payments, personal and bank loans, credit cards
(if the balance is not cleared on a monthly basis) and any maintenance (ie:
Divorce) payments together with your proposed Maltese mortgage payments must
not exceed 35% of your net monthly income.
Malta mortgage Example:
Net joint monthly income £ 2,500 times 35% of that figure is £ 875 minus
existing monthly mortgage payment £ 300 – No other liabilities. This leaves
a balance of £575 for a proposed Maltese Mortgage payment.
Malta Mortgage details:
·
Maximum loan to value 90% in
Maltese Lira or 80% in Sterling
·
Maximum term 30 years
·
£20,000 minimum loan
·
Loans available in Maltese
Lira and Sterling only
·
Repayment mortgages available
·
Rates from approximately
4.75%
details are subject to change, so you must check with your
broker on the link above before committing |
