How to borrow money to buy a house in Britain
First of all, we need some documents and materials for loan in the UK: valid passport, bank statement for the last three months, payroll for the last three months and new tax payment certificate (P60), tax calculation form (SA302, applicable to applicants who file tax returns on their own) and deposit certificate. Pay attention to bank statements in the last three months, and do not accept online bank statements. The deposit certificate is to show that the applicant has enough funds to pay the down payment of the property. Then, if you are self-employed, you need the financial reports of the past three years and the latest HMRC.
The next step is a preliminary assessment. China buyers provide their own proof of assets, proof of income and proof of identity, and then send these materials directly to the British branch of Bank of China. After receiving the information, the British branch will make a preliminary evaluation to determine the loan amount of the buyer. Then the time required begins when the bank receives the documents certified by the buyer, so the preliminary evaluation process can be completed in about one week.
Then there is the buyer's house inspection. If the preliminary evaluation results given by the bank meet your actual needs, buyers can enter the actual house viewing and purchase. It should be noted that before buying a house in the UK and signing a house purchase contract, there is a third-party house inspection link (this link cannot be omitted when buying a house in the UK). The house inspection report not only describes the house quality and other related information, but also gives the corresponding valuation, which will determine the final loan amount of the bank. Time required: As the house inspection is conducted by a third-party organization, the bank cannot control it. It usually takes about 1 month. The cost of house inspection is usually paid by the buyer.
The next step is loan approval and lending. After receiving the house inspection report, the bank will give the buyer the final loan amount according to the valuation of the report and the financial situation of the buyer, and sign a mortgage contract with the buyer according to the local loan interest rate in the UK. Time required: about 12 weeks. It should be noted that at this stage, the buyer needs to open an account with Bank of China UK Branch.
What are the advantages of buying a house in Britain?
1. In the British trading market, the price of the pound fell to the lowest point since 3 1. The fall of the pound has brought great opportunities for foreign investors to invest in Britain, especially British real estate.
2. As an old capitalist country and one of the four major economic systems in Europe, Britain is still in the forefront of the world in terms of economic system, infrastructure and living environment, even if it leaves the European Union. According to the Global Financial Center Index released by Z/Yen, a British think tank, at the end of September 2008, London ranks first among 87 financial centers in the world with a total score of 795, ahead of new york, Singapore and Hong Kong.
3. British real estate market is a safe and stable market, and British real estate has always been known for maintaining and increasing its value. What's more worth mentioning is that compared with the 70-year property rights of domestic houses, most houses in Britain belong to permanent property rights. This means that this fixed asset will belong to you or your heirs for generations.
At present, British tax policy does not levy property tax on overseas buyers. Compared with other developed countries, it is a big advantage that British real estate does not need to pay property tax.