(Updated June 2022)
We are very pleased to extend our UK home financing options to now fully cover all residential properties within London zone 1 - 7. Let's take a comparision review of the features and benefits of UK Lender GBP Home Loan vs SG Lender GBP Home Loan vs SG Lender SGD UK Home Loan.
|UK Home Loans||UK Bank||SG Bank||SG Bank|
|(GBP Loan)||(GBP Loan)||(SGD Loan)|
|Cost of Fund Reference||Bank of England SONIA||SG Bank GBP Cost of Fund||SORA|
|Eligibility (Resident & non-resident foreigners)||
* Korean (subject to local regulatory considerations)
|Singapore Citizens & Singapore Permanent Residents||Singapore Citizens & Singapore Permanent Residents|
|Locations||London zone 1 - 7||London zone 1 - 2||London zone 1 - 2|
|Borrowers||Individual names only||Individual names only||Individual names only|
|Property Type||Residential properties only||Residential properties only||Residential properties only|
|Purpose / Use||Investment / Buy-to-let / Children's education stay||Investment / Buy-to-let only||Investment / Buy-to-let only|
|Development||Completed / Under-Construction||Under-Construction||Under-Construction|
|Mortgage Repayments||Principal + Interest, Hybrid P+I, Interest Only||Principal + Interest||Principal + Interest|
|Financing Request||New Purchase (Resale & Newly Build) / Mortgage Refinancing / Equity Cash Out||New Purchase (Under-construction)||New Purchase (Under-construction)|
|Currency Exchange Risk||No||No||Yes|
|Minimum Loan||> $300K GBP||< $200K GBP||< $300K SGD|
|Max Financing Quantum||Up to 75%||Up to 70%||Up to 60%|
|Processing Fee||1% of the loan amount||GBP 500 - 1000||Nil|
Advantages of UK Lenders
- Better rates!
- Full lending coverage for all residential properties within London from zone 1 to 7.
- Higher loan-to-value ratio of up to 75% loan.
- Transparent cost of fund reference to Bank of England SONIA rate.
- Interest-only option available.
- Applicable for cash out equity loan on your property.
- Applicable for resale completed purchases. SG lenders typically have issues meeting the turnarond timeline for resale purchases and hence are often limited down to only newly build mortgages.
- Applicable also for Singaporeans, Singapore Permanent Reidents and Foreigners residing and not residing in Singapore.
- Not subjected to TDSR, UK lending requirements apply.
- Use of property applicable for investment buy-to-let or children's stay while studying in London.
Advantages of SG Lenders
- Choice of SGD loan.
- Loan repayment in Singapore to a Singapore bank.
- Lower bank processing fees.
- Singapore Citizens
- Singapore Permanent Residents