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Finance News
Finding the Finance
Once readily available, mortgages are now seemingly few and far between. For many of those interested in property investment, finding the finance to buy the property is sometimes the most difficult part of the process. However, mortgages are available – as long as you (or your adviser) know where to source them.
More on Mortgages
Mortgage lending and mortgage holders have been in the spotlight yet again this week, although this time not because of falling interest rates. News that mortgage lending in the UK experienced a monthly increase of 16% in March was well received in business as was the government announcement of further financial help for mortgage holders in difficulty.
The Pound Stretches
After months of weakness, the pound has recently rallied against both the US dollar and the euro, a surge which is good news for property investment. This week saw the pound reach its highest level against the dollar – US$1.50 – since mid-January.
Equity Release Waiting for Property Investors
They say that every cloud has a silver lining and even in today’s difficult economic climate there are opportunities waiting for the investor. There is no doubt that the global slowdown has dramatically reduced returns from traditionally reliable investments such as stocks and shares, hedge funds and savings accounts. However, the current economic environment does offer some pockets of opportunities, particularly for those looking at property investment.
Rethinking the World Finances
This week’s G20 summit has the ambitious aim of redefining capitalism as we know it. The meeting of 24 leaders from the world’s developed and developing countries plans to attempt to reduce both the effects and the length of the global recession at a time when the world’s economies face their biggest challenge for decades.
US Rescue Plan to Lead the Way
The global economic slowdown received a brief respite this week when the Obama Administration revealed the final details of its Public-Private Investment Programme.
Bric Economies Make Financial Waves
As finance ministers and central bank governors met last weekend, ahead of the G20 summit in London on 2nd April, four of the largest developing nations called for more say in the global financial system.
Time for Some Good News
In the midst of the global economic slowdown, the question on most people’s lips is how much longer this situation will last. While few economic analysts are prepared to commit themselves to an exact timescale, Jean-Claude Trichet, President of the European Central Bank (ECB), recently suggested that he feels a turning point in the world’s economy is on the horizon.
Financing for Renewable Energy Projects
In a world preoccupied with global warming, renewable or ‘green’ energy is increasingly being seen as one of the ways forward to reduce the effect of climate change. Once confined to small, one-off projects with little impact on energy supplies, renewable energy ventures are fast becoming the focus of government policy worldwide.
Commercial Financing Ready and Waiting!
Obelisk Private Finance is pleased to announce the availability of commercial financing for a wide range of projects worldwide. Through Obelisk Private Finance, developers of commercial projects anywhere in the world have access to highly favourable financing terms and conditions.
In Your Interest
The recent interest rate roller coaster has brought with it a legion of winners and losers. When interest rates were up - as recently as last summer - the savers were the ones reaping the rewards while homeowners struggled to keep up with the relentless monthly increase in their mortgages.
Private Equity Funds
One of the many casualties of the subprime crisis has been the brake on bank lending. Almost worldwide, banks and highstreet lenders are now extremely reluctant to release funds to borrowers.
Is Obama Good News for Finance?
The recent inauguration of Barack Obama as the 44th US President has brought new-found optimism to millions, not just in his home country but also to people in all corners of the world. The incoming president has plenty to live up to as expectations worldwide are perhaps the highest they have ever been.
Making Your Money Work
In times of economic slowdown and falling interest rates, everyone is keeping a very close eye on their finances. Although it is unlikely that you will be totally immune to the credit crunch, there are ways to make your money go further. “The start of a new year is the ideal time to take stock of your finances and plan your way forward,” says Ken Thorkildsen, Director of Obelisk Private Finance. “Even small measures can lead to big savings.”
Better Up or Better Down?
This week saw 2009’s first cut in interest rates when the Bank of England brought interest rates in the UK to a historic low of just 1.5%. With US rates already at the bare minimum of 0.25%, financial experts consider it to be only a matter of time before the European Central Bank drops the eurozone’s 2.5%.
SIPPs and Property
The recent demise of numerous pension funds, managed by private pension companies and banks, in the wake of the sub-prime crisis and financial scandals such as the Madoff scandal has led many investors to question where they place their pension funds. The idea of managing your own pension fund is certainly attractive. The Self-Investment Personal Pension (SIPPs) fund is one such option.
Moving Your Mortgage
In the current period of economic uncertainty, recent falls in interest rates in most countries have brought welcome respite to holders of variable-rate mortgages.
Better than Savings
While recent interest rate drops have been good news for some mortgage holders, they are not quite such good news for savers who in the last few weeks have seen rates plumet on their savings accounts. Almost without exception, providers have reduced the rates they offer on savings and many have withdrawn high-interest products altogether.
Is a Cut in VAT the Answer?
In the face of almost daily evidence that many economies are slipping fast into recession, financial experts are doing their best to come up with answers to the growing problem of a seemingly insurmountable global credit crunch.
Interesting News
It was generally agreed that it was only a matter of time before bank lending interest rates fell even further, but most financial analysts were caught off guard by the Bank of England’s massive cut in rates this week.
Brazil Mortgages on the Horizon
Brazil, the world’s 10th largest economy, continues its impressive but steady and stable economic growth. Increases in year-on-year GDP growth (5.8% in Q1 2008 and 6% in Q2 2008) have improved the average Brazilian’s income and, according to the Council of Americas, have allowed 20 million Brazilians to move out of the poverty bracket and into the emerging middle class.
Double Taxation Explained
Income earned in one country while you are domiciled in another can sometimes prove to be expensive since both countries may want their share of tax.
As Safe as Houses
The Irish government’s recent decision to guarantee all deposits in the country’s 6 main banks and government-approved subsidiaries for the next 2 years, as well as increasing the amount guaranteed to €100,000, has already been duplicated around Europe. It is a move that brings welcome relief to owners of hard-earned savings accounts.
Good News for Mortgages
In an effort to stem the economic decline and the crash of the world economies, governments round the world have taken some drastic – and very expensive – measures. Among the largest are the US Federal Reserve, which has injected almost US$1 trillion of funds, and the British government, which has come up with a £500 billion rescue scheme. The general public – the taxpayers whose money is financing these schemes - has tended to view these measures with scepticism, believing them to be of more benefit to bankers than the taxpayer. However, the latest ingredient in the worldwide recipe to cure the recession – reduction of interest rates – is certainly far more benefit to the individual, particularly the homeowner.
Extra Protection for Your Money
Northern Rock, Lehman Brothers, Wachovia, Fortis, Bradford & Bingley ... the list of the world’s faltering banks is long and at the moment, shows no sign of ending. At a time when the global recession would have us believe that our savings held by banks are perhaps not as safe as we thought, those with money in Irish banks have recently received some extremely good news.
Isn't it Time for Some Good News?
There’s no doubt about it – the global financial scene is currently going through some serious turmoil and hardly a day goes by without the world’s media reminding us about the latest economic doom and gloom. Understandably, many investors worldwide are feeling nervous and with major world banks facing serious credit problems and stock markets tumbling daily, putting your hard-earned money into a sock and stuffing it under your mattress may seem like the only option to keep your money safe.
Better News for Mortgages
For the American public, Fannie Mae (the popular term for the Federal National Mortgage Association) and Freddy Mac (the Federal Home Loan Mortgage Association) are 2 of the US’s biggest financial emblems. Formed in 1938 (Fannie Mae) and 1968, the 2 mortgage associations’ main aim has been to provide affordable mortgages to homebuyers. Their success has been phenomenal and between them, Fannie Mae and Freddy Mac now own or guarantee around 50% of the massive home loan market in the US (calculated to be worth around US$12 trillion).
Full Steam Ahead for Spanish Banks
While numerous US banks and many of their European counterparts are suffering badly as a result of the subprime mortgage crisis – Northern Rock, the Swiss UBS and the French Société Générale are at the forefront – Spanish banks are sitting pretty.
Turkey Keeps Investors Happy
Prospective investors in Turkey were delighted with the recent news that the government's temporary ban on the issue of title deeds (Tapu) to foreigners has been lifted. Now that the Turkish government has had time to re-draft the relevant law, title deeds are being processed as usual. This is welcome news for foreign investors, especially now that mortgages are more readily available in Turkey - the essential elements for overseas property investors are firmly in place.
Important Changes to Offshore Savings
Under the European Savings Directive (ESD), retention tax - also known as withholding tax - has recently seen a rise of 5% increasing to the rate of 20%. Effective from 1st July 2008, the latest increase is a further blow to European Union (EU) residents with savings in offshore destinations such the Isle of Man, Guernsey and Jersey.
Investors Take Advantage of Romanian Mortgages
Prospective investors in Eastern Europe's best kept secret - Romania - will find that obtaining a mortgage is a straightforward process, with a number of different mortgage options available through Obelisk Private Finance to residents and non-residents who buy property in Romania.
Plan Ahead for Inheritance
If you propose to invest in property abroad or take a more permanent step and live abroad, tax planning is one of the most important considerations. Obtaining tax advice - and this should be from a professional tax adviser with knowledge of tax regulations both in your home country and the country where you plan to invest - before you make any investment decisions means that you can make the most of opportunities to reduce your tax liabilities.
Landmark for Single Currency
June saw the European Central Bank's 10th birthday and in just under six months the EU's single currency will also be celebrating a decade of existence. Championed by the 15 countries who said a fond farewell to their francs, marks and lira, the euro is aspired to by many younger EU members. Slovakia is next and poised to take the plunge in January 2009.
More Good News for Slovakia Property Investment
With annual price hikes of 15% and rental yields of between 8% and 10% in its capital, Slovakia already ticks plenty of boxes for successful overseas property investment. With Obelisk's recent introduction of mortgages for non-resident homebuyers, property investment in Slovakia is even more attractive.
Yet More Good News for Bulgaria Property Investment
Recent news from the Bulgarian banking sector confirms what many property investors have known for a while - investment potential in Bulgarian property is one of the best in the world. Not only does capital growth top global rankings, but the Bulgarian mortgage sector is booming.
Turkey's Mortgage Market Shows Promise
Turkey's emerging mortgage market has a promising future, according to the resident of the country's Capital Markets Board (SPK).
Cyprus Increases Second Home Loan Rate
The Central Bank of Cyprus has increased the limit on loan-to-value mortgages for second home buyers by 10%.
Competition Hots Up in the Polish Mortgage Market
Data analyst and research company RNCOS report that the financial market in Poland is expanding rapidly, fuelling competitive mortgage products.
Currency Watching Indicates Bullish Exit and Income Strategies
Ken Thorkildsen, Director of Obelisk Private Finance, reports on how the strength of the Euro provides European property owners with big profits.
Economic factors, such as the credit crunch, have a huge impact on currency and financial markets in general. Yet despite the current economic climate, the Euro goes from strength to strength against the pound, whilst financial forecasts indicate that the pound is likely to remain deflated until a renewed confidence in the financial stability of the UK market.
Obelisk Private Finance Ensures Overseas Property Owners Beat the Credit Crunch
Obelisk Private Finance provides complete investment, mortgage and savings solutions to ensure clients beat the squeeze, minimising costs and maximising returns.
Obelisk Private Finance has declared they will ensure clients receive only the best, most cost effective international mortgage, borrowing and saving solutions available.
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