Lloyds Bank International, Mortgages for Canadians
Canadians looking for mortgages abroad have limited choices. Or more accurately, limited convenient choices.
The UK’s largest Bank, Lloyds Banking Group, has a solution. Lloyds has recently opened two new offices in Canada and it’s now offering its International Mortgage to Canadians.
Lloyds’ International Mortgage is designed for purchasers of a second home, vacation home or investment property abroad. One of its big benefits is the ability to be set up in multiple currencies. You can even change the currency you pay the mortgage in twice a year for free.
Suppose you’re a Canadian wanting to buy in the U.S. Here’s what you can expect:
Maximum Mortgage: Unlimited
Minimum Mortgage: $150,000
Minimum Property Value: $400,000
Maximum LTV: 50% in California, Florida, Nevada, Oregon. 60% in Colorado, Connecticut, Hawaii, New Jersey, New York, Washington State. 70% on exception for high net worth clients purchasing $1 million+ properties.
Term: Fully open. No pre-payment penalties.
Credit: No credit check required
Income: Applicants’ combined income must be no less than 20% of the loan amount