Lloyds Bank International, Mortgages for Canadians



Lloyds-Bank 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
  • Maximum Amortization:  30 years
  • Typical Fees:  1.3% of the loan amount + $360 administration fees. Other fees may apply. Inquire for details.
  • Rate Type:  Variable
  • Pre-approvals:  Yes
  • Mortgage payments:  Made quarterly (no other frequencies are presently available)
  • Interest Rate:  Currently 2.59% over Lloyd’s cost of funds, or 4.32% when paid in Canadian dollars.  Add 0.2% if interest-only.  Current rates.

All paperwork is done remotely.  No visits to a bank are required.

Lloyds also lends in Great Britain, Spain, France, Portugal, New Zealand and selected locations in Australia, Canada (for non-Canadian residents), Dubai, Hong Kong and Singapore.


Update: As of September 2012, this program is no longer offered in North America, or via Canadian mortgage brokers.

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Comments

  1. Comment avatar

    Canadian Mortgage    

    Lloyds also serves foreign nationals purchasing homes in Canada. They offer a good solution when the client has 30% cash to put down.
    Lloyds presently serves the following areas in Canada:
    –> British Columbia (Greater Vancouver, Squamish, Whistler, Victoria, Kelowna & Nanaimo)
    –> Ontario (Greater Toronto & Peterborough)
    –> Quebec (Mont-Tremblant, Quebec City & Montreal)
    –> Alberta (Calgary & Edmonton)

     
  2. Comment avatar

    d    

    Can you tell me how LLoyds Bank calculates their cost of funds?

     
  3. Comment avatar

    sage    

    I am canadian looking to purchase Investment property in Negril Jamaica
    The property is 235000.00 Canadian how much will I be equied to pay down.

     
  4. Comment avatar

    Oscar Alfaro    

    Hi there, I’m Canadian and I’m interested yo buy a property in Costa Rica it’s 200.000 dollars (American ). How much . How much would I be require to put down?

     
  5. Comment avatar

    Diana VandeLangemheen    

    We are looking at a property in Trujillo Hondurus. Property(lot) is $98 000.00 USD, New Construction House and lot will be about $235000.00 USD. Can someone email me information how to go about doing this?

     
  6. Comment avatar

    Werner Doerksen    

    I have a property and a house already under construction, and nearly finished in Trujillo, Honduras. I have used all of my equity from my Canadian house already, but need to borrow another $ 50,000 US to finish paying the developer by the end of October. I need to find someone that can mortgage the Honduran property. Any advise or direction would be greatly appreciated.

     

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