For a long time now the minimum mortgage available for non-residents looking to buy property in the UK was £100,000 but we can now arrange mortgages from just £30,000.
News: New UK mortgage options from just £30,000
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Tag Archives: offshore investment
Want to save money on your currency transfers?
Given all that has happened over the past year we’re all pretty switched on to movements in exchange rates these days and we look to move our money when it is beneficial. Despite this far too many people are using their online banking system for transfers but this is rarely the best option as not only is there usually a fee, the exchange rates are rarely competitive. If you want to save money on your currency transfers read on.
With Sterling being relatively weak compared to the US Dollar, the currency to which most GCC currencies are pegged, it is still a good time to move your Dirhams, Riyals or Dinars to Sterling although there have been suggestions that we may see some movement the other way before too long.
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What’s your financial personality type?
We all have certain beliefs and behaviours that guide us in our choices in life, whether that is in respect of the food we eat, how we live, the way in which we work or bring up children, our political views etc, so it stands to reason that these personality traits cross over to our financial identities.
Although the financial services industry tends to pigeon hole people into various categories such as balanced investors, retirees, young married, cautious types and more, I believe that there is a whole other set of identities that relate to how we run our financial lives.
You may have heard people claim that they are a ‘spendthrift’ or that they are ‘saver’ but I think it is a little more complex. In reality we rarely have such black and white styles of money management.
There have been a number of studies with authors listing up to 20 different personality types but I have narrowed it down to seven which I think cover most of us.
Brexit – where are we now?
It has now been a few weeks since the results of the UK’s referendum relating to the EU and as the dust starts to settle we may have a little more idea of the long terms effects. I am always reluctant to make any kind of financial prediction, especially with such an unknown political landscape, but I think it would be useful to cover a few topics that may affect many people on a personal financial level.
EU Referendum result – please don’t panic
We woke up this morning to the news that the UK public has voted to leave the European Union. Until last night the general expectation was that the Remain vote would win, albeit by a narrow margin, but the outcome went the other way leaving many people, the financial markets and spectators across the globe, in a state of shock. The falls in share prices and Sterling today are a knee-jerk reaction and we can only hope that there will be fewer emotional responses in the coming days, weeks and months.
Markets, meaning both stock market and currency markets, do not like uncertainty, or surprises, and this outcome ticks both of those boxes, hence today’s significant falls in values. As the initial reaction in financial markets has shown, for investors and companies, this is by some margin, the worst of the two possible outcomes of the referendum – for the short term at least.
The UK will not leave the EU overnight and this is far from a UK only issue. There will be no immediate change in the UK’s status as negotiations will now begin to plan the next steps. These negotiations could result in the establishment of a different kind of trading partnership.
The ripple effect is being felt globally and there will be repercussions in all markets and sectors but I still think that the UK will remain a fundamentally sound place from an economic perspective. There is already talk of a second Scottish referendum but we can only hope that there will be time for reflection before any further big changes.
My message to everyone is a simple “don’t panic”. Equity markets, whether through the purchase of shares, or as for many people, investment via mutual funds in pensions, savings plans and offshore bonds, are not for the short term. And making rash decisions now will be wrong. Instead we have to take a watching brief for the time being and see what happens as so much is currently unknown.
My clients are all invested in ways that suit their personal risk profiles, their timeframes and personal circumstances. We will all be seeing a fall in the value of our investments but unless you pull out of markets these are paper losses. There is no need to make a physical loss so hang on in there.
If you are investing on a monthly basis you are theoretically in a good position as you are buying more units in your funds than before and will benefit from markets moving upwards. If you have previously invested a lump sum, then the right asset allocation will minimize losses and you will be in the right place when markets start to rise again, which they will in time. This is potentially a time to consider investing, at least when the dust has started to settle in a few days, or weeks, time.
Given the current market turmoil I will postpone all investment reviews for a short while as I want to see what happens before making further recommendations and also because valuations for the next few days will not be representative of the true positions of investments.
If you want to take advantage of the weakness of Sterling to transfer your Dirhams, Dollars or any other currency I can introduce you to a UK regulated exchange company that offers highly competitive rates, especially for large amounts.
For more information on managing investments as well as expert advice on any other financial planning issue please contact me at keren@holbornassets.com
The Benefits of Offshore Banking for Expats
This article has been fully updated so please see HERE for the latest version
Offshore bank accounts – The benefits for expats June 2020
For further details on opening an offshore bank account and the paperwork to start the process, or for information on any other personal financial planning issue, please contact me at keren@holbornassets.com
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Another New Year but what about your financial resolutions for 2016?
Many of us make New Year resolutions, but how many of those are about our finances? Making sure you are financially fit is as important as vowing to visit the gym regularly but once you’ve taken the initial steps is less time-consuming and you can do most of it whilst sat comfortably on your sofa. A bonus for many of us!
We all have to spend money but can you do it more smartly? Invariably we could all spend less and save more and a little focus rarely goes amiss. With that in mind here’s a list of 10 steps you can take to get yourself financially fitter in 2016.
To panic or not to panic, that is the question…
With the turmoil in the markets in the last couple of weeks it is understandable that many people have been worried about their investments. The fall in the Chinese stock market triggered a knock-on effect in other global markets and all looked a little worrying for a few days although we have since seen some upward movement.
Is this enough to stop you panicking? Should you be worried?
Seven rules for smart investing
With so much in the press about investing, as well as lots of conflicting opinions and information, it’s hard to separate fact from fiction, or even wishful thinking. I have therefore put together a simple guide of seven practical tips that are both logical and easy to follow.
Will you outlive your money?
For most of us living longer is one of the benefits of modern life but has it occurred to you that this can also be a problem?
This means is that you may last longer than your savings. As it becomes a reality for many people, this is something we really need to talk about, especially as a recent report claims that old age starts at age 74.