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(if you don't already receive a monthly announcement that our Cyprus newsletter has been published, you can sign up to our list here) In This Months Issue You'll Find: A baby boom right here! What do pensions, mortgages, property, and boats all have in common? Christmas Special – 25% off any of our Property Buying Guides Did you know we have a Cyprus Forum loaded with tonnes of info? Hello – I hope all is well with you? As mentioned in the subject line of the email announcing the newsletter...I’m having a baby! I’m still in shock myself… For the past 5 years or so I’ve been thinking about becoming a mum but never felt I was quite ‘ready.’ Coming up to my 35 birthday I decided that the time has arrived. My husband and I thought it was time to join the community of parenthood and after one ‘session’ I was pregnant. My husband thought there would be a bit more practicing! So…I’m 16 weeks now and just heard the baby’s heartbeat for the first time today. It’s really such a whirlwind. I’m excited, scared, nervous, anxious and highly emotional. It’s as if I’ve joined this club that you don’t realise exists until you’re a member! The other day my husband and I got in the car. Simon often drops me off at the coffee shop where I do my writing. Before we left the drive, I said ‘wait – I left my phone in the house!’ I climbed out of the car, went inside and while getting my phone I decided to put some lipstick on. Then – for some reason I couldn’t remember what I was doing – so I went to my computer and started to answer emails. After a few minutes, Simon came in the house and said, ‘what are you doing?’ And I yelled down:”I’m working on the computer – why?” Then it dawned on me that we were on our way to the coffee shop! They say that pregnancy causes memory issues and that was my first experience. Hehehehe. Anyway – I’m still working full steam ahead. However, I’ve been offered a helping hand on the Cyprus newsletter from my good friend and wonderful work associate – Jackie. Jackie lives in Cyprus and has already contributed a number of articles to my newsletters so there’s no one better than her to help out. Going forward, I’ll still be writing and will be in the background, but Jackie will be the main information provider! She’s one of those people that lights up a room when she walks in – always glowing, looking summery and giving off loads of positive energy. Also – keep in mind that the OGC resource centre is available Mon-Fri 9am to 6pm. Give them a ring – honestly, they’re all awesome and very helpful. Whether you need a recommendation for a property agent, looking for an independent solicitor or simply have a question about taking things forward, they’re there to help. Keep in mind that there’s no cost for this service (yet), so try them out! So – I will wish you the best with your Cyprus plans and hand you over to Jackie: Hello there. Just to introduce myself, I’m Jackie; I’m part of the OGC team and I’ve been behind the scenes contributing to the newsletters for a while now. I guess the one big plus I have is that I actually live here in Tala, Paphos, and have done for almost 4 years. So there’s nothing much I don’t know about living in Cyprus. Bearing that in mind, please don’t hesitate to ask any questions, I’ll be glad to help you. We’ve had unbelievable weather here recently. It’s ranged from electric storms to a heat wave. Yes, recently, when my mother was here to celebrate her 75th birthday, temperatures returned to those of August. We couldn’t believe it. There we were, celebrating her birthday at our villa and it was 36 degrees in the shade. Phew. You can guess what happened to the chocolate cakes - yes, they melted. It wasn’t easy serving food in that heat, but everyone who came along had a lovely time - especially her. Then the other extreme came along a couple of weeks later - the electric storms. These are scary. I was out driving in my car and had to pull over because I couldn’t see; the rain was so heavy it was gushing down the road like a fierce river. The lightning was awful. Then it was the turn of the hailstones. And they were almost the size of golf balls! Actually, this was really frightening. I thought my windscreen was going to cave in, but fortunately, I was ok. We don’t get these storms very often, but when we do, boy do they come in with a force! Talking about hailstones, here’s some information you may not be aware of. If you buy a car here, whatever you do make sure you have hailstone cover. I know this may seem like absolute madness, but you do need it in Cyprus. And it does pay out if your car bodywork gets dented in a hailstorm. Believe me, they cause damage – my car is living proof. Moving on, last month Kim mentioned that ITV1 started filming in Paphos on 19th October for their hit show “House Guest.” Five couples took turns in hosting dinner parties and each night their guests scored them. The hosts with the biggest score would be declared the winners and the prize was £1,000 sterling. ITV1 chose Cyprus because the weather is still fabulous in autumn – well apart from the freak storm. The fantastic news is that our friends won! Yes, Carol and David Harvey from Kamares in Tala grabbed the prize by just one point. The show will be televised in the UK on ITV1 in January – we’ll all be glued to the screen. Congratulations Carol and David from everyone at The Overseas Guides Company. Warm wishes for a great month ahead, Jackie and Kim Cyprus Buying Guide
Why Patience Is a Virtue in Cyprus continued! I mentioned that you needed patience in Cyprus and cited a few examples earlier in a previous newsletter – I wanted to tell you just two more examples… Opposite our beautiful villa is what is known in Cyprus as a “green area”. This means a pleasant area for people to enjoy; some of them are like mini parks. Well, ours hasn’t been cut for at least three years so is now like a mini forest! So every month, as regular as clockwork, I went to the Community Board to ask when it was being cut. Each time the reply was, “Mrs Jackie, we are coming next week, next week”. But nothing ever happened. By the way, for those of you who are not aware, in Cyprus you are always addressed by your title followed by your first name – hence Mrs Jackie. But, to our absolute delight, they have finally started. It’s going to be a long process, but I have to say that whenever they have cleared other green areas, they’ve made a very good job. I think it will probably take until Christmas (they underestimated how overgrown it had become), but nevertheless, there is progress - and we almost have our sea view back! And I just have to tell you this. In August 2008, I went to visit our water board. And it's not just any water board. It's in the most spectacular setting about 5 minutes drive from where I live. Unbelievably, it's the St Neophytos Monastery! This place is huge and incredibly beautiful, overlooking the mountains and part of it is carved into the side of the cliff. Anyway, it's one of the most relaxing places in Cyprus I can think of going. When you visit, there's an immense sense of calm, peace and tranquility, it's so beautiful there. Well, believe it or not, the monastery supplies our water! So most people where I live never put this bill on direct debit, they always go to the office to pay it. I know why - the same reason as I do - it's such an amazing place to be. Well, as I said, I went to visit them last August as our water meter glass was broken. The problem was, when the cooler weather came, the glass misted up so I couldn't read the meter. And believe me, you need to read your water meter every day in Cyprus, because leaks happen and the first you know about it is when a shockingly high bill arrives! I learnt the hard way - I never used to bother to read it until the bill came in. But now I read it every day. I've had two leaks, one was major and we ended up with a water bill of 280 euros for just 2 months. Luckily we spotted it before it got any worse - but then shortly afterwards, we had another leak in a different part of the garden! You can see now why it is very important to be able to read the meter. Well, time went on as it does, and nothing happened (again). So each time the bill came in, I asked when they were coming. But still nothing happened. Then, only yesterday, I saw a little man in a striped t-shirt wandering around in the corner of the garden. "Hello Mrs Jackie", he said. "I come to fix your glass because you have problem?" Great stuff, I thought! And sure enough, within 5 minutes, my ancient old meter was gone. He fitted a brand spanking new, all singing, all dancing, modern meter, (with a glass that is properly sealed) and hey presto, the job was done. Why it took over a year to get round to it I will never know - but this is Cyprus. So there you are….it’s just a question of waiting. Things DO happen, albeit slowly, but that’s what makes Cyprus such a relaxing place to live in I remind myself! If you’d like to slow down your pace of life and want help finding a local property agent in Cyprus the OGC Resource Centre has some excellent recommendations (0207 898 0549) - give them a ring or fill out the following property form: http://www.CyprusBuyingGuide.com/requirementsform.htmWhat do pensions, mortgages, property, and boats all have in common? They could all involve the process of moving money internationally. Many ex-pats living in Cyprus have or will have to move money from the UK to Cyprus (or vice versa) and when doing so, there’s the matter of changing Sterling into Euros (or vice versa). This small matter often has large consequences when people fail to understand the risk of costly loses throughout the international money transfer process. When transferring money between countries with two different currencies the losses occur through bank charges, poor exchange rates and bad timing. All three types of losses can be drastically reduced by using a currency exchange and international payment specialist. Specialists are able to provide better exchange rates than those offered by a high street bank. Where the bank often sets their exchange rates in the morning, specialists call into the market floor and get the best possible live exchange rate which is often 2 – 4% better than the rates listed at the bank. On £50,000 that’s a 1- 2k savings! Furthermore, specialists concentrate on one thing and one thing only – moving money. By doing this, they understand where fees are charged and how they can be avoided. Aside from good rates and fee reductions, Specialists have a few options that allow clients to create various money-saving strategies. This all sounds good theoretically but what does this mean in real life? Let’s consider a pension, mortgage, property and a boat payment! Pension Mortgage Property Boat Each individual and each payment is different – that’s why it makes sense to talk to a specialist about where you are and what you want to achieve. Unfortunately, specialists cannot predict the rates or make them change in your favour, however they can get you better rates than offered by the bank AND allow you to pick from various options that have the further possibility of saving you money. Charles Purdy is a Director at Smart Currency Exchange Limited – the only international payment specialists in the UK that works specifically to help people moving money for property purchases or for regular payments such as mortgage or pension payments. To move money to Cyprus or repatriate back to the UK, request a quote now to see how much you'll save: www.SmartCurrencyExchange.com/quote.aspx Here is a testimonial received from a happy Smart client: If you haven't yet collected your FREE report from Smart on "Why Overseas Property Buyers Lose Money... and how YOU can avoid it" get it here! Top Tip: remember to change any coins lurking in your piggy banks by 31st December… The Central Bank of Cyprus wishes to remind you that the last day for exchange of Cyprus pound coins is 31 December 2009. Cyprus pound bank notes can continue to be exchanged until 31 December 2017. So if you have any coins lurking in your piggy banks from a previous holiday here – it’s time to get them changed! Using a Mortgage to secure an overseas property - what's the scoop? If you are buying a property abroad today, one of your main concerns is going to be how to get a mortgage – very few of us can slap the full price on the table in cash! You don’t have to be Einstein to know that this has become far more difficult since the onset of the credit crunch…unless of course you don’t watch TV or read the headlines on every billboard or newspaper! It has also become more difficult to raise a mortgage for a home abroad, a fact you need to consider at the outset of your property search. So…what to do? For a start, you will need a far larger deposit than before. Mortgage lenders are insisting on this and are not likely to drop their requirements any time soon. What does this mean to you? Well, probably that you will have to find in the region of 25% of the value of your purchase in cash …a frightening prospect for many. HSBC's deal, the cheapest at time of writing, demands a 40% deposit or equity stake - as does the two year fixed mortgage on offer from Cheltenham and Gloucester. Meanwhile, Woolwich's two year fixed rate mortgages require borrowers to put down at least a 30% deposit. According to recent research by Moneyfacts, borrowers now need to find a deposit three times higher than they would have needed two years ago ( Moneyfacts incidentally is an independent financial information provider in the UK). This means that, on a mortgage of £150,000 you would now need to put down £39,000. That is £25,500 more than would have been required before the credit crunch – frightening isn’t it? There are a very small number of lenders who are prepared to provide far higher loan to value (LTV) deals, but these mortgages are liable to be much more expensive. So – again, what to do? Well, I guess there is always the tried and tested way – borrow from willing parents – the Bank of Mum and Dad as it’s now being called! That’s if they have not been hit by the credit crunch too. Also, if you are saving towards a deposit, you need to make sure your money is getting the best possible interest. A warning here however: make sure it is lodged with a reputable company who will look after it for you. I was pleased that my pennies were with Lloyds Bank as the crunch hit: they are simply too important to be allowed to fail… When buying a home abroad a route that many go is to remortgage their UK property and use those funds to buy abroad. Sadly the credit crunch has affected even this option. The value of your house may well have dropped in the current market, and this in turn means that your equity will have dropped. Ultimately you may struggle to remortgage at all in the current climate. A mere three years ago it was possible for first time buyers to borrow mortgages equivalent to five or six times their yearly earnings. 100% and 125% mortgages were also widely available, meaning that home buyers could purchase property which was actually beyond their means. Fast forward to 2009 and high LTV mortgage lending has all but disappeared. Not unreasonably, lenders today are looking to lend to people who are going to pay them back - they cannot afford for customers to default on their debts. This may look like an obvious requirement but that’s exactly what went wrong worldwide recently: people were loaned money that they couldn’t pay back …and we all are suffering as a result. In addition, how much money they are prepared to let you borrow is now far less. They will take into account too financial commitments such as school commitments, loans, and credit card debt as well as what you earn when deciding whether to offer you a loan. This means that if you are planning to apply for a mortgage it would be a very good idea to first ‘get your house in order’ and pay off or reduce loans appreciably. All this means that you need to make sure that you have a good credit rating. How to do this? Well, if it's been a while since you looked at your credit record or you think your record may be less than spotless (for instance if you have defaulted on any payments), you should check your Experian credit report and get your credit score. You can do this by clicking on: Free Experian Credit Report This will allow you to know whether you have a good credit record or not. The unfairness of this – if I can put it that way – is that the less money you have borrowed or the fewer accounts you have run up, the less information will be available to provide you with a good credit record – a bit of a Catch 22 situation isn’t it? How to find the Best Mortgages for You As stated earlier, I really do think that the best route to take is to discuss your particular needs with an IFA. They will have a number of options available and will take your particular circumstances into account. Give the OGC Resource Team a call on 0207 898 0549 as they have access to IFAs that work specifically with people buying overseas - they will point you in the right direction. And remember – times have been hard, but better days are ahead and things will get easier. Never give up on your dream… Who is Elaine Ferguson and why should you care?
Elaine is the ‘Client Services Manager,’ for The Overseas Guides Company (OGC) and the official company karaoke superstar. With a degree in Music Technology & Management (Staffordshire University) and a love for singing, mixing and DJ-ing, Elaine loves all things musical. When asked how she arrived into the interesting world of emigration and buying overseas property, Elaine commented, “When I came out of university, jobs in the music industry were almost impossible to get. And although I love music, I didn’t want to be a pop star – my actual passion was for the business side of things…” Elaine started off her working life in the wine industry – she worked for one of the largest wine distributors and learned about customer service, marketing, sales and how business really works. After an excellent experience, she relocated to London with her boyfriend, and went to a wide range of interviews. As soon as she met the team at the OGC, Elaine knew that she found her next ‘home.’ The team needed someone that was eager to learn, assist readers and find ways to provide a better service. Since June 2008, Elaine has really grown into her role and enjoys working with readers and hanging out with the OGC family. When asked what Elaine likes best about her position, she explains, “I really enjoy helping people. I know that might sound cheesy but it’s great to get feedback that I prevented someone from losing their money or helped someone to ensure they’re property purchase was legitimate. One time a reader called in to tell me that I saved her over £5,000 due to one of my recommendations. Not everyone gets to help people and I feel fortunate that in some way I might be making things better or easier for our readers.” This is what an OGC reader had to say about Elaine:
To speak to Elaine or another member of the OGC team, please ring Mon-Fri, 9am to 6pm on 0207 898 0549. The OGC Resource Centre are available to you – free of charge – to offer recommendations, assistance and at the very least help to point readers in the right direction. And if you ask nicely, you might even get Elaine to sing you a song! Christmas Special – 25% off any of our Property Buying Guides Are you stuck for that ‘perfect’ Christmas present? Would you like to get something that is different? Rather than purchase bubble bath, smellies, a scarf or any other impersonal gift, get a Buying Guide! The guide is perfect for anyone interested in buying and or moving abroad. Full of fantastic information and in a format that’s easy-to-read and nicely packaged your partner/friend/relative will definitely be pleased to receive this unique gift. And in the spirit of Christmas, the OGC is offering all Guides at the discounted price of £15.98 (digital – meaning, you’ll need to print it out from your printer) or £22.48 for the professionally printed hard copy. Guides on offer are for: France, Greece, Italy and Cyprus and each guide comes with 2 bonus booklets including worksheets to fill out during the property buying journey and ‘your questions answered.’ This offer is only available until 24th December and you need to enter the code XMAS3485 for the discount to apply. To get more information on each guide on offer, please select the country link below: http://www.CyprusBuyingGuide.com/guide.htm Also available to buy soon is the brand new, updated Emigration Guide. Note however we still so have some of our free, first draft, un-polished guides available, but they are rapidly running out. If you would like one, please go to: http://www.emigrationguide.com/thankyou.htm If you have any questions, give the OGC Resource Centre a ring on 0207 898 0549 and they’ll be happy to assist you.
Did you know we have a Cyprus Forum loaded with tonnes of info? We have an excellent Forum to help you with your concerns - and we would really welcome your input. Just click on: There you’ll find stories from buyers that may well interest you. There are also reviews, questions and all sorts of feedback on moving abroad and the whole property buying experience that you may find useful. Far better to learn from somebody else’s findings than make the mistakes yourself… It’s a community for you to voice your concerns, offer your ideas and hopefully get information that will make your journey easier! Perhaps you have a few top tips of your own for moving to Cyprus? Are there problems you have come across along the way for which you have managed to find easy solutions? Do you perhaps have a story of your own which you would like to share with your fellow readers? Go to the forum and any questions you may have will be answered by me. And it could just be that, if I don’t have the answer for you, someone else will! To give you an idea of the kind of questions asked, someone asked me this: “Cyprus seems to be in denial that there is a recession and refuses to lower prices. Why should I consider buying there?” To see my reply, please go to the Cyprus forum at: http://www.cbg-forum.com/ , under ‘Questions & Answers’.
To close on a positive note: Larnaca Airport is ready for take-off! Our new airport opened on 17th November - and what a spectacular facility this is. At a cost of 656.3 million euros, it will take some beating. Able to handle 7.5 million passengers a year, it’s twice the size of the old airport. With 67 check-in counters, 14 airline ticket desks, 8 check-in kiosks, 16 air-bridges, 7 security points and parking for 2,450 cars it can’t fail to please. And of course, there are the shops too! Finally, I have advance notice of a very special event in Paphos on 26th February 2010 in aid of the UK registered charity, “Help for Heroes”, which raises money to help wounded servicemen and women. Taking place at The Capital Coast Resort and Spa on The Tombs of the Kings Road, tickets are 30 euros -10 euros goes to the charity - the rest is for the sumptuous buffet and drinks. With the best of Paphos entertainment and lots of surprises, it’s sure to be a sell out. The organiser, Heather Matthews, would love to hear from you – she’s looking for sponsors, auction and raffle prizes too. You can get tickets by calling her on either 00 357 26951620 or 00 357 99571694 - or contact us and we’ll pass your details on. You can view other events by going to www.goingoutcyprus.com. Well, that’s it from me for this month. I hope you enjoyed the newsletter and I look forward to hearing from you soon! Bye for now. Jackie (and not forgetting Kim!)
(if you don't already receive a monthly announcement that our Cyprus newsletter has been published, you can sign up to our list here)
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