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<br><p>Real estate in Mexico and Central America is different from the way that it is conducted in the United States.</p>
<p>Some similarities include a variety of legal formalities, (with
professionals such as real estate agents generally employed to assist
the buyer); taxes need to be paid (but typically less than those in
U.S.); legal paperwork will ensure title; and a neutral party such as a
title company will handle documentation and monies in order to smoothly
make the exchange between the parties. Increasingly, US title companies
are doing work for US buyers in Mexico and Central America.</p><p>The UK mortgage market is one of the most innovative and competitive
in the world. Unlike other countries there is no intervention in the
market by the state or state funded entities and virtually all borrowing is funded by either mutual organisations (building societies and credit unions) or proprietary lenders (typically banks).
Since 1982, when the market was substantially deregulated, there has
been substantial innovation and diversification of strategies employed
by lenders to attract borrowers. This has led to a wide range of
mortgage types.</p>
<p>As lenders derive their funds either from the money markets or from deposits, most mortgages revert to a <b>variable rate</b>, either the lenders <b>standard variable rate</b> or a <b>tracker rate</b>, which will tend to be linked to the underlying Bank of England (BoE)
<span class="new">repo rate</span> (or sometimes LIBOR). Initially they will tend to offer an <i>incentive deal</i> to attract new borrowers. This may be:</p>
<ul><li>A <b>fixed rate</b>; where the interest rate remains constant for a
set period; typically for 2, 3, 4, 5 or 10 years. Longer term fixed
rates (over 5 years) whilst available, tend to be more expensive and
therefore less popular than shorter term fixed rates.</li><li>A <b>capped rate</b>; where similar to a fixed rate, the interest rate cannot rise above the <i>cap</i> but can vary beneath the cap. Sometimes there is a <b>
collar</b>
associated with this type of rate which imposes a minimum rate. Capped
rate are often offered over periods similar to fixed rates, e.g. 2, 3,
4 or 5 years.</li><li>A <b>discount rate</b>; where there is set margin reduction in the
standard variable rate (e.g. a 2% discount) for a set period; typically
1 to 5 years. Sometimes the discount is expressed as a margin over the
base rate (e.g. BoE base rate plus 0.5% for 2 years) and sometimes the
rate is stepped (e.g. 3% in year 1, 2% in year 2, 1% in year three).</li><li>A <b>cashback</b> mortgage; where a lump sum is provided (typically) as a percentage of the advance e.g. 5% of the loan.</li></ul><br>