Finance for Potential UK Based DVC'er

[gmgohara]

Hi

Am based in the UK and looking to buy into DVC.

Does anyone know if their is any finance offered to UK residents by DVC when buying in.

Alternatively, has anyone UK based used any other method of finance other than DVC's own

Thanks

 

[Miffy2003]

Hello

DVC do offer finance to UK residents - it is by "First National Bank Plc, a part of the Abbey National Group of Companies" (I quote!!!) but I found the interest rate to be not that great (12.9% Annual Interest Rate). There are much better deals out there than that.

HTH

Karen

 

[vernon]

The interest rate in the US offered for DVC isn't really very attractive. You also need to take into consideration that if you take out a US your repayments (in £ terms)will change if the exchange rate moves. As £ is currently close to it's high of the last 10 plus years you may think it's worthwhile to have the borrowing in £ so at least you know your outgoings. Again if you take a US loan you have the commitment to make regular repayments in $ to the US. I have found that the charges for transferring £ to $ and paid in th eUS to be relatively high. The charges are usually a "fixed fee" so even for relatively small amounts ( say £100 a month) you might be faced with a fee of £20 to send the money to the US.

For a number of reasons I think it makes sense to have the loan in £ and to send the payment in full to the US (one payment, one set of fees)

 

[spm23]

Best Method of payment and is interest free is the following:

Pay on Nationwide Credit Card - no fee for payment and get a good mid rate of exchange

Transfer balance to an interest free credit card for 6 months, paying what you can per month.

After that, transfer to another interest free credit card doing the same.

Its madness to consider finance or loans, when there are so many of these cards on offer. In addition, they give you points etc for doing so.

The critical thing is just making sure you make payments, and transfer before interest kicks in at 6 months.

Free cards at the moment are at least Mint and Egg, and I am sure Tesco's et al offer every couple of weeks

 

[gilld]

We just did an equity release on our house which works out very cheap.