Mortgages for countryside builds/second homes

[SARS]

Thanks for the Aeon tip. I went through the preliminary process and got accepted.

Word of advice for anyone considering 82bank (Hachijuni Bank). Don't bother. They were hopeless and didn't want to help. No idea why the architect I was talking to recommended them.

[beanhead]

Thanks for the Aeon tip. I went through the preliminary process and got accepted.

Good stuff. Best of luck with it.

[beanhead]

Thanks for the Aeon tip. I went through the preliminary process and got accepted.

Just out of interest, did you go through with the actual loan application?

[SARS]

Thanks for the Aeon tip. I went through the preliminary process and got accepted.

Just out of interest, did you go through with the actual loan application?

Good morning. Yes I did and I got accepted formally yesterday! Proceeding with the purchase and expecting to complete in 3-4 weeks. Thanks again for the Aeon tip!

The mortgage application process was pretty easy. They wanted a few documents here and there, but nothing which was significantly onerous. It did take a longer than I expected for a decision though. I think the main reason being that I have a couple of rental properties in London and so they were interested in loan/value etc on these.

Given this, one thought I had was that if I owned these rental units through a limited company it would help with future mortgages in Japan. Something I might explore in the future.

In the end I decided to purchase a relatively new property ~10yr old instead of building something. Main reasons for that (1) building would cost more for same quality and (2) would take a lot longer and I didn't want to wait.

[beanhead]

Good morning. Yes I did and I got accepted formally yesterday! Proceeding with the purchase and expecting to complete in 3-4 weeks. Thanks again for the Aeon tip!

Good stuff. I also went through with the 'second house' loan application with Aeon Bank, and got the acceptance. A few complications, but having visited their branch once at the mall seemed to help.
I would recommend anyone needing a 2nd house loan to consider Aeon. Rates are decent, and the service we have received so far has been great.

[Moneymatters]

Good morning. Yes I did and I got accepted formally yesterday! Proceeding with the purchase and expecting to complete in 3-4 weeks. Thanks again for the Aeon tip!

Good stuff. I also went through with the 'second house' loan application with Aeon Bank, and got the acceptance. A few complications, but having visited their branch once at the mall seemed to help.
I would recommend anyone needing a 2nd house loan to consider Aeon. Rates are decent, and the service we have received so far has been great.

Great feedback! I wonder if either of you can share the loan establishment fees as a percentage of the amount being borrowed?

On kakaku they seem to be 2.2% of the loan value? Although I expect there is a minimum amount and the calculation involves astrology or something.

Wasn't planning to buy for a while but post covid I expect to be able to work remotely Fridays/Mondays so I'm contemplating to pull plans forward.

I have the option to buy with cash but given the low interest rates I want to crunch the numbers.

[beanhead]

Great feedback! I wonder if either of you can share the loan establishment fees as a percentage of the amount being borrowed?

On kakaku they seem to be 2.2% of the loan value? Although I expect there is a minimum amount and the calculation involves astrology or something.

You have 2 options. The higher initial fee you quoted gives you a lower interest rate.
You can also choose a lower initial fee and pay 0.2% more in interest on your loan. If you do the simulation on their web page it will show you both options.

[Moneymatters]

thanks. That's the first simulator I've seen that gave a simple clear explanation of the costs.

Except for the "その他" which isn't explained.

Any idea what that is for?

In the simulation I just ran the "その他" is more than the; setup/handling fee, revenue stamp, registration and scrivener fees all combined!

Obviously some will probably be for hanko ink. But not all of it surely.

[beanhead]

Except for the "その他" which isn't explained.
Any idea what that is for?
In the simulation I just ran the "その他" is more than the; setup/handling fee, revenue stamp, registration and scrivener fees all combined!

Obviously some will probably be for hanko ink. But not all of it surely.

Sorry, not sure. Inspection costs, maybe? I think they generally put a large number in the simulation just to cover themselves.
The life insurance in case you die is included. Not cancer insurance though, that is an optional extra.