Non-resident mortgages and financial facts
Help from daddy
A new UK government advisor has criticized parents who help their children into high-level internships at their own companies. James Caan, an entrepreneur and panelist on Dragon’s Den has been appointed in a ‘yet to be revealed’ position by Deputy Prime Minister Nick Clegg. Cann, who was given a leg up in business by his own father, says that parents who help their children get work experience are not encouraging them to be independent and such actions limit their ‘social mobility’. He added that parents need to let their children ‘stand on their own two feet’, that helping them too much results in holding them back, and that parents should only step in to assist if after a year or so, their child still hasn’t managed to secure a position on their own. Read more here.
Non-residents of the UAE will soon be able to buy into the property market following new developments between Emaar and Noor Islamic Bank. The agreed tie-up will result in mortgages being offered to non-UAE residents for developments that are being marketed overseas. Off-plan property deals will be covered by mortgage loans of a maximum of AED10 million, and banks would offer to cover 85% of the property cost with a 30-year loan repayment period. RAK Bank, Barclays, Tamweel and HSBC have also opened the door to non-resident mortgages. The move, while profitable if property prices continue to rise, also opens the door to additional risk in terms of legal disputes. For more, read on.
20 essential financial facts
The UK’s Guardian newspaper has published a report on the twenty things we all need to know about our finances. The list includes tips like understanding what the average credit card interest rate is and how long your savings would last, to how much your jewellery is worth and what kind of home contents insurance you have in place – if any. It’s a thought-provoking list that’s worth, printing out and checking against your current practices. Read more here.