Mortgage

I am on a spousal visa in Japan and will not be able to apply for permanent resident status until December. This limits my options for finding a lender.

Shinsei Bank offer mortgages to those in my situation and I intend to finance the build with them.

Currently they are offering 2.55% fixed on a 20 year term.

I tried to get approval in December but was told that my income was not sufficient. This confused me as my tax return for last year shows that I made a considerable amount. However, as I am self-employed and some of the income was classed as "occasional", it cannot be considered when they are assessing me.

This year that issue has been resolved and all income is classed as regular.

When assessing, Shinsei take the income for the last two years and average it. If it is above 3,000,000 then we can proceed. I think that for this minimum income a loan of 19 million yen is possible.

My tax return for 2007 is being submitted at the end of next week. After that I will be able to apply for the mortgage. It is another 4-6 weeks before signing a contract - in Tokyo!