Buying a
property abroad

Have you ever wondered about buying a property abroad, but think it is beyond your means?

Think again, this could be achieved by re-mortgaging your UK property and you could possibly buy anywhere in the world.

There would not be any worries about obtaining finance from foreign banks and the hassles and delays this could cause.  You will have the certainty of knowing that your finances are secure on this basis.

The main advantages of purchasing in this way could be that you may be able to borrow 100% of the new property value at very low interest rates if there is enough equity in your UK property.

Self-certification or non status mortgage facilities could be arranged (this means that no proof of income would be required).

Compared to borrowing against your UK property their are a number of disadvantages of purchasing direct with a mortgage from a foreign bank.  The maximum advance could be limited to 75% - 80% of the price or valuation of the property.  You would have to fund an initial deposit and in total provide from your own resources the difference between the mortgage and the purchase price plus the purchase costs.  The loan affordability will be strictly applied by taking all of your existing liabilities, mortgage and income received and base the loan on this criteria which is definitely what you do not need.

Latest statistics show that more than half of the UK population is seriously considering moving overseas.

As flights are becoming cheaper and more frequent this is good news for Brits buying abroad.

It is very important to do the research on any possible purchase.  Write a check list which should include deciding exactly what you want.

Are you looking for a retirement bolt-hole, or a holiday home which the rest of your family can use, or an investment which will pay for itself by using the rental income?

Know how much money you have to spend and stick to it!

If possible get clearance for a mortgage before you go and remember that up to 10% of your budget will be needed for expenses.

Be sure to take legal advice so as to ensure your investment is protected when you purchase your dream home.

The secret of successfully buying a property anywhere in the world is Research Research Research.

Contact us at the MORTGAGE ADVICE CENTRE who maybe able to help you achieve your dreams in a cost effective way.

Remember we do not charge a fee for our advice.

We will help you choose the best way to repay the mortgage that suits your circumstances.