Buying a property overseas is not that dissimilar to buying a property in the UK. Unless you have the funds to buy outright, you will need to look at securing an Overseas Mortgage. It is important to familiarize yourself with the buying costs and taxation system of the country you are looking to buy in, as these costs can be extremely varied. Most countries in Europe and the United States will offer you an Overseas Mortgage, but the types of mortgages available to you abroad may not be as varied and flexible as the mortgages offered in the UK.
As with a UK mortgage, your Overseas Mortgage application will depend on your income, and the fact that no more than 40% of your earnings are contributing to the paying of any debts (or pre-existing mortgage) you may have. It is important to note that your earnings in the UK (£s) will have to converted to the local currency, so you should be aware of the conversion rates and the risks involved. Many banks in the UK have divisions that are dedicated to Overseas Mortgage matters, and there are also brokers that can help you in that regard.
It is important to be aware of the possible language barrier hindering communication processes, and the possible need to hire a solicitor or lawyer that can help. Another factor to consider when purchasing an Overseas Mortgage is the time and cost of travel that may be incurred during the process. You will need to consider whether getting a mortgage overseas works out a better deal than getting a mortgage from a UK bank, so rates, currency, buying costs and the condition of both markets must be studied carefully.
Free Overseas Mortgage information from Eagle Property Solutions.
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