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Our focus is helping you find the right mortgage based on your requirements, by offering a personal and professional service. Choosing the right mortgage will be one of the most important financial decisions that you make!

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Buying Overseas

As with most countries, when you purchase a property abroad, you will have a number of
choices on how to finance the deal.

Mortgages can be arranged for most European countries, the Caribbean, Australia and North America, and many other countries are becoming available (i.e. Dubai, Cyprus, Mexico)

If you have sufficient equity in the UK property, you could look to raise capital against the value of this property and then pay cash, a process known as capital raising.  This is achieved by taking out a further advance on your existing mortgage, or you could look to remortgage your existing property to obtain the extra funds you need.

Alternatively, you could take out a separate mortgage secured on the property. This then leads to other decisions:

- Do you want a mortgage in Sterling or Euros for example?
- Do you want to borrow from an Overseas Bank or a UK Bank that offers ‘Spanish mortgages for example?
- Do you know of any Overseas Banks or UK Banks that will lend on an overseas property?

In truth, there is no right or wrong way to do it.

We can help you to answer all these questions and are happy to guide you through the process of purchasing a property overseas which is usually very different to the process in the UK.

Here is a little bit of general information regarding Spanish mortgages.

Maximum Loan:  70% - 80% of Spanish property value

Maximum Term: 30 years but usually 15-20 years

Minimum Loan: £15,000

Loan Type:  Repayment and interest only mortgages available.

Interest Rates:  From 2.95%

Currency:  Euros

 

The lender in most instances will carry out a valuation appraisal.  However, this is not the same as a mortgage valuation carried out in the UK.  A valuer, as opposed to a professionally qualified surveyor, undertakes the appraisal and, in many instances, an inspection of the property is not undertaken.

Structural defects may, therefore, not be identified.  The purpose of the valuation appraisal is for internal risk assessment only and the results of the appraisal are not released to applicants.

Changes in the exchange may increase the sterling equivalent of your debt.