Overseas mortgages, or international mortgages as theybre also called, are used to help you finance property that youbre purchasing outside of the country you live in. You can arrange your own overseas mortgage through a UK bank or a financial lender who caters to international mortgages.
It can be more difficult to set up an overseas mortgage with a bank, because youbd need to find a banking company that has a branch in the country youbre buying your property in and the country you live in. Whereas, if you borrow from a financial provider, you can keep dealing with the same company and people for your overseas mortgage.
Deposits needed for overseas mortgages are usually higher than standard UK mortgage, so youbll need to take that into account when youbre considering buying property aboard that you need a mortgage for. Also, as youbll be making repayments from a different country, using a different currency, your financial provider lawfully needs to tell you if the exchange rate changes by 20% or more.
You should also consider he extra legal and tax charges that youbll need to pay when purchasing an overseas property. These costs typically add an average of between 10 and 15 percent to the final bill.
It would be smart to get advice from professionals when thinking about buying a property abroad and taking out an overseas mortgage. Financial lenders and solicitors will be able to point you in the right direction, to ensure that no unexpected fees come your way.
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