Buying a Second Property Abroad
There are many options available when buying an overseas property but it’s a very good idea to get sound, specialist advice on the financial aspects, which will help you to make the right decisions.
Buying an overseas property is not the same as buying a house in the UK. There are different rules, tax laws, costs and legal loopholes. It’s a big decision and it can involve a lot of hard work, often carried out at a distance.
There are two ways to finance the purchase of an overseas property, one is to remortgage your UK home and purchase the foreign property outright, subject to sufficient equity. The second option is to obtain another mortgage secured against the new property abroad, either from a foreign lender or one based in the UK that will accept security abroad. You could even combine both options by initially raising a substantial deposit on your UK home and obtaining the balance via a second mortgage on the property abroad.
Call us today and allow our experienced mortgage advisors to advise you on your options and help you choose the right mortgage.
Changes in the exchange rate may increase the sterling equivalent of your debt.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Our typical fee for arranging your mortgage is £295.00. The exact fee will depend on your circumstances.