As the world becomes smaller and our lifestyle/business aspirations become greater, more and more of us are choosing to purchase a property – or portfolio of properties – abroad. Whether it’s purely for investment purposes or to finally have that holiday home in the sun, both cases will generally require an overseas mortgage.
The type and size of an overseas mortgage will depend on the country the property is based in and whether it is secured against the equity in your UK property. However, because overseas mortgages tend to run over a shorter period of time than their UK counterparts, they generally involve higher repayments, even if the property is worth less than your UK home.
The deposit required on overseas mortgages also tends to be higher than standard UK mortgages, although that will depend on the country you plan to buy in.
For the most part, applying for an overseas mortgage is very similar to applying for a UK mortgage. The lender will look closely at your income, assets, expenditures, and credit history and assess you accordingly.
When deciding what type of lender you should use, you should be able to choose between the subsidiary of a UK bank or an overseas mortgage provider. Many people opt for the former to feel more secure in using a company they already know.
Whatever and wherever the property you wish to buy, at Coreco we advise our clients on the best course of action for their personal circumstances. We advice on whether clients should take out a sterling or foreign currency mortgage, source the best deals, and – crucially for overseas mortgages – ensure the often complex paperwork is present and correct for potential lenders. We aim to ensure the process of buying an overseas property runs as smoothly as possible.
For more information on overseas mortgages, please call one of our specialist consultants on 020 7220 5100 or click here for more contact options.
Business such as residential and buy to let mortgages in the UK are provided through Coreco Partners LLP, other business such as overseas mortgages and commercial mortgages are provided through Coreco Specialist Finance Limited and are not regulated by the Financial Conduct Authority.
Coreco Specialist Finance Limited. Registered office: 117-119 Houndsditch, London EC3A 7BT. Registered in England, Number: 06851546