As the world becomes smaller and our lifestyle and business aspirations greater, more and more of us are choosing to purchase a property, or portfolio of properties abroad.
This could be for pure investment reasons, or to finally have that holiday home in the sun, but in both cases this will generally require an overseas mortgage.
The type of overseas mortgage arranged and the size of the loan offered will depend on the country the property is based in, and whether it is secured against the equity in your UK home.
However, because overseas mortgages tend to run over a shorter time period 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 on a standard UK mortgage, although this will often depend on the country you plan to buy in.
Applying for an overseas mortgage application is very similar to applying for a domestic mortgage, that is, the lender will look closely at your income, assets, expenditure and credit history, and assess you accordingly.
With regard to the type of lender, it’s usually possible to choose between the subsidiary of a UK bank or an overseas mortgage provider. But because of the sense of security in dealing with a company they already know, many people opt for the former.
Whatever and wherever the property you wish to buy, at Coreco we advise our clients on whether they should take out a sterling or foreign currency mortgage, source the best deals and — crucially for overseas mortgages — ensure the often complex paperwork is correctly presented to potential lenders. Our aim is 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