How much can you borrow??
If you are looking to find an overseas mortgage, there are basically two different routes to obtaining one. Firstly arrange with a UK bank or secondly arrange with a bank in your new country.
There are no hard and fast rules for obtaining a mortgage in a foreign country as the lending criteria, the interest rate, the paperwork and the approval process all vary from country to country for example in Spain you can typically only borrow 70% of the property value , sometimes 80% if you are lucky.
The one rule you should definitely follow though is to seek independent advice and make sure you SHOP around.
We aim to give you as much impartial advice as possible and we would also appreciate you comments and stories about overseas mortgages. Please email us at overseas@britsandmortar.com with your top tips and helpful information.
Before committing yourself to a legal contract, you must consult a qualified practising lawyer in the country/area of your choice. Try and ensure that you get an English speaking lawyer to help you buy your dream property abroad.
In some countries, debts accrued by previous owners are passed on to the new owners – so you need to be very careful. Caveat Emptor – Buyer Beware – rules in most areas. Therefore, the onus is on you and not the seller. Using recognised legal personnel will help you overcome any difficulties in buying procedure and the subsequent responsibility of owning property abroad.
We are currently building a dedicated channel to overseas property. We are constantly researching the market to make finding an overseas property a much easier, reliable and time saving exercise. We also aim to link you to the most reputable overseas property agents, international property lawyers and experts and International removal firms
There will be more overseas property information in this section shortly. In the meantime we want your own property owning stories, recommendations and top tips on how to purchase that dream property abroad. Please email the team at overseas@britsandmortar.com
