The best properties… in the best locations… at the best prices!

Buyer's Guide

Mortgages

All the information you need plus the pros and cons of different approaches. If when you've read this section you'd like to talk to the experts, we can arrange it. They'll need a little information before they can discuss your best options.

The house buying process varies considerably from country to country, with different legal systems and local customs. And you'll also find that there are differences between overseas mortgages and the familiar systems in the UK/ROI for raising finance for property purchase.

For most people it makes sense to arrange your overseas mortgage in the currency that you earn your income. On the other hand, if you plan to let your property and you'll receive rental income in the local currency, then a mortgage in the local currency may be the better option.

NB - In many countries the mortgage situation is improving with more and better options being announced quite regularly. As a result, please use the information on our web site as a general rule of thumb - for the most up-to-date information… request a no-obligation quote from a mortgage specialist.

You'll find also, some more country-specific information in the country-specific section of our Buyer's Guide.

If you need a mortgage for your home overseas, you have several options:

You can apply for a mortgage from a UK-based company who arrange mortgages for overseas property. Depending upon where you are buying, the repayments may be in sterling or some other currency.

You can apply directly to a financial organisation in your chosen overseas location. They will arrange a mortgage in the local currency. Of course, you (or your lawyer) will need to be fluent in the local language to avoid potential problems.

If you already own a property at home you may be able to raise the money you need by re-mortgaging and releasing the funds to pay for your overseas property.

Whichever option you choose and before you pay the deposit on your new property, just add a clause to the agreement, which states that your purchase is conditional upon obtaining a mortgage (assuming it is, of course). This will ensure that, if you subsequently fail to obtain a mortgage, you won't forfeit your deposit.

Pros and cons of the above options.

Request a no-obligation quote from a mortgage specialist.

Don't leave it to the last minute

You don't have to wait until you've chosen your property - you can get a decision in principle so that you know what you'll be able to afford before you come on a viewing tour. This puts you in a much better position to avoid delay and potential disappointment, when you choose your new home.

But just a word… in order that the broker meets the different lending criteria of other countries they will need to ask you for detailed information including your financial situation. To complete the Mortgage Enquiry Form click here.

Some more things you need to know

You'll need a bank account if you take an overseas mortgage and your lawyer should normally deal with this for you. Likewise you may need a tax code (fiscal code) if you're going to take an overseas mortgage. Again this is quite straightforward and something that your lawyer should deal with on your behalf.

If you don't speak or understand the local language, the notary is sometimes obliged to use a qualified translator, as in some countries the law states that you must understand what you are purchasing. It's a very reassuring law for foreign purchasers but just be aware that you have to pay for the translator.

In many countries, the wheels of the legal and administrative systems turn more slowly than you are used to. Give yourself plenty of time and apply for your mortgage early on in the buying process.

Key points to consider

  • Are mortgages available as Repayment or Interest Only?
  • Maximum loan - what can you borrow? Up to x%… of the valuation… or the purchase price?
  • Minimum loan - there may be a minimum figure.
  • Term - how many years? (Or up to what age?)
  • Maximum monthly repayment - up to what percentage of your gross monthly income?
  • Currency for repayments? (Effects of rate changes?)
  • Current interest rate? Discounted, fixed or variable?

What Now?

Well, you've decided you want a home in the sun, now you have to think about how you're going to finance it. If you need a mortgage, make sure you take advice from experts who have experience of providing overseas mortgages and understand the legal and financial systems in the various markets.

Request a no-obligation quote from a mortgage specialist.

Next - Currency Exchange

Life under the sun
doesn’t get much tougher…

Click to flip and read the card
If you are not familiar with "live chat" - click here. The explanation will appear in a new window. Phones are manned 24/7 - click for full contact information
Property viewing tours - book here or get more information