When it comes to financing an overseas property purchase, most of us need to call upon the expertise of a professional. Savills Private Finance has a team of professionals experienced in overseas property purchase and international mortgage advice.
We are a fully independent mortgage broker, which means we can access a wide range of lenders, giving the client enhanced choice and competitive rates when buying abroad.
We can pre-qualify your application before you start your property search to give you an idea of what you can afford. Whether you are employed, self-employed or retired, we will endeavour to raise the finance you need in the country of purchase or via the UK through tailored solutions specifically designed to meet your needs.
We also have a network of specialists with other areas of expertise, who can help you make an informed decision about your overall financial situation. Please contact us to discuss your proposed purchase.
Guide to arranging finance on an overseas property
1- Decide on your budget: There is no point viewing property you can’t afford
2- Get a mortgage agreed in principle: Mortgage lenders will tell you whether you qualify for a mortgage and how much you can borrow even before you make a formal application. SPF provides this service at no cost. An agreement in principle lasts three to six months, enabling you to view overseas properties confident that a lender has pre-approved the finance.
3- Find a property: Arrange to view properties, possibly sign a reservation contract and pay a holding deposit. You must seek independent legal advice before putting down a deposit or signing anything.
4- Make a full mortgage application: Once you have made an offer on a property, the next step is to complete the full application form. If you have followed the above steps, this should be straightforward. SPF will assist you.
5- Valuation: The lender will require a surveyor to value the property. This takes place once a mortgage application has been submitted, although in certain circumstances SPF can enact this valuation at the first stage of the process.
6- Completion: A date will be set for you to complete and the property to be transferred to you.