If you wish to have a mortgage to buy overseas there are many considerations to take into account and it can be challenging. Most UK lenders cannot take a charge on property overseas and approaching a foreign bank for a loan can be fraught with difficulties, particularly if you do not speak the local language or are unfamiliar with cultural differences. When it comes to financing an overseas property purchase most of us need to call upon the expertise of a professional. SPF 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 providing 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 within 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: Ensure you are viewing a realistic property price range.
2- Obtain 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, and if you wish to make an offer be prepared to sign a reservation contract and pay a holding deposit. You should seek independent legal advice before paying a deposit or signing any binding contract.
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 for the property to be transferred to you.