Overseas Mortgages

Buying a Property Abroad

UK Home Remortgages If you are looking for that dream holiday home abroad or perhaps looking to create an international property portfolio, then the following information will help plus we have put together some very useful links to help you find more inforamtion about buying abroad. Let us help you.

Looking to finance an overseas property?

Or need to re-mortgage in the UK to "top up" your overseas finance?

Although you may think that it is an overseas mortgage you require to buy your property abroad you may be interested to know that you could in fact remortgage your UK property subject to the lender's criteria and then use the funds raised.

So, you want to buy abroad.

Buying a property abroad is no longer just for the rich, it's becoming more popular and accessible. If you're thinking of making the move, here are some points to consider.

Where to buy?

The most popular places to buy abroad at present are Florida, Australia, Canada, Spain, France and Portugal.

What should you condider and do before you take the plunge?

Most people who buy a property abroad are often seeking the sea and sun and, as a result, the coastline tends to be the most popular place. Remember that its actual location is paramount and make sure you thourougly do your homework regarding its location, services available etc.

Before buying into an area take a holiday

It is always best to start off by taking a holiday in the area you're considering. Are there enough facilities for what you require? Or do the pubs and clubs out-number the shops? The best source of knowledge is those who have done it before. There's no shortage of ex-pats with good, bad and ugly moving stories to learn from. For example, many Mediterranean coastal towns have ex-pat clubs and societies to scour for information. So spend some time in the local bars frequented by the ex pats and ask away!

What Estate Agents should I use?

Another good source of advice are the estate agents. Use established companies and beware of anyone who gives you the hard sell. There are both good UK agents and also local agents in the area you are interested in. Make sure you have a good lawyer with an excellent command of English and the native tongue to deal with the seemingly endless stream of rules and regulations. For instance did you know that if you're buying in Spain you'll need to make out a will in Spanish before buying, or that you can inherit debts from a previous vendor?

What about the finances?

Start a direct debit from a native bank account to pay for those bills. Be careful not to miss payments and read those red letters. Foreign banks are not lenient with those who don't pay up in time. If you're considering renting out the property when it's empty, bear in mind that advertising here for what is abroad, could result in tax demands from both the English and foreign authorities.

Things to Remember before you buy abroad

So finally the main points to remember before committing to buy a property abroad are ...

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