Overseas Mortgages  Lenders and Providers

Overseas Mortgages

When purchasing a property abroad, the issue of financing becomes slightly more complicated, for further information click here...

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Another added complication for an investor seeking an overseas mortgage is the wealth of companies offering overseas mortgages and the difficulty in comparing mortgages from different countries with entirely different sets of standards.

UK Based Providers
For many overseas property investors, the thought of obtaining a mortgage from an overseas provider is simply too unnerving. For this reason, many investors look to obtain an overseas mortgage from a UK mortgage provider, which offers a greater degree of security. Many UK high street banks offer financing in foreign countries, but it is well worth being aware that the countries covered will be somewhat restricted.

Remember that a mortgage lender will be keen to ensure that they can recover the cost of the loan, in the event of default. Therefore, it will be necessary for you to be purchasing a property in a country that is considered sufficiently stable, often limited to developed countries such as France and Spain. If you are looking for financing in a different country, you may not have the option of securing UK based finance.

When arranging an overseas mortgage through a UK bank, it is vital that you understand exactly which country's regulations will apply to the mortgage. This is absolutely fundamental, as an acute understanding of the exact terms and conditions is important, particularly when you are dealing with multiple jurisdictions.

Overseas Providers
In more remote countries or ones that UK providers will not cover, one of the main options is to obtain a local mortgage. When you are considering this method, local advice is essential as standard UK regulations are unlikely to apply. Interest rates are going to be lower in most foreign countries, but it may be necessary to put down a larger deposit to compensate.

Overseas Brokers
For those who would prefer something more of a halfway house, it may be worth considering using an overseas broker who can guide you through the minefield of locating the most suitable mortgage provider. Commonly, the brokers are based in the UK and can bridge the gap and advise on the key differences between UK mortgages and mortgages in your chosen country.

Summary
Bullet Point An overseas mortgage can be obtained through a UK provider, an overseas mortgage provider or through a broker;
Bullet Point UK providers offer added comfort and security but often only cover certain countries; and
Bullet Point overseas brokers, particularly those based in the UK, may offer a combination of security and breadth of options.

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