Overseas
Mortgages
Sources
of Finance
Once
you have worked through your finances and produced a
rough estimate of what an overseas property might cost,
and thought about how the rental earnings might help
it to earn its keep your next step should you need to
do so is to work how to best borrow the money you would
need to fund the purchase.
Remortgaging
Remortgaging
is likely to be an attractive option if you have built
up substantial equity in home and wish to use that.
The
disadvantage is that it puts your main home at risk
if for some unforeseen reason you cannot make the payments.
Separate
mortgage overseas
The
alternative to remortgaging is to take out a separate
mortgage secured on the overseas property. This can
be done through a foreign lender or a UK based broker
who specialises in securing mortgages from foreign banks
- or apply for a non - sterling mortgage from from a
UK lender. Either way, remember that your repayments
would fluctuate not just according to mortgage rate,
but also due to the exchange rate when you transfer
your payment into the local currency.
Taking
this approach can be worthwhile if loan rates in the
country you are borrowing in are lower than those in
the UK.
Overseas
mortgage rates West Europe
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