Overseas Mortgages explained - Apply for an Overseas Mortgage

With costs in the UK on the rise, more and more people are looking to take out an overseas mortgage to make their move abroad, have a holiday escape or take on a second investment home to let in foreign climes. There are over a quarter of a million Britons that have already made the overseas mortgage leap and own a property abroad, with figures suggesting that many others are to follow in their globetrotting footsteps.

Apply for an Overseas Mortgage

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Apply for an Overseas Mortgage

Overseas Mortgages

Purchasing a property abroad has previously been a minefield but now there are an abundance of overseas mortgage lenders and brokers with a wealth of knowledge in country legislation, taxation issues or incentives, language barriers, residency permits and insurance needs such as home insurance and life cover. However, the choice on offer comes with its own depth of decisions as with many different facilities, exclusive terms and services; the competition in this arena of overseas mortgages is now fierce. Most providers have traditionally worked in the markets of France, Spain and Portugal but with numerous emerging markets, many overseas mortgage specialists are now expanding in a range of countries worldwide such as North Asia, United Arab Emirates, South Africa and Eastern Europe.

What's on offer?

Overseas mortgages include refinance mortgages where you already have a property abroad but are attached to deals that don’t currently reflect your needs or the market, and also purchase mortgages where you can obtain your homeowner loan through an international lender. International overseas mortgage lenders now take into consideration the scope of options you may also be facing as to the type of property you wish to invest in, such as new builds ‘off plan’ that may require deferred payments during construction, older properties that need renovation and/or the potential future rental income of buy-to-let investments. Equity release from your UK residence is also an option but can be restrictive if you are looking to start an international portfolio, so overseas mortgage lenders working with local banks to encourage them to recognise the demand and benefits, has been essential for UK companies providing access to an overseas mortgage.

Do I need to have a large deposit for an Overseas Mortgage?

Buying overseas may invoke connotations of a well-off, cash rich buyer but in actual fact there are more and more schemes available that allow anyone with a good credit history and deposit to invest in property abroad via a mortgage. There may be other fees however associated with an overseas mortgage for example higher arrangement fees, some mortgage brokers even charge on application.

Should I use a Mortgage Broker if buying overseas?

If you are looking to get a mortgage abroad then going through a broker may cost you additional money but by going to a specialist who can put you in touch with a local mortgage lender to suit your location and needs will save you time and money in the long run. Similarly it is important that you know the legal requirements for the country that you are buying in, a mortgage broker can help you with this process and put you in touch with other relevant professionals for example surveyors, lawyers and currency exchange.

While overseas mortgages still may not be as flexible as the wide choice available in the UK, many large mortgage providers have lending arms in developed countries and along with specialised overseas mortgage providers, are developing financial solutions for the scores of realms on the rise. The overseas mortgage market is becoming increasingly competitive so take advantage by comparing a range of quotes to find the best deal.

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