Mortgage for Overseas Investors

 

Mortgages for overseas properties are becoming easier to get, but investors should still shop around for the best products on the market.

 

A recent economist article stated that property in the UK is still overvalued. Similar reports from everybody but estate-agents hold true for Ireland. This is starting to establish a firm overseas property market, one that is growing steadily.

One of the biggest worries in overseas property sales is the financial situation in the country in which you buy. This has been largely improved by the advent of the Euro, but many investors are looking outside the Euro-zone. We at EUMortgagelink have teamed up with a successful brokerage to offer you mortgages in over 40 countries, with established local banks, and all in your language.

 

In the UK we are used to a wide range of mortgage offerings 100% lending, Buy-to-Let, self cert, bad credit, and interest only , however many foreign financial sytems are much more limited. Many of the overseas local banks are starting to put together foreign purchase mortgages but they are limited by their inexperience with overseas clients, and their rigid structures do not allow them to be as flexible in their dealings as we in the UK and Ireland take for granted. This is another reason for using EUMortgagelink as your source for overseas investment plans. Our partners have negotiated long standing opportunities with the banks in over 40 countries worldwide over a period of time, taking the worry and hassle out of your applications.

 

It is adviseable to have pre-approval on any mortgage before you travel to the country to view. this will avoid any unnecessary time delays when you find your dream home or investment opportunity. We can arrange this with a few simple steps.

 

In many overseas markets, it is very difficult to enforce a re-posession for non-residents, which has been the main reason for the lack of mortgage offerings. Our experience in these markets mean that you will have all of the information needed for a successful application.

 

 

It is important to consider the following points before deciding upon a foreign purchase:

• Never sign anything you don't understand

• Always seek specialist local solicitors advice before comitting to a purchase

• Ensure that you do not inherit existing debt on the property, this should be completed by your solicitor

• Obtain your pre-mortgage agreement before you commit financially to a puchase

• Decide upon the currency option available for the mortgage and currency transfer (rates can vary widely)

• Check insurance requirements thoroughly as these can vary from country to country

• When opening a bank account in the country of choice, check the fees and benefits associated. Shop around if possible, and ensure that they offer some on-line banking option.

Your overseas home is at risk if you do not keep up repayments on a mortgage or other loan secured upon it. Make sure that you can afford the repayments independent of rental income before you enter into a credit agreement.