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For many UK investors, purchasing overseas property is become
increasingly popular. Finding the best 'deals' from UK property
is getting harder, so some investors are looking further a-field
to find the next big opportunity.
The more familiar territories such as Spain and France remain
very popular, but investors are becoming braver and venturing
into new territories such as Eastern Europe, South Africa and
China to name but a few.
In the UK we are used to a wide choice of mortgages such as 100%
lending, Buy-to-Let, Let-to-Buy, self-certification, credit impaired,
interest only etc, however most overseas markets are nowhere near
as developed or flexible. You may have wandered down the high
street and discovered names such as Halifax and Abbey have lending
arms to assist with lending in Spain and France retrospectively,
but try to find a high street lender willing to consider Croatia or Dubai and you could be searching a long time!
So should you decide this is the investment for you, how do you
finance the purchase? Until recently, many countries were only
for cash buyers.
If you have equity in your UK residence, you may be able raise
money this way to fund your purchase. This however can be quite
restrictive particularly if you wish to fund several properties
and a bigger problem if you have already used that equity to build
a UK portfolio!
Many of the countries local banks have recognized the demand
and are beginning to show an interest in lending to UK and other
foreign investors. It's not as easy as its sounds however, as
these mortgage products invariably have to be created from scratch.
Our mortgage partners have been at the forefront of encouraging
this lending in areas such as Hungary, Bulgaria and Croatia. Negotiations
are often lengthy and frustrating, as many of these countries
do not operate at the 'pace' we are used to in the UK, but Rome
wasn't built in a day!
Our Niches.
We are able to assist you with mortgages from over 48 Countries.
We are particularly proud to be among the first to offer mortgages
in Eastern Europe including Hungary, Czech Republic, Slovakia,
Bulgaria and Turkey with others being added regularly.
Where do you start?
Please complete your details at the bottom of this page and one
of our specialist advisers will contact you to discuss your requirements.
Approval in Principle
For all countries we are able to offer an approval in principle
service. We will ask you to complete our confidential information
form. This provides us with sufficient information about your
finances to advise you of the likely hood of obtaining finance.
In some cases we can obtain a formal approval in principle directly
from the lender which is particularly comforting for new build
purchases where you need to commit to a purchase way in advance
of applying for the mortgage.
What happens next?
If you wish to proceed, we will send you a full application pack.
Any required application forms will be pre-populated with the
information you have already supplied. We will supply you with
a specific document requirements checklist and additional information
and tips about your purchase.
 During the purchase
Once you have returned you application to us, as well as processing
the application, we will provide you with guidance on the whole
process. We will monitor your application with the lender closely
and provide you with regular updates and explanation of any terms
when the offer is produced. We will liaise with your other chosen
professionals to help with your understanding of the complexities
of your purchase such as buying through a company, residency permits,
taxation issues, life cover assignment etc.
Additional Services
As with the UK, you will be required to insure the property. Many
Overseas lenders also insist on Life Cover. In some cases an existing
plan may be used if it meets the minimum requirements. It is important
this issue is not left too late, as you may be unable to complete
on your purchase until cover is in place, which can sometimes
be delayed by requirements for medical information. Our recommended
independent advisers can provide specific advice.
Our Fees
Variable but start from £395 on mortgage application and 0.5%
of the mortgage (minimum £500) on sucessful completion.
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