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OVERSEAS MORTGAGES

OVERSEAS MORTGAGES. Liz Syms. Agenda. Property and trends Finance options Criteria and qualification Making it a success. Reasons to buy. Holiday/second home Relocation/retire abroad Investment. Where are people buying?. Is it a good time to buy? .

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OVERSEAS MORTGAGES

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  1. OVERSEAS MORTGAGES Liz Syms

  2. Agenda • Property and trends • Finance options • Criteria and qualification • Making it a success

  3. Reasons to buy • Holiday/second home • Relocation/retire abroad • Investment

  4. Where are people buying?

  5. Is it a good time to buy? • 28 % increase in foreign buyers for Spain almost back to 2007 levels • 7/10 property agents in Algarve believe market is back on the rise • House prices in the USA rose in Dec 2012 by 8.3% against the previous year

  6. Main ways to finance • Cash • Raise capital on a UK property • Raise an overseas mortgage secured against the overseas property

  7. Who are the lenders? • Developer funding • International lenders lender across many borders • Regional and local lenders to the property

  8. Do I Qualify? • Deposit • Credit status • Affordability

  9. Max loan to value

  10. Credit Status • Most lenders ask for a copy of your credit report • Some lenders in these countries may not: • USA • France • Spain • Portugal

  11. Affordability

  12. Affordability Strategies • Take a lower loan • Extend the Overseas Mortgage Term • Reduce UK outgoings by extending mortgage term, switching to interest only or consolidating debts • Apply in one applicants name • Add another applicant • Look at a more flexible country • Increase your salary

  13. Make it a success! • Get a mortgage approval • Consider all costs • Independent Legal advice • Protect against currency fluctuations

  14. Independent Legal Advice This is the most important message of the presentation!

  15. Independent Legal Advice

  16. Currency Risk • What is the cost of the property today? • What are the mortgage payments today? • What currency is the purchase price? • What currency is the mortgage? • What currency is your income? • What currency is the rental income?

  17. Currency Exchange

  18. Getting help • Specialist Overseas Mortgage advisers • Arrange mortgages for over 50 countries • Over 8 years of experience • Connections with other specialists www.overseasmortgagefinder.co.uk

  19. Mortgage product information www.overseasmortgagefinder.co.uk

  20. The Mortgage Process • Find a property • Obtain a mortgage agreement in principle • Appoint an independent solicitor • Allow plenty of time • Secure the property • Apply for the mortgage • Prepare documentation • Valuation • Sign contracts • Completion

  21. ENJOY!

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