If you are looking for a mortgage for overseas property, it pays to speak to a specialist overseas mortgage broker
Whether you are based in the UK or overseas, if you are considering a mortgage for overseas property, you will need to find a specialist overseas mortgage broker. That’s because the range of lenders who can offer a mortgage for property in place such as the UK, France, Spain or Portugal is limited.
Normal UK high street or onshore mortgages are not available to expats living overseas and even if you try to approach a lender directly, the chances are, they will say they cannot help. As an expat, therefore, you will need to choose from the range of available overseas mortgages.
Overseas mortgages are generally individually underwritten by the lender which means the lender takes a decision to lend based on your unique circumstances. You therefore do to need to be on the UK Electoral Roll, for example.
There are many other important differences between an overseas mortgage and one onshore. If the property is let, as is often the case with expatriates but in the UK, the mortgage will be unregulated, whilst for those wishing to leave family in the house, the loan is regulated. However, even unregulated mortgages cannot be sold in the UK by brokers who are not regulated, so you should also select a broker who is regulated in the UK to ensure maximum protection which for many is the biggest purchase in their lives.
Whether you’re looking to get an overseas mortgage, or would like some advice on the best route of achieving this successfully, please contact us.
With over 25 years experience as an overseas mortgage broker, we are sure we can help you.