You’ve found your dream property abroad and now need the financing to complete the purchase. Whether a holiday home or investment property, securing an overseas mortgage in a foreign country can be complicated, particularly if you don’t speak the language or are familiar not with administrative or bureaucratic processes in the country you are buying property in.
Although most buyers prefer to deal with a UK bank, some lenders are not willing to lend for overseas properties - choosing the right lender offering the right terms for your circumstance is crucial. This may be an international mortgage provider or a UK-based lender.
The type of overseas mortgage that can be arranged and the size of the loan offered will depend on the country the property is based in, and whether it is secured against the equity in your UK home.
We are a fully independent mortgage advisors, which means we can access a wide range of UK and international lenders providing some of the best rates on overseas mortgages.
With extensive experience in dealing with overseas property finance, Knight Frank’s overseas mortgage experts can advise you on the entire process taking into account your circumstances and short and long-term plans. If you wish to go ahead, we will ensure the process runs smoothly, negotiating the very best deals available through our network of high-street and private lenders.
Some points to consider before applying for an overseas mortgage:
- Overseas mortgages are often agreed over a shorter time period than UK mortgages
- Overseas mortgages may involve higher repayments
- The deposit required on overseas mortgages tends to be higher than on a standard UK mortgage (this depends on the country you plan to buy a property in).
- Newer property markets will typically have higher rates, stricter borrowing terms and less choice of mortgage provider.
- Applying for an overseas mortgage application is very similar to applying for a domestic mortgage. Lender will look closely at your income, assets, spending and credit history and assess your eligibility based on these factors.