Long Way to the Top

As with any investment, purchasing property is a carefully thought out decision with budgets which leave very little room for manoeuvre. Obtaining a mortgage for property abroad can present many varied options but the key question to ask yourself is: do you want to get the money in a foreign currency? If you are earning money in sterling it may be best to acquire a mortgage from a UK based lender, however if you are earning the local currency it may be best to get a local mortgage. Overseas mortgage brokers are not regulated by the FSA, if you are going to go down this route make sure that you go with a well established firm.

oreign mortgages tend to be less generous than UK ones, they tend towards a deposit of over 10% and the repayment period is over 15-20 years, rather than the UK standard of 25. It should also be noted that typically in European countries only a third of your disposable income can be taken up by debt. It is important to have a good lawyer who is fluent in both English and the native tongue, when buying property abroad you are faced with an endless stream of rules and regulations which are alien to the UK