Overseas Mortgages - Buying Foreign Property

With the increase in the number of people buying property in a different country we are seeing an increase in the number of mortgages available to fund such purchases. The range is wide and varies from country to country. The mortgage products available to non-resident buyers is often very different to those available to residents of the country in question. The differences can relate to the rates offered, the amount of deposit required and the credit status required.

In some cases a bank in your own country will have a branch in a second country specifically to offer mortgages to those buying abroad. This can often speed the process as they will be used to handling arrangements between the two countries.

It is quite common for mortgage brokers or lenders to request quite detailed information before providing information or a quote. This is due, in part, to the large number of enquiries they receive from people who are 'just wondering' if they can afford the mortgage when buying foreign property. It is worth spending the time providing all the information requested as this will pre-qualify your enquiry. You are then more likely to receive a greater level of attention from the broker/provider who will see you as a serious buyer.

With the global financial issues surrounding lending between banks, mortgages are becoming more difficult to obtain. This another reason to provide as much detail as possible in your enquiry. Mortgage products are out there but may be more expensive and have more requirements than 6 months ago.

If you have poor credit there are still options open to you if you want to obtain a loan to invest in real estate. They may be a little more expensive and the criteria may be a little more rigid but bad credit mortgages are available. As before, the more information you can provide the lender the better able they will be to assist you.

Overseas mortgages

Non-resident mortgages