Which Mortgage Advice

hamconuk

My wife and I are after some advice on which mortgage to go for.
We had an endownment mortgage, which we were able to pay off before the 25 yr term was up. We have kept the endownment going to fulfil the term and has a few years to go. Our home is worth more than the amount we are looking to borrow being 160k for 10-12 yr term which is to put towards a property overseas, having no debt, what sort of mortgage would it be best to go for, can you get a mortgage that we might pay off earlier as we had before.
any advice would be much appreciated.

herbiesjp

I have many clients that look to raise funds from their UK properties to fund hoilday home purchases abroad - it is normally the quickest and easiest way of raising such funds.

What kind of deal would suit you however would depend on your circumstances, and then which lenders you could meet the criteria of.

MortgageMamma

Abbey have just ventured into holiday buy to lets but you have to go through special brokers to arrange the deals. If you want a list of the brokers let me know.

Ian_W

If it's Spain [and other latins countries may well be the same] IMO your best bet is to raise the capital on your house here, as there are quite significant legal & notary costs in registering the mortgage there, making remortgaging not feasible. So if you have got sufficent equity in your property here and your UK earnings will support the borrowing it's the quickest and easiest way to go and you can remortgage to keep the rate competitive. Always remembering though, that the risk is on your primary residence [home], rather than your overseas bolthole.
Couldn't advise on best deals though, you probably need to seek advice from a fees free whole of market broker or do your own research as to what deal suits you best.

Roy5085

I would suggest first doing the comparisons as I have found personally that there is more advantage in some situation to the European options available, but again all depends on personal circumstances but the least you should do is ask the questions and make the comparisons. Much of what Ian says may be correct but it lacks details and substance.

AndrewSmith

Roy5085 wrote:

Much of what Ian says may be correct but it lacks details and substance.

I'm sorry Roy but I have to take issue with you on this.

IanW is exactly what this site is all about. He offers generally sound advice from the perspective of the consumer as he is by his own admission non-qualified.

It is actually laughable that you say another poster is making statements that lack details and substance. You yourself have indeed written entire threads with absolutely no actual point full of nothing but waffle and drivel.

I certainly hope that you are joking as there is no way on god's earth that a sensible person with half an ounce of intelligence would post complete drivel and then accuse another poster of posting without detail or substance.

Pot, Kettle, black, comes to mind?

Roy5085

There is that word again drivel. Interesting. It must be a common word used on here. Ian has the right as anyone else does to give his point of views. I think you will see that everything posted here has been backed up and supported Andrew.

I have personal experience in purchasing property abroad and again keep to my advice above. I do not personally approve of being scant on information and dismissing possibilities instantly based on 2 words and where a little homework could actually pave a more positive way forward to someone.

herbiesjp

Roy5085 wrote:

Much of what Ian says may be correct but it lacks details and substance.

Now Ian - be careful where you decide your devil sticks that fork !! :rotfl:

hamconuk

Thankyou all for the responses, the property is in dubai, my home is valued at around 350K, do i have to declare that i am buying another property or can i just borrow the 160k against my equity and spend as i please ??

AndrewSmith

Depends on the lender to be honest. But most, in fact the vast majority, would not object The only caveat normally is that you dont fund a business or use the money for business purposes.

Andy