Buying A House In America

Joey122

Does anyone have experience of this? What are the costs involved and can you secure a London mortage for this.

If so which banksprovide them

Cheers

Joey122

I think America offers good value for money for house purchases as opposed to London...

jordylass

is it to live in, or for long term or short term rental, all of those would affect where you could get a mortgage.

Joey122

Long term rental - With a view to live there in five years - I ve got 100kGBP as deposit but need to find a further 250kGBP

jordylass

First National do a mortgage, they used to be British Mortgages Abroad. You may be better off with a US mortgage tho as your rental income will be in $$$'s and transferring those $$$'s back to £'s to pay towards a UK mortgage is not a good way to be moving money.
There are many US mortgages try a search on google, you generally need 20-30% deposit for a foreign mortgage so should be fine.
You get a lot more house for your money in the states, when you say move there in 5 years, do you already have residency because moving to the states is extremely difficult.

Mrs_pbradley936

I have a house in Florida which is not mortgaged because finance is arranged by a loan on my UK property. BUT if you arrange your loan in the USA you can claim interest payments of your rental profits, you can also claim travel expenses (flights over to inspect your investment). If you have 100k Stirling you will not have trouble getting a US mortgage. I can put you in touch with the firm I use to manage my place if you like, they are in Florida and cover the area between Tampa and Naples.