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Is it possible?
lawtz04
Posts: 585 Forumite
to buy a property abroad (somewhere cheaper like new zealand) by getting a morgage in this country? staying here and the property abroad being a buy-to-let one.
Any advice gratefully recieved
Any advice gratefully recieved
I've just started entering the competitions (July 07). When I win I'll update this signature. Look on the bright side, I shouldn't have to update it very often.
0
Comments
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Yes it is possible.
But......
It is a higher risk than buying here.
What do you know about that country?
Interest rate fluctuations need to be considered as exchange rate fluctuations.
Do you know the area?
Will there be a rental market?
Who will manage the property for you and what are their costs?
Costs of taxes? Implications for you? Do you require an accountant over there? Cost?
Have you visited the area?
And then there is the cost of sending money accross the pond. The many anti money laundering regulations.
So there are alot of costs involved, a lot of unknown variables. So you have your homework cut out for you. Only you will know in the end if you want to risk it.0
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