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Overseas Mortgage
villa2010
Posts: 293 Forumite
Hi Fantastic Intelligent people...!
I was wandering if any one could help.
We were thinking about buying a holiday family home in France that also has a potential to be rent out over the peek weeks of summer and we have seen a few properties that interest us.
There would be about 10 adult family members who would want to purchase something in the region of £ 100 000.
A number of the family members already own their homes outright and do not have a mortgage. Between the 10 of us we would earn well over the approximated value of the property.
How would be the best way to purchase a holiday home. of this value.
Is this even possible to do?
Any feedback or advice would be extremely appreciated.
I was wandering if any one could help.
We were thinking about buying a holiday family home in France that also has a potential to be rent out over the peek weeks of summer and we have seen a few properties that interest us.
There would be about 10 adult family members who would want to purchase something in the region of £ 100 000.
A number of the family members already own their homes outright and do not have a mortgage. Between the 10 of us we would earn well over the approximated value of the property.
How would be the best way to purchase a holiday home. of this value.
Is this even possible to do?
Any feedback or advice would be extremely appreciated.
0
Comments
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Has anyone had any experience with this...?0
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In cash would seem the easiest way. Given the number of stakeholders.0
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Raise the money in the UK, as Thrugelmir says, and buy it in cash.The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.0
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Great Idea - How would you do that...?
Do you mean by taking out equity from the houses which are owned?0 -
Yeah, remortgage, loan, credit card, selling stuff, savings etc.The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.0
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What kind of deposit would you need to get a decent mortgage.0
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Thrugelmir wrote: »The deposit isn't the issue. The number of involved unrelated parties would be. As administering the mortgage would be extremely complex. So in all likelihood is a non starter.
I know - Can you not get a mortgage with 4 people on it though...?0 -
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Thrugelmir wrote: »Maybe worth giving someone a call that specialises in French mortgages for some general advice. As France does differ to the UK.
any one know of any french mortgage brokers that speak English I am embarrassed:beer: to say my French is limited...!0
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