Mortgage for 2nd property - overseas

xcntalien

I've had a quick search in MSE forums, but definitely need some advice & guidance on this.

I am a UK mortgage homeowner, I live and work in the UK. I am considering purchasing an overseas property as a 'retirement plan' but appreciate that in order to do this, I will need to derive rental income from it.

The property is priced in euros and the current rate of exchange makes a 321K euro property approx. £250K. (including taxes, land registry and related fees)

My experience of UK mortgages tells me that I will need a BTL product. Can anyone provide information about lenders who will provide suitable products?

If I can research the products, LTVs, deposits etc, then I can work out if my selected property is a pipe dream or a distinct reality.

Today, I got as far as speaking to Barclays Offshore who firmly closed the door on two counts;
- they require £50K on deposit with them
- they won't lend on properties in the Canary Islands or Spain (they wouldn't claify which when I asked?)

Are there (dis)advantages of raising the mortgage in GBP vs euros?

Just hoping that other's have gone though this process and can share their knowledge?

Regards,
Stuart.