Buy-to-Let Mortgage for Property Abroad

Ginger_Winner

I'm hoping to purchase an investment property abroad (probably France or Spain) and I'm looking for advice about getting a buy to let mortgage.

My intention is to have a repayment mortgage so that in 20-25 years time, it's paid off and providing me with an income. My home mortgage is currently 50%, so I intend to leverage that for a deposit. I will be looking for a buy to let of approx. 75% of the purchase price.

Can anyone advise as to the best people to approach to obtain a buy to let mortgage and how the interest rates and other costs compare to the UK please?

holly_hobby

HSBC, Barclays, Santander who all have a presence in the markets (and did offer choice of GBP or Euro) - but you are looking at commercial lending aka a holiday let, as oppossed to a 2nd property/holiday home - and as a result 75% is a tad optimistic.

If you borrow in Euro's you also have the currency and current instability of the Euro thrown in the mix, and management of the property.

My personal recommendation (given the complexities of purchasing in the markets quoted and with the financial constraints) would be to remortgage your own UK home and pch in your chosen region for cash (with additional funds as may be reqdd) - you then have a whole of host of remortgage lenders at your disposal and your debt is in GBP.

A whole of market broker will help in sourcing a suitable remortgage product and lender (UK based of course).

If you want to pursue the purchasing with a mge, then the 3 lenders at the top of the post may be a start, and/or a foreign property/mge broker.

Of course, you could also seek a suitable advisor actually in the region you choose, whom will also be able to assist and provide referral to a good conveyencer to conduct and advise of the legalities as reqd by the country you choose to pch in (however your non-residency may cause issues in seeking a lender - but they will quickly advise if this is the case).

Hope this helps

Holly

Conrad

Ginger_Winner wrote: »

I'm hoping to purchase an investment property abroad (probably France or Spain)

Given the state of things in Spain I can't see any lender agreeing this. France is a better bet but it too has big economic troubles with the socilaists in charge and money taking flight.

I'd buy in the uk if it's INVESTMENT you want.