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Buying property abroad - mortgages
andy777_2
Posts: 47 Forumite
I live and work in the UK but would like to buy property abroad in a country in which I am a citizen. I expect to return to live in that country in the next year or two.
Should I take out a mortgage in the UK as I am currently living and earning here or is it more sensible to get the mortgage in the country where the property is and where I shall be earning a living for most of the term of the mortgage?
Another question on a related point if I may...
The level of interest rates in the UK are significantly lower than in the other country. Should this be a clinching argument in my decision or do I need also to consider exchange rates? If so, how do I weigh up the effects of the interest and exchange rates?
Should I take out a mortgage in the UK as I am currently living and earning here or is it more sensible to get the mortgage in the country where the property is and where I shall be earning a living for most of the term of the mortgage?
Another question on a related point if I may...
The level of interest rates in the UK are significantly lower than in the other country. Should this be a clinching argument in my decision or do I need also to consider exchange rates? If so, how do I weigh up the effects of the interest and exchange rates?
0
Comments
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I can only assume that you will sell your UK property when you move back to your home.
If this is the case, it would seem silly to have to change the mortgage again to the new country for the sake of a couple of years.
What country are you from?
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0
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