Attempting to raise funds for a property purchase abroad. Any tips?

jimmyb78

Hello all,

So I need 40,000 quid to fund a purchase in Russia. I could get a Russian mortgage but at 11.5 percent I'd obviously rather not.

I have around 20,000 equity in my UK flat so have considered remortgaging but it's still not quite enough.

My parents have offered to help but they are pushing 75 and currently have a small mortgage with Nationwide but around 300,000 worth of equity in their home. It looks like nationwide don't want to extend the mortgage. I wondered if I might be able to act as a guarantor on the payments which would be easily affordable for me but this may not be realistic either.

Basically, if anyone knows lenders who will lend for overseas transactions or has any great ideas here, I'd be grateful. The Russki mortgage is not the most attractive option!

Cheers.

ACG

Your going to struggle. There isnt enough equity to borrow and keep it under 85% LTV im assuming.

Your parents would need to be part of any borrowing secured against their home and their age is going to go against that.

Have you spoken to a mortgage broker? One who specialises in foreign mortgages? We have a referral service with http://www.mortgagesoverseas.com/ - although i have NEVER used them so i cant comment on how good/bad they are. I have spoken to them once or twice though, they dont seem the friendliest but if they get you a rate better than 11% who cares?

jimmyb78

Unfortunately it seems they don't offer Russia as a country they service. That's my biggest problem. Nobody trusts the wild east I'm guessing! Thanks for the pointer though