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mortgage with property abroad
annabanana86
Posts: 3 Newbie
Hi
me and my partner are trying to get a mortgage( first time buyers) and it all looks good but it came up that I already owe a property( mortgage free, abroad, where my family member lives).property is in my name but I don't cover any costs. Is it potentially a problem for the bank? Are they going to ask for any documents related?how can I prepare myself to speed up mortgage application and get an acceptance? ( we have DIP , mortgage type and all other documents covered so far just waiting now for decision from main office)please help.I'm so stressed something bwill go wrong because of it.
thanks
me and my partner are trying to get a mortgage( first time buyers) and it all looks good but it came up that I already owe a property( mortgage free, abroad, where my family member lives).property is in my name but I don't cover any costs. Is it potentially a problem for the bank? Are they going to ask for any documents related?how can I prepare myself to speed up mortgage application and get an acceptance? ( we have DIP , mortgage type and all other documents covered so far just waiting now for decision from main office)please help.I'm so stressed something bwill go wrong because of it.
thanks
0
Comments
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A property you own without a mortgage is an asset.
Not something a mortgage lender here will ask you to declare and not something that would worry them anyway.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
First world problems, eh.
I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
She keeping her chin upI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
ok thanks. mortgage advisor asked about it but she also said there's no paperwork needed at the moment but she couldn't provide us with information if main office will request it (and slow the whole thing down)I don't have it in uk so if they requested it I would have to translate it and shift over here ( a lot of hassle...)0
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Wow, scary that someone calling themselves a mortgage advisor would think this. A lender will certainly want to know, mainly because they'll want to know how much the running costs of the property are and who pays them.A property you own without a mortgage is an asset.
Not something a mortgage lender here will ask you to declare and not something that would worry them anyway.0 -
How would a lender in the UK even know you have a property abroad?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Because they asked and I was honest.I also said that I don't cover any costs as my family lives there.it's been given to me so later in case of their death I wouldn't have to go through a lot of hassle.0
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