Foreign Property Equity?

jyonda

I was wondering if any of the brokers on these boards would be able to advise whether it's possible to use the equity on a property in Germany to get a higher LTV on a UK property? Ie can I get a 99% mortgage on a UK property using the foreign property as security- it has a mortgage on it already but for 60-70% of the current value.

Are there any lenders who entertain this kind of arrangement or is it a complete non starter?

Thanks

Thrugelmir

You won't get a 99% mortgage in the UK.

As for the foreign property. There's a multitude of issues. Not least it's already mortgaged, it's abroad, and a UK based lender would have an expensive process to go through to recover any monies owed. That's if there was anything to recover. In essence it's a non starter.

Contemptuous

No. Not possible.

You would have to borrow more against the foreign property and raise more of a deposit to put towards a home in the UK (assuming you're able to afford to do so).