UK Mortgage for Overseas property

m.r.davies

I wish to purchase a property in Nairobi
My Father in law has no mortgage and has offered to go guarantor

Do any UK mortgage providers deal with overseas property if the funds are secured against a UK property ?

a bit clueless so any advice appreciated!

kingstreet

A UK resident wants to remortgage a UK property for the purpose of investing overseas?

Should be fine if the lender is happy with use of funds.

m.r.davies

Thanks

He hasn't offered to re-mortgage for us, just go Guarantor using his property with no mortgage as equity to confirm the loan in case of defaults


Do I have any options?

kingstreet

So what's the mortgage going to be secured on?

m.r.davies

I guess this is where I look silly with my lack of Knowledge

I've only heard of people going guarantor, I guess this word Guarantor isn't applicable here since the funds would be pulled out of the UK property, and gifted to me, then I would have to pay back his mortgage?

Did I get that right?

kingstreet

You are asking him to remortgage his property. He would need to be able to prove affordability to the lender. He would then have to lend you the money.

A guarantor takes responsibility for making the payments on a mortgage if you fail to do so. You need to be able to qualify for the mortgage in the first place and no lender in the UK is going to lend on the security of a property overseas.

Thrugelmir

m.r.davies wrote: »

I guess this is where I look silly with my lack of Knowledge

I've only heard of people going guarantor, I guess this word Guarantor isn't applicable here since the funds would be pulled out of the UK property, and gifted to me, then I would have to pay back his mortgage?

Did I get that right?

Is your FIL happy with an arrangement whereby the property is remortgaged and gifts you the funds. Also is he in a financial position personally to remortgage the property.

Totally different situation to your FIL being a guarantor.