Buying Abroad?

gray_v

Hi Guys,

Wondering if you can help.

Myself and my partner would like to buy a property in Cyprus. Does anyone know of any Banks in the UK that would mortgage for overseas property? Or perhaps you know of another route to take?

Also if any of you guys have had experiences of buying I would be interested to hear them.

We are looking to continue working and living in the UK rather than move out there (well not for a few years any way!)

Any help would be much appreciated!

ioscorpio

https://www.overseasandukfinance.com/contact.html

I have seen adverts for Conti for several years in various property magazines but have not used them myself

Nicks_3

iomexico wrote:

https://www.overseasandukfinance.com/contact.html

I have seen adverts for Conti for several years in various property magazines but have not used them myself

Forget Conti, they want too much info about you and you can do it yourself.
Ideally, you want to go as a self certification basis, ie no proof of income but you will need a 25% deposit on the property. Conti will require a 35% deposit so you are quids up.

When looking at a mortgage, you really have 3 options
1. Standard Uk mortgage
2. Euro, which I would advise
3.Forex mortage, use people like ECU group or John Charcoals. Mix currencies Swis Francs, Euro, Sterling, Dollar and japanse yen.

For Euro Mortgage, talk with Banco Santander Totto, , their Uk branch tel(Satelite office) is 0207 236 1515

Don't forget to wrap this house in a trust, as I am sure you don't want it taxable.

If you do not have cash for the deposit, all is not lost. You can buy a new development, ie built to plan, and this is also a good option. basically the house isn't build yet, but you pay current ,market rates and put down a small deposit.

Stage payments are agreed with you. Lets say the after the property is build, and you decide you do not want it, you could sell it and still make a good profit, as you will have house appreciation as it would typically got 12 months appreciation.

On a Euro mortgage, you should not pay more than 2.5%. The only negative aspect to buying abroad, is that it has to be repayment, you do not have an option for interest only.

hope that helps

gray_v

Thanks for the advice.

Getting a deposit together would be a little difficult, especially if some places are asking for 35%! I did try Banco Santander Totto but they only do mortgages for Portugal.

My Mum is going to have a word with our family friend who is in the property business in Cyprus, hopefully he can come up with something.

Worst case senario is just to save up and buy something here, or save up a big deposit and then buy.

Unless anyone else has any ideas?

Robin00

You could try Mortgage Maestro on 01225 487711 - speak to Neil Burns as I believe he can organise overseas mortgages from the UK. No idea if any good but might be worth a go!