Buying a holiday home in Orlando Florida

Out,_Vile_Jelly

tgangari wrote: »

Does anyone have any advice on overseas mortgages?

Speak to a mortgage broker?

tgangari

Cheers for your help 'Out, Vile Jelly'

agrinnall

On what basis do you think you would be able to retire to the USA? Are you already a citizen, or eligible for a visa that would entitle you to permanent residence?

MrJB

If you're looking at this from an investment point of view its a terrible idea - it requires an enormous amount of time to be successful. If you're buying it just for your own occupation you also need to factor in the various taxes that you will be liable to pay which are not insignificant. Also factor management costs in - for example maintenance of pools and lawns etc.

SnooksNJ

tgangari wrote: »

Also the US tax returns isn't an issue

I'm not convinced Bernie Sanders has the election in the bag so I would hold off your dream of bypassing US immigration and becoming an instant US permanent resident while not paying a cent in US income taxes until we find out what happens in November.

tgangari

Seriously guys I'm not asking for advice on whether it's a good idea or not - please don't waste your time asking questions about how or why.

I came on here to merely ask if anyone had dealt with or knows of any overseas mortgage advisers they could recommend instead everyone's suddenly turned into doctor Phil and Oprah!

Thanks for your advice Malcnascar I'm there in a few weeks and will look around then.

Snowedunder

Hi


Been there done that - sorry to sound glibe but you really should listen to the advice given above, whether you agree or not.


The 2008 'crash' was, in some part caused by sub-prime USA mortgages where large loans were made to both local and foreign purchasers hence the hike in deposits (simplified but hope you know what I mean).


You are young with disposable income and want to 'live the dream' - didn't (don't) we all.


Have you ever seen the way they build most homes in that area - I was once told the expected 'life' of a home in that area was the life of the Mortgage!!.


Given the price range you are quoting for your intended purchase I would personally worry, it is indicative that this is either a very small home if a new build or if not, an older build with all the problems that will entail.


Never ever rely on any forecast of rentals earnings, this simply does not happen, and imagine what a 70% letting income would lead to in terms of wear and tear on the proplery and its' contents. If, as you say you are considering buy to let, the pitfalls there are too many to mention.


Anyway what I have learnt is this - If you enjoy the area and wish to return time and again, spend your money on an upgraded flight and rent room in an air conditioned storage facility to keep all you 'bits and pieces', then either choose a nice home, and rent it as and when, or, choose a recently built home that you will know is new, choosing a different one each time until you find the one you 'would have bought and stick with that. There really is not that much difference - you can be excited for each visit, or be on the plane travelling there full of apprehension as to what you are going to find has happened to your pride and joy this time.


Not what you want to hear I know, but in reality it is the truth of the matter.

SuzieSue

tgangari wrote: »

Seriously guys I'm not asking for advice on whether it's a good idea or not - please don't waste your time asking questions about how or why.

I came on here to merely ask if anyone had dealt with or knows of any overseas mortgage advisers they could recommend instead everyone's suddenly turned into doctor Phil and Oprah!

Thanks for your advice Malcnascar I'm there in a few weeks and will look around then.

Everyone on here is trying to help you because they have either been there and done it or know someone who has.

If you didn't want advice about whether to buy or not, why did you go into so much detail in your opening post?

tgangari

Thanks for the great advice Snowedunder

tgangari

SuzieSue I didn't ask "about whether to buy or not" I would like to know where I said that! I asked if anyone knew any lower deposit overseas mortgage lenders, the extra detail was in case someone did and could give me an immediate steer taking into account my current financial position.