Financing international (EU) property

lildoonbuggy

I have a 1 bedroom flat in Germany which I purchased from my father in December 2016. The legalities have been finalised and all is in my name, and we have a private agreement where I repay him £700 a month for 5 years in payment on 0 interest. This has worked well for the last year, however I'm thinking about creating more financial flexibility for the future and potentially starting a family in the next 2 years. Therefore, I'd like to take out a mortgage/loan to repay my father in one lump some, freeing up cash in the process. I would like to still make extra payments where possible.

My question is, has anyone had similar issues financing a property overseas that they have ultimately overcome? The German banks won't lend to me due to not earning a German income (apparently a cross EU law) and the international mortgage lenders I've come across appear sub prime with unclear interest rates. To complicate things, my father lives in Australia so I am doing currency conversions for each payment (not ideal given the fluctuating pound). The figures are below for info.

Property value: €50k
Outstanding: €40k
Annual repayments: €10k (final payment January 2022)
Service fees/upkeep: €180pcm
Rental income: €420pcm (on short term rentals/airbnb)

Any thoughts/experiences of others would be greatly appreciated.

ACG

Have you tried a broker who specialises in this sort of thing?
The average broker would not have a clue. I know of one called Conti, but I could not say if they are any good or not as I have no first hand experience with them.

lildoonbuggy

Thanks ACG, I've only tried brokers in Germany and Australia, where I have equity, but not the UK. Australia has offerings but at a considerably higher interest rate. Will give these guys a try. My main concern is that the low value of the mortgage will preclude me, or that it is complicated by being a remortgage rather than traditional purchase. Will see what comes out of it!