EUR Mortgage for Overseas Property Purchase

Reg1988

Hi there everyone.

We are looking to build a house in Greece and the advice from our Greek friends is to get a mortgage from a UK bank (we own our house in the UK where we live and are mortgage free) as Greek banks are not lending.

Does anyone know if there are best buy tables available or information on UK banks that provide these facilities so that I can start to talk to them and compare?

Thanks so much to you all in advance for your kind help and assistance
Reggie

Thrugelmir

You'll be able to release equity (cash)  from your existing property. Subject to lending criteria.  However you won't find a lender offering the type product you are suggesting in the UK. 

K_S

@reg1988 You are unlikely to get a mainstream EUR mortgage secured against the property you're looking to build/buy in Greece.

What you could potentially do is remortgage your currently unencumbered UK property with a lender that allows raising capital for the purpose of buying a second home overseas and use that cash to buy the Greek property outright.

Reg1988

Hi and thanks for the response.

So I need to remortgage my UK property and have two choices (I think):

1. Convert the £ lump sum into €
2. Look to see if UK banks will provide a € lump sum

Does that sound right as my avenues to go down?

Thanks again
Reggie

K_S

@reg1988 Thats right, though you'd likely be limited to option 1 with mainstream UK lenders.

Reg1988

Many thanks @K_S

So I just treat this like a standard remortgage situation and hope that the lender doesn't have an issue with the purpose of the loan.

Much appreciate your assistance and knowledge.
Reggie

Thrugelmir

Reg1988 said:

1. Convert the £ lump sum into €

That will be your only option. 

[Deleted User]

Reg1988 said:

Many thanks @K_S

So I just treat this like a standard remortgage situation and hope that the lender doesn't have an issue with the purpose of the loan.

Much appreciate your assistance and knowledge.
Reggie

Take the 'hope' away and get a broker to do it for you

Reg1988

Hi @Deleted_User - any recommendations?  (I assume that the lender pays the broker's fee for getting the business rather than me being on the hook for the bill?)

Cheers
Reggie

[Deleted User]

If you want a free one then thr MSE guide names a few.   
A lot of brokers still charge if the fee from the lender doesn't justify the time required to get a case through.