Remortgage?

crusty600
crusty600 Posts: 1 Newbie
I have a home with no mortgage to pay and want to remortgage to buy property abroad as holiday home and investment. What would be the best mortgage option and any pitfalls in buying abroad?

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  • Nasqueron
    Nasqueron Posts: 8,363
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    Best mortgage would be the one you can get

    You'd do better for looking at specialist websites for buying abroad or post on the home buying sub
  • MEM62
    MEM62 Posts: 4,671
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    crusty600 said:
    and any pitfalls in buying abroad?
    Yes, many but as you have not specified which country nobody can advise you.  
  • Exodi
    Exodi Posts: 2,781
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    crusty600 said:
    investment
    Unfortunately in my experience, generally agents that cater to inexperienced foreign buyers command such ludicrously one-sided terms that the odds are initially against you to turn a profit. It's not uncommon for there to be five figure fees, with you expected to also pay the vendors agent and solicitor fees.

    People seem to romanticise owning a foreign holiday home, whereas the reality is you have committed yourself to visiting the same specific location in the same country for the majority of your future holidays. You can also expect if not visiting regularly that every other trip will be filled with "oh Christ, the toilet is leaking and floor is saturated... I wonder how long it has been like that for?".

    I'd think very carefully and not let the rose-tinted spectacles fool you.
    Know what you don't
  • Nebulous2
    Nebulous2 Posts: 5,063
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    We briefly looked at buying in France and even visited an area we like to view homes. We were fishing at the bottom end of the pool, and were extremely disappointed in what we were going to get for our money. We also found that English language websites were asking more, sometimes substantially more, for the same house than French language ones. So as said above, there are a lot of pitfalls for the novice buyer. 

    We eventually bought in this country and remortgaged our home with Nationwide to help pay for it. They were willing to do so, but stipulated that the house we purchased had to be for personal use, not for let. 

    Given the funding they provided was one step removed from our purchase, I've no idea how they could monitor that. We had no intentions of letting it, so were happy to agree to that. 
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