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FTB looking to buy in the US- Advice needed
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TLJester
Posts: 88 Forumite
My wife and I are looking to buy our first home in the US what with low cost of property and the great exchange rate.
What we cant work out is if it is better (or if we can) get a mortgage in the US with the low interest rates that they currently have there (and the convience of having all the money in US$). Or whether we would need to get a UK mortgage to then buy the property in the US.
From our searches most info points to using your UK property as equity against your overseas property, though as FTB this is clearly something we dont have.
Also we wouldnt be living in the US for at least the 1st year of ownership, ideally renting the property to cover the mortgage during this time.
We would be SOOOO grateful if someone here could point us in the right direction with this!!!
Many thanks
What we cant work out is if it is better (or if we can) get a mortgage in the US with the low interest rates that they currently have there (and the convience of having all the money in US$). Or whether we would need to get a UK mortgage to then buy the property in the US.
From our searches most info points to using your UK property as equity against your overseas property, though as FTB this is clearly something we dont have.
Also we wouldnt be living in the US for at least the 1st year of ownership, ideally renting the property to cover the mortgage during this time.
We would be SOOOO grateful if someone here could point us in the right direction with this!!!
Many thanks
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