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International mortgage questions
bradders72_2
Posts: 8 Forumite
I'm likely to be buying a place in Italy with my Father-in-law to use as a holiday home and to rent it out for part of the year. I've been searching the net for some kind of general resource about foreign mortgages but not had much luck yet.
Do you have to have a mortgage in the country from which you are purchasing? (There's mention of having the mortgage in the currency of your choice) I heard of someone buying a place in Cyprus recently and their mortgage is in Swiss Francs because it was cheaper - but I don't know if it was a Swiss mortgage or a Cypriut one just using Swiss currency.
If I'm renting it out for half of the year does it have to be a specific Buy-To-Let mortgage (with rental income/mortgage payment ratio criteria) like it does in the UK?
If you can borrow the money from a bank of any country then is it possible that you can get a mortgage from a foreign bank with a lower rate of interest to pay for your main UK residence?
I'd be grateful for any advice.
Cheers
Brad
Do you have to have a mortgage in the country from which you are purchasing? (There's mention of having the mortgage in the currency of your choice) I heard of someone buying a place in Cyprus recently and their mortgage is in Swiss Francs because it was cheaper - but I don't know if it was a Swiss mortgage or a Cypriut one just using Swiss currency.
If I'm renting it out for half of the year does it have to be a specific Buy-To-Let mortgage (with rental income/mortgage payment ratio criteria) like it does in the UK?
If you can borrow the money from a bank of any country then is it possible that you can get a mortgage from a foreign bank with a lower rate of interest to pay for your main UK residence?
I'd be grateful for any advice.
Cheers
Brad
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