Mortgage for foreign property

Mrs_T_13

Dear Helpful and Knowledgeable ones,

We have a property in Spain that is nearing completion. Upon completion, if we haven't sold it on, we need to get a mortgage on it. (We put a deposit down on it last year and have bought the 'right to buy')

Could anyone recommend a reliable mortgage provider in either the UK or Spain?

We are based and work in the UK. We have been self-employed for the last five years (although that is about to change) and so need a provider that can work with our circumstances.

Cheers peeps,

Mrs T

MortgageGenie

The most common way people fund overseas properties is to either release equty from an existing UK property or seek a mortgage in the country in which they are buying. (sometimes both)

As a starting point you could try http://www.barclays.es/en_UK/index.html

Mrs_T_13

Thanks MG,

Will take a peep at the website.

We don't have a property in the UK and only need a small one for the property abroad.

Mrs T

Ian_W

Mrs T,
Also read THIS THREAD.

3 options are outlined - you can't re-mort a UK property as you don't have one. You can borrow against the o/seas property from a UK lender [LlyodsTSB/ Abbey/ RBS [Gib]/Norwich & Peterboro' - maybe quite a few others these days] the advantage is your repayments are in £'s which, if it's your main income source, is probably best. You can borrow from Spanish Banks [80% LTV max] which have lower euro interest rates but it will cost if you have to change £'s to €'s for your repayments and can be problematic if rates fluctuate. Your developer/builder might have an arrangement [be surprised if they didn't] with a local bank if you choose this route.

Hope that helps. BoL.