USA Holiday home

desamax

Hi im looking to buy an investment holiday home in the USA. I have 25% dep and also own my own home worth £400k with £130k mortgage. I also own a comerical property mortgage free worth about £300k which gives me an income of £21k. At present, i dont have proof of income as im self employed. What would be the best and easiest way for me to finance this home ?. I would like to borrow sterling i need pre approved funds so i can make the purchase. Any help would be most appreciated.

forgot to add i have five credit cards with about £10k outstanding and two bank loans £6k end in feb 09

THANKS

herbiesjp

Are you trying to raise the funds against the properties you have here?

Or do you want a mortgage in sterling against the property in Florida?

janken

Good luck - firstly you will proably need to finance the property in the UK as most US banks will not now lend to "Non Resident Alians" (Part of the sub prime problem) It is very easy to purchase -Make an offer, have it accepted (normally same day) and pay 90 days later. Keep an eye on tax and insurance. Normaly included in US mortgages. You can loose your property very quickly if your tax is not paid.

I stongly recommend you open a bank account in the US, I use Bank of america. This will allow you to pay bills directly. Get an accountant to watch all the tax problems. this need not be expensive. For tax only i pay about $250 per year.
Hope you find a nice place

Ken