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Mortgages to buy property/h1>

The availability of morrtgage finanace, the rules about who can get it, the terms upon which it is offered and the paperwork needed vary hugely from country to country and, in some countries, from area to area. This page is, therefore, no more than a general guide.

Financing your purchase

You can finance the purchase in three main ways:

  • cash
  • a mortgage from a UK/Irish/US lender, secured on your existing UK/Irish/US property
  • a mortgage on the property you are buying from a lender in that country (or, occasionally, elsewhere) and secured against that property.
Local mortgages are very different from UK/Irish/US mortgages.

Choosing the wrong mortgage is an expensive mistake!

Ask us for advice. We can, usually, put you in touch with brokers who can help.

Monthly mortgage repayments

Mortgages are normally repaid monthly. They must be repaid from a bank account in the country where the property is locarted - though this can, of course, be topped up from an account in your own country in order to make he payment.

If you are repaying the mortgage from your overseas income and so need to transfer the funds overseas in order to make the payments you should contact a specialist foreign exchange company to carry out this task for you. Not only will you obtain a much better exchange rate than you would if you made the transfer via your own bank, many companies operate special frequent payment programmes which considerably reduce the cost of making the transfers. If you are going to use a foreign exchange company it is vital that you use one that is reputable. For many years our clients have received good service from - Moneycorp. See their website for details of their regular payment programme.

Choosing a bank

In most countries where mortgags are available, a number of banks offer mortgages.

Although their offerings can appear very similar, there are significant differences in detail between them. Some banks also offer mortgage options that are not available from other banks.

Some banks have a great deal more experience of dealing with foreign borrowers than others. This can make it a lot easier (and quicker) to process your application.

It is worth taking advice about which bank might best suit your requirements.

The individual lawyers, accountants and other professionals who are the members of The International Law Partnership Ltd. may be able to give you that advice.

Next steps

Please contact The International Law Partnership Ltd. We will clarify your requirements and then put you in contact with our relevant member.