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Are you one of a growing number of people planning on buying a
holiday home in Spain?
Or have you decided to expatriate, buy a Spanish home and live
in it permanently?
If so, you may be about to begin your hunt for an international
mortgage to purchase real estate abroad…
The task of finding the best international mortgage can seem
like quite a daunting one at first glance with many domestic,
overseas and international providers vying for your business.
But don’t panic! Tackle the task head on, ensure you secure
yourself the best possible international mortgage or property
finance deal today and you will save yourself tens of thousands
in interest payments over the lifetime of your mortgage. You can
begin your search for the best loans and repayment vehicles
online which should help to make the whole process more
convenient and time efficient for you, and this article will
also help make the search for the most ideal and personally
suitable finance method that much simpler.
There are five basic types of finance arrangement available
internationally; to enable you to determine which one suits you
and your circumstances best there follows a brief description of
each: -
1) International Mortgages
Depending on the country you’re resident in and the country
you’re considering buying property in some domestic lenders
offer international mortgages for overseas real estate purchase.
An example is Lloyds TSB in the UK which offers resident Britons
who already own a home in the UK an international mortgage
scheme specifically for the purchase of real estate in Spain.
The types of mortgage and repayment vehicles are standard to the
domestic country (e.g., UK or US) though there is often the
added criterion that the purchaser is already a home owner in
the local country and any mortgages available are only for up to
70% of the purchase price.
2) Local Spanish Mortgages
As Spain is largely geared to the foreign property buyer it’s
often possible to raise a mortgage locally in Spain especially
when you approach one of the larger international bank’s
subsidiaries. It’s still important to make sure you understand
the local terms and conditions of the loan and the repayment
vehicle as well as checking and comparing the interest rates
available to you with those available from an international
lender ‘back home.’
3) Expatriate Mortgages
If you’re already an expatriate whether in Spain or another
overseas country and you want to buy in Spain or you’re
interested in buying a home in your originating country for
investment purposes or as a base for you to return to at some
point in the future, it can be tricky to secure a mortgage.
If you had a strong credit history before you expatriated and
you’re now in receipt of income to support your mortgage
application there are a number of lenders specifically
interested in attracting expatriate business though. Some of the
major high street lenders will charge you a bit of a premium for
the ease of application and service they offer and it’s actually
worth while shopping round on the internet to see who else is
offering specific expatriate mortgages.
Usually you should be able to borrow up to 85% of the property’s
value and when it comes to proof of income this can be made up
of earned, pension, investment and rental income. 4) Equity
Release and Second Mortgages
This is of course the simplest and most popular method being
used currently for the purchase of holiday homes overseas by
many buyers. In the UK especially, where the housing market has
significantly strengthened over the last 5 – 7 years, many
people have built up substantial equity in their homes and are
now releasing this ‘extra money’ to purchase property in Spain
in cash.
If you consider this method you must accept that the additional
sum you add to your mortgage will incur interest, it will have
to be repaid over the term or at the end of the term of your
mortgage and that the whole loan is secured on your main
property.
5) Installment Payments
You might like to consider purchasing property off plan as this
can give you the option to pay for the real estate via a series
of installments or stage payments that you can save up to fund
during the build period.
After paying the securing deposit your installment dates and
amounts will be written into your purchase contract enabling you
to budget accordingly. Clearly this method would particularly
suit those with a high level of disposable income.
Once you have determined the most suitable method to suit your
requirements and circumstances you can begin your search for a
lender if applicable. Consider searching the internet, using
forums, expatriate and international property sites, examining
lenders sites and you can also listen to personal
recommendations from friends, family and colleagues who have
already undertaken property purchases in Spain.
About the author:
Rhiannon Williamson is the publisher of http://www.shelteroffshore
.com/ - the online resource for investment property abroad,
offshore investing & living overseas. Click the following link
for Spanish
property and moving to Spain articles, guides & resources