How to finance a home overseas?
There are several different ways people purchase property abroad – the main routes being:
- UK home remortgage
- Overseas mortgage
Even if you are in the fortunate position to pay cash for your foreign property, you could save money (overall) by taking out a mortgage.
You won’t be able to take a mortgage from a UK bank to pay for a home that lies on foreign soil. But non-residents are permitted to take mortgages from most banks in the country they plan to purchase in. To answer the special financial needs of an international real estate transaction, the Alliance recommends using a specialist overseas mortgage broker who will help you search out the best deals.
Your choice of mortgage provider is an important one over the lifetime of your agreement.
Simon Conn - Overseas Property & Finance Specialist
If you are looking for assistance in arranging an overseas mortgage, or simply require some guidance on purchasing (or possibly re-financing) a property abroad, AIPP member Simon Conn has created a wide range of services that could provide you with both local and international solutions.
Financing a property overseas can be complex, especially when it comes to obtaining the international mortgage you need to make your dreams a reality. Make life easier by using the services of someone with over 35 years’ broking experience in the overseas property market. Today he is regarded as one the leading experts in this field, and is regularly asked by the media to commentate on matters relating to the purchase or refinancing of overseas property.
The link below will take you to a form. It is quite long, but this will save time in the long run and will ensure you receive a genuine and prompt response.
Clear Currency - Fix your currency with a forward contract
The Alliance of International Property Owners are delighted to be working with and recommending Clear Currency as our official foreign exchange partner. By arranging a forward contract, and fixing your rate in advance, you can guard against the risk of currency fluctuations.
At Clear, a dedicated transfer manager will guide you through every step of the currency transfer process and help secure the best rate to make your budget go further. And it doesn’t stop there. If you require cross border payments for pension or household expenditure, Clear can set up regular payments to suit your budget schedule.
Blevins Franks - Know your tax position before you buy
If you are considering purchasing a property in, or retiring to Europe, it’s important to review your options and financial planning. Taking specialist, personalised financial advice to understand the complex tax rules in both Europe and the UK can help you avoid costly mistakes and make the most of the tax-efficient opportunities available.
Blevins Franks are the leading international tax and wealth management advisers to UK nationals living in Europe. With offices in the UK and across France, Spain, Portugal, Cyprus and Malta, they have over forty years’ experience in providing cross-border tax, pensions, estate planning and investment advice to British expatriates throughout Europe.
Note: the companies recommended by the Alliance provide us with a small commission if you use their services. This fee goes to support the ongoing work of the Alliance. We have been given assurances by the participating companies that the price you pay for using their services through our website are the same as if you go elsewhere, and may possibly be at a discount. The commission we receive is built into the price they charge and is payable to all 3rd parties listing their services and cannot be avoided by going directly to that company providing the product or service. Whilst we will use our best endeavours to ensure this remains so, please do contact us if you find differently.