More American mortgage options available

Over the last few years we have seen house prices in America plummet and mortgage rates with them making them much more affordable. So now is a great time to buy if you are looking for that holiday home you've always wanted or are looking to make the big move over there. We work with qualified and regulated mortgage brokers who specialise in arranging cheap American mortgage options for UK citizens who are looking to buy in places like Florida, California and beyond and there are now a few options to choose from. Lender 1  

• Up to 70% LTV only
• In addition the client needs to place $50,000 with the bank to establish a banking relationship. In practice though once the loan has gone through this money can be withdrawn without penalty, so it's just a question of having this finance to create the relationship in the short term.
• Rates are 3.75% for a 15 year fixed deal or 4.5% for a 30 year fixed deal

  Lender 2

• Up to 75% LTV only
• No need to build a banking relationship as above
• Rates are 5.25% for a 3 year fixed deal, 5.25% for a 5 year fixed deal or 6.375% for a 30 year fixed deal

  Lender 3

• Up to 60% LTV only (up to £2M)
• In addition the client needs to place $100,000 into the bank to establish a banking relationship. Once this money is paid in, the set amount must stay in this bank account for the duration of the loan
• Rates are 3.75% for a 15 year fixed deal or 4.5% for a 30 year fixed deal

  Lender 4

• Up to 50% LTV only (Cash out)
• No need for a banking relationship as above
• Rates are 3.75% for a 15 year fixed deal or 4.5% for a 30 year fixed deal

The range of American mortgage options along with the cheaper property prices may make it very tempting to take the plunge and finally buy that property you have been dreaming of, we can help you take the next steps within the process of making it a reality. There are a few things to consider before we look at taking that first step however, these are crucial to whether you would qualify for an American mortgage.

• Minimum loan size is $100,000 (so with a 70% LTV this means the property you are buying must be worth at least $145,000 or so)
• Debt to income ratio cannot be more than 36% i.e. the percentage of total monthly payments you are making on debt, including the mortgage you propose to take out. All of this included cannot exceed 36%. The good news here is if you plan to rent out your American property then we can add some of this to your income calculations.

So if you would like further information about arranging a cheap American mortgage you can speak to one of our team on 0845 1260350.