Overseas Mortgages
Financing property abroad
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An overseas mortgage allows you to fund the purchase of property in countries outside the UK, from French residential mortgages, to buy to let mortgages in Spain.
While we primarily serve UK residents, you do not have to be a UK resident to access an overseas mortgage via Choice Loans. As long as you are not a resident and citizen of the country you are trying to buy in, we can help. For example, we can help a Spanish citizen buy in America but we cannot help an American citizen buy in America.
How can we help with your overseas mortgage?
The process for getting an overseas mortgage is similar in many ways to the UK but there is greater scrutiny on disposable income, depending on the country you are buying in. Please see our guides below for country specific information.
- Guide to Mortgages in France
- Guide to Mortgages in Spain
- Guide to Mortgages in Italy
- Guide to Mortgages in Portugal
- Guide to Mortgages in Turkey
- Guide to Mortgages in the USA
For further information or to discuss a potential mortgage, please either complete the form opposite and we will be in touch or call us on 01494 410 125
Overseas Mortgages are not regulated by the Financial Services Authority, nor are they protected by the Financial Ombudsman Service or Financial Services Compensation Scheme. They may not be covered by the home regulator of the country concerned either, so you should consider the risks carefully.
- Deal with English speaking experts in the local mortgage market
- Get help with paperwork for both the mortgage and the overall buying process
- We assist all nationalities buy properties worldwide (not just UK citizens)
- We have experience in getting mortgages in most major overseas markets
Frequently Asked Questions
What is the maximum LTV available?
For non-residents the max LTV is usually 65%, maybe 70% in some rare cases.
What will it cost to arrange my mortgage?
The fee to help prepare your mortgage varies from country to country but will be made clear to you in advance. It is usually 1-1.5% of the mortgage amount.
Will my UK credit record affect the success of my application?
Yes, it is a key factor in the eligibility criteria.
What is the min/max mortgage available?
We only arrange mortgages of at least approx €100,000/$100,000. LTVs available vary from country to country but generally are n higher than about 70%
How important is my income?
This is hugely important. Most overseas countries look at the Debt to Income ratio i.e. the percentage of your total net monthly income that is used to make debt repayments such as domestic mortgages, personal loans, car payments, credit cards AND the mortgage you are now applying for. Depending on the country you wish to buy in, this DTIR is generally between 30-40% so can be quite strict. In our experience this is the single biggest obstacle faced by UK buyers when looking to purchase overseas.
What is needed to apply
Applying for a Overseas Mortgage is very easy. Below are listed the things you need in order to apply.
- Eligibility CriteriaClean credit and sufficient income to make repayments is required.
- Documents RequiredInitially just an application form but in time you will be asked to prove income and ID
- Additional CommentsThe entire process takes 6-8 weeks depending on the country you are buying in
Every year a large number of people get mortgages in overseas countries. The process is not as daunting as you may think and while there are different regulations and requirements, there is also an established process for non-nationals getting mortgages in these countries. Give us a call to find out more.
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