The overseas buy to let mortgage market is rapidly growing, largely due to the difficulties for first time buyers to get onto the property ladder and because they can provide excellent long term investment. If you are looking to acquire property overseas for a buy to let purpose then why not speak to us today? Our specialist brokers have experience in dealing with all types of overseas buy to let mortgage requirements.
It pays to speak to a good independent mortgage broker when looking for a buy-to-let mortgage. Largemortgageloans.com can not only talk you through what deals are available but we can also help you weigh up which one is right for you and whether to fix or track.
We can discuss with you the deposit you may need, which can be higher than required for a residential mortgage, and talk about the rental income you would need relative to the monthly mortgage payment.
Things to consider before purchasing an Overseas Buy to Let property:
The location, state and type of property. Tenants have high standards these days, with showers, washing machines and fridges expected as standard, as well as a general quality of finish throughout the property.
Ensure you research the area you are purchasing in, for current and future demand so you are certain you will be able to let your property.
Some types of tenants will be more favourable with lenders than others. Most lenders require that you have at least a 6 month AST (assured short hold tenancy) in place with your tenants. It may be more complicated if you choose to let to students, DSS tenants, or if you have less regular tenancy periods such as short term and holiday lets.
You will still be responsible for maintaining the payment of the mortgage if the property is vacant, so make sure provisions are put in place should this occur.
Whether you are arranging your first overseas buy to let mortgage or you are an experienced landlord, there are many competitive mortgages available, tailored specifically for the needs of property investors. We can help you source the most suitable Buy to Let mortgage for your needs via our extensive network of banks and private lenders.
Some of this month's top interest rates are listed above; the actual rate will depend on your circumstances. Please note that this information does not contain all the details you need to choose a mortgage, ask one of our advisers for a personalised key facts illustration on 020 7519 4900. The rate displayed may become out of date at short notice.
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YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT
Changes in the exchange rate may increase the sterling equivalent of your debt
Largemortgageloans.com is a trading name of Largemortgageloans.com Ltd, 12 Pepper Street, London, E14 9RP which is authorised and regulated by the Financial Conduct Authority. We are entered on the Financial Services Register No 302228 which can be viewed here: www.fca.org.uk/register/. The Financial Conduct Authority does not regulate some aspects of buy to let mortgages, overseas mortgages and tax advice. Help and advice in regards to mortgages is available at www.moneyadviceservice.org.uk
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A typical fee of 1.17% of the mortgage amount is payable. Of this, 20% is payable on application and the balance of 80% on completion. For example on a mortgage application of £300,000 the fee would be £3,510 in total. Of this, £702 (20%) would be payable on application and the balance of £2,808 (80%) on completion. The total fee is non refundable. We may also be paid commission from the lender. The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK. Calls may be recorded for training and monitoring.
You may have to pay an early repayment charge to your existing lender if you remortgage.
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