 Mortgage FAQs
Q - Is it possible to borrow money to buy a property in Europe?
A – Yes, you can either take out a euro mortgage from the country in which you want to buy or re-mortgage your existing UK property to release the equity in it, using this to fund your purchase.
Q - What is a Euro Mortgage?
A - A euro mortgage is similar to a mortgage in the UK but it will be secured on your overseas property and issued in euros. IwantaSpanishProperty.com has a specialist euro mortgage division that can organise this for you from the UK or in Spain.
Q - What are the benefits of choosing a euro mortgage?
A - Interest rates in Europe are currently considerably lower than rates in the UK. Where fixed rates are available, it's possible to fix the rate for the entire term of the mortgage and not just the first few years.
Also if you're buying a property in euros it makes sense to borrow in euros. Sending sterling from the UK to fund your overseas property purchase could mean you're subject to exchange rate fluctuations and you may have either a surplus or shortfall of funds to complete the purchase.
Q - What are the advantages of re-mortgaging my UK property?
A - Re - mortgaging allows you to free up the equity in your UK property, which you can then use to either wholly or partially purchase your European property. If you wholly purchase your property, you may not have to make monthly overseas mortgage payments that could be subject to exchange rate fluctuations.
If partially purchasing (raising the deposit) with a re-mortgage, you will need additional funding such as a euro mortgage for the rest of the purchase price, IwantaSpanishProperty.com will be happy to arrange for you.
For more information on either re-mortgaging your UK property or a euro mortgage please call us on 0845 200 8130 or fill out an on-line enquiry form and we will happy to contact you to discuss your requirements.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
CHANGES IN THE EXCHANGE RATE MAY INCREASE THE STERLING EQUIVALENT OF YOUR DEBT.
email: info@iwantaspanishproperty.com |
