Securing the Best International Mortgage for Your Home in
Are you one of a growing number of people planning on buying a
holiday home in Spain?
Or have you decided to expatriate, buy a Spanish home and live
in it permanently?
If so, you may be about to begin your hunt for an
international mortgage to purchase real estate abroad?
The task of finding the best international mortgage can seem
like quite a daunting one at first glance with many domestic,
overseas and international providers vying for your business. But
don't panic! Tackle the task head on, ensure you secure yourself
the best possible international mortgage or property finance deal
today and you will save yourself tens of thousands in interest
payments over the lifetime of your mortgage.
You can begin your search for the best loans and repayment
vehicles online which should help to make the whole process more
convenient and time efficient for you, and this article will also
help make the search for the most ideal and personally suitable
finance method that much simpler.
There are five basic types of finance arrangement available
internationally; to enable you to determine which one suits you
and your circumstances best there follows a brief description of
1) International Mortgages
Depending on the country you're resident in and the country
you're considering buying property in some domestic lenders offer
international mortgages for overseas real estate purchase.
An example is Lloyds TSB in the UK which offers resident
Britons who already own a home in the UK an international
mortgage scheme specifically for the purchase of real estate in
The types of mortgage and repayment vehicles are standard to
the domestic country (e.g., UK or US) though there is often the
added criterion that the purchaser is already a home owner in the
local country and any mortgages available are only for up to 70%
of the purchase price.
2) Local Spanish Mortgages
As Spain is largely geared to the foreign property buyer it's
often possible to raise a mortgage locally in Spain especially
when you approach one of the larger international bank's
subsidiaries. It's still important to make sure you understand
the local terms and conditions of the loan and the repayment
vehicle as well as checking and comparing the interest rates
available to you with those available from an international
lender 'back home.'
3) Expatriate Mortgages
If you're already an expatriate whether in Spain or another
overseas country and you want to buy in Spain or you're
interested in buying a home in your originating country for
investment purposes or as a base for you to return to at some
point in the future, it can be tricky to secure a mortgage.
If you had a strong credit history before you expatriated and
you're now in receipt of income to support your mortgage
application there are a number of lenders specifically interested
in attracting expatriate business though. Some of the major high
street lenders will charge you a bit of a premium for the ease of
application and service they offer and it's actually worth while
shopping round on the internet to see who else is offering
specific expatriate mortgages.
Usually you should be able to borrow up to 85% of the
property's value and when it comes to proof of income this can be
made up of earned, pension, investment and rental income.
4) Equity Release and Second Mortgages
This is of course the simplest and most popular method being
used currently for the purchase of holiday homes overseas by many
buyers. In the UK especially, where the housing market has
significantly strengthened over the last 5 - 7 years, many people
have built up substantial equity in their homes and are now
releasing this 'extra money' to purchase property in Spain in
If you consider this method you must accept that the
additional sum you add to your mortgage will incur interest, it
will have to be repaid over the term or at the end of the term of
your mortgage and that the whole loan is secured on your main
5) Installment Payments
You might like to consider purchasing property off plan as
this can give you the option to pay for the real estate via a
series of installments or stage payments that you can save up to
fund during the build period.
After paying the securing deposit your installment dates and
amounts will be written into your purchase contract enabling you
to budget accordingly. Clearly this method would particularly
suit those with a high level of disposable income.
Once you have determined the most suitable method to suit your
requirements and circumstances you can begin your search for a
lender if applicable. Consider searching the internet, using
forums, expatriate and international property sites, examining
lenders sites and you can also listen to personal recommendations
from friends, family and colleagues who have already undertaken
property purchases in Spain.
Rhiannon Williamson is the publisher of http://www.shelteroffshore.com
- the online resource for investment property abroad, offshore
investing and living overseas articles, guides and resources.
Click the following link for Spanish
property and moving to Spain articles, guides, resources and
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