It seems that Brits get the best mortgage deals in Europe and probably the world, So does that mean if you want to get a mortgage on a property owned in (continental) Europe, you should seriously consider asking a British lender? Or is it extra-complicated and not worthwhile? Thanks for your thoughts again,
Seb
In message , snipped-for-privacy@yahoo.com writes
Technically it is possible, but not on the low terms available in the domestic mortgage market.
A Building Society wont do it but a Bank has the ability to do it but probably wouldnt on terms you would like. To get a loan ion UK at the lower rates you would need to borrow in Sterling. The problem is that at least one part of the triangle of which a mortgage loan exists would be in a different currency than the other two parts. I.e. the security and income ,might be in euros but the loan would be in Sterling. This increases the risk substantially to the lender and to the borrower so they will lend it to you at a margin over base rate and the LTV value would likely be no more than 66%.
Better to remortgage an existing UK property, then buy the Spanish holiday villa for cash.
So currency is the main risk... gives me a thought then. If Ireland's mortgage industry is about as competitive as the UK, Irish lenders may be worth a try for mortgaging eurozone houses.
Seb
In message , snipped-for-privacy@yahoo.com writes
You could be right.
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.