Overseas mortgages

How much are property prices over there ? Can't you stick it on your credit card :-)

A second mortgage on your current property is a more likely option.

In my experience, it will be difficult to impossible to get such a mortgage. The UK banks don't even like mortgaging properties in Europe. The best they offer is to take a mortgage at local rates through one of their foreign branches or with a partner company.

For about £40,000 its possible to buy the kind of gaff I'd be happy to spend the rest of my days in. But if I was to get lucky I might find one good enough for £20,000.

Arthur

I live in the Philippines and have a property here, although not a mortgage.

The reason interest rates offered by local banks here are high is that Philippines Peso interest rates are generally higher than those for the currencies of the western economies.

I don't know what kind of property you're thinking of buying, but if you buy direct from the developer of a new construction project they will often offer much better repayment terms than you'd get by borrowing the money from a bank.

Chris [In Manila]

So if you can afford a 6% mortgage on 40k thats 2,400 per year (or 200 per month). If, instead you saved 2,400 per year for 8 years thats 19,200 + interest should be 20k. So in 8 years you can afford the 20k place for cash. If you can up your savings rate to 400 per month you could buy it in 4 years ! If you can up your savings rate to.......

"Miss L. Toe" wrote

Will it still cost only 20K in 8 years' time?