Hi
Am thinking about buying property (ski condo - medium/longer term investment) in Colorado.
Due to the the current strength of the pound, was wondering if it would be advantageous to take out a mortgage in the UK (in Stirling) rather than in dollars with a US lender? If so, does anyone know any UK lenders who do this?
Thanks, Lois
Why would you want to get a mortgage in Stirling (town in Scotland) in particular, do you live there? Od did you mean sterling?
I doubt if they'd be very keen as the security of a property in the USA wouldn't be very 'secure', think of the ramifications if you defaulted and they tried to repossess it.
Yes, if the security was a property in the UK - but more difficult if the mortgage was to secured on the US property.
I wondered how long it would take :-)
Why do you insist on Stirling? What's wrong with other towns?
Steve
Sorry smart people, but Stirling is now officially a city.
:)
H.
In message , Lois writes
It increase risk to the lender when one of the three elements of a secured loan is denominated in a different currency. The three elements are, loan, repayment, and security. I dont know a lender who would do this unless you had very substantial assets over and above the value of the house you propose to purchase. The exchange risk is too high.
Comedians, the lot of you!!! ;-)
Ok, STERLING (GBP) etc.etc.! Spelling is not my strong point...
So the concensus (sp?) is that no I, UK lenders will not provide mortgages on US properties?
If anyone has any advice on buying property aboard, then I would really appreciate it...
In the mean time, I will work on my spelling... :-)
Lois
Have you ever been to Wolverhampton ? :(
Would taking a mortgage on a UK property to use the cash to buy a US property work?
Stephen
A possible alternative would be a lender in Colorado - although any loan is likely to be in US dollars - especially if the LTV were low.
Of course it would as the US property would be 'invisible' to the mortgage lender. Only problem would be that if you default you lose your UK property, not the US one that you used the money to buy.
In message , Steve Maudsley writes
Yes.
Dear oh dear.
Eh? Of course it would 'work'. I didnt say it would be a good idea though!
What's got into you? DEAR OH DEAR!!
Sorry, perhaps im getting INTO bed the wrong side!
It's the perennial question of give and take. How could you not have picked up on it?
AAAAAAARRRRRRRRRRRRGGGGGGGGGGGHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!!!!
To get the perfect shot, list your property requirements and list it down i n an orderly manner, inform about the same to your realtor and make him cle ar with your concerns on a property and insist him that you really need a p roperty as quoted above, This saves both yours and his time too. While he w orks-out to bring in suggestion from his side, be kind enough to listen to his professional advice maybe he can suggest you with better option, be cau tions to never be carried away with his ideas. Next is to check out a few p roperty of our own to check if your realtor is much better than you, as you visit/check-out a property make sure to conduct a deep visual inspection b y a pro and you too personally, if possible try to have a short conversatio n with your neighbor. If satisfied make sure that, you make a pretty good d eal, a light and good conversation can get you the best deal.
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