Buying a property wherever it's located is one of life's biggest purchases, so it's important you plan accordingly, especially when it comes to your finances. That said there's no need to panic, there are numerous professionals on hand to assist you when you are ready to take the plunge. In the run up to that stage, do as much of your own research as possible, this will help you establish those questions you can't answer yourself and need expert input on, that way you will be fully prepared to utilise professional assistance to the fullest. All this will help ensure you are as informed as possible going into the process, giving you peace of mind and helping protect you against unwanted difficulties later.
- Is cash purchase an option?
- Will you need a mortgage and for how much?
- What will you need to pay and when?
- Are there additional costs, such as legal fees?
- Do you have a pension you could invest in overseas property?
- If you choose to sell later what costs may be involved there, such as tax for example?
There are three options available if you require a mortgage to purchase. You can re-mortgage your UK property, take out a new mortgage from a UK lender to buy overseas, or borrow from abroad via a specialist broker.
Once you have determined your budget and conducted some research you may wish to speak with all of the above to enable you to weigh up options and decide which suits you best.
Did you know?
You can now invest your pension into overseas property
A number of specialist intermediaries are now available in the market to give you more information on this. They will also put you in touch with an FSA regulated Independent Financial Advisor who can talk you through this option in more detail and help you decide if it's right for you.