Spanish Mortgage

Fancy a villa in France, a farmhouse in Italy or a villa in Florida ? An increasing number of people are purchasing a holiday or retirement home abroad making their dreams become a reality. Before you buy it is important to visit the area you are interested in and spend time there. Make sure it's the right place for you. If you are looking for a local estate agent shop around and find one (or more) that you feel comfortable with. It is extremely important to make sure they are a member of a professional trade body.

A Spanish mortgage may often seem cheaper than one in the UK but it can take longer to complete the purchase and will often be more expensive in terms of agent fees, local taxes and legal costs. For example the the purchaser often has to pay the vendor's fees as well. It can also prove expensive and time consuming to refurbish a property if it has been empty for some time. If you need help to improve a property before you move in don't count on it taking a few weeks. You will need to plan any work very carefully and have either a trusted advisor to supervise the works or to be there in person for a considerable period of time.

It is also very important to study the domestic laws of the country you are moving to as you may find you need a new will to avoid inheritance tax or complicated succession rules. If you're at all unsure about the legal aspects of the country concerned you are well advised to find a UK based lawyer who can help. Many UK solicitors specialise in the overseas property markets and will save you a great deal of heartache and expense by pointing out the obvious pitfalls.

Arranging finance used to be difficult when it was for the purchase of an overseas property. This has changed in the last few years and the good news is that more and more UK lenders are offering loans to buy properties abroad, particularly in Europe. Home loans for properties abroad are usually available for up to 70% or 80% of the purchase price and can be in a currency of your choice. Remember to time your purchase to take advantage of any currency fluctuations, you can sometimes get a lot more for your money. Or you could end up with less money. If you really want to buy abroad then take advantage of the wealth of related books, publications and website's on the subject, or take professional advice.

Spanish Mortgage :