Do it early as a starting point to the buying process. If you arrange your mortgage in France first then you'll know that a property is in your budget, that you qualify for a mortgage and can safely put in a formal offer.
Overseas mortgages work on three basic principles.
Yes, you can get an mortgage in Spain or any country, providing you have a sufficient deposit and income.
Yes, providing you can provide business accounts and recent tax returns.
Yes, as a retired person you cannot be made unemployed and your income isn’t reliant on whether you’re healthy enough to work. You need to be aware that many lenders have upper age limits on their mortgages and you will need advice on which lender to use and how long you can have a mortgage. As advisors we would want to know what arrangements you have to pay off the loan.
Every lender has a different set of criteria for each client. Your bank can only offer its own products, whereas our advisors research the market to find an alternative lender.
Yes, our advisors will the implications of this in relation to taking a foreign mortgage.
Do they specialise in overseas mortgage finance? Is there any reason why you wouldn’t value a second opinion? Our advisors have access to overseas lenders that a UK mortgage advisor may not have contacts with. We are always happy to work in conjunction with your existing advisor should you want us to.
Possibly. However, all lenders have different criteria. We know what these are and can choose the correct lender for your circumstances.
It will depend upon your individual circumstances. Overseas lenders generally like to see a clean credit history.
Our advisors will discuss your requirements over the phone and will then complete a fact find which will determine whether you qualify. If you do, we will then confirm what mortgages are available and the associated fees in writing. Once you are happy to proceed then we can submit your application and get a decision from the bank. As we already know the banks criteria, we will only be sending applications that are likely to be agreed. Typically it will take around 8 - 12 weeks from our initial contact to when you receive your mortgage approval.
Our advisors will always look to obtain the best rate with the lowest fees depending upon your requirements and circumstances. Before you agree to proceed you will be able to make an informed decision based upon written details of the proposed mortgage. Have a look at our mortgage calculator for an indication of monthly interest costs or request a quote.