Whole Of Market International Mortgage Advice

Whole of Market International Mortgage Advice by Simplicity Financial Services. We are whole of market international mortgage brokers based in Sheffield but able to serve the whole of the UK. There are many reasons that people choose to purchase a property overseas. Typical motives revolve around the purchase of a holiday home or the acquisition of overseas property for investment or retirement in sunnier climates. The expatriate community will continue to swell, a survey carried out by the Prudential in 2004 revealed that an astonishing 45% of Brits would like to retire abroad. So if you have a need for holiday home mortgage, expatriate mortgage, buy to let abroad mortgage then we can be your mortgage men. When it comes to financing such a home purchase, there are two basic forms of borrowing:

Foreign Property Mortgage Take out a mortgage secured against the foreign property. This could be from a UK mortgage provider or from a lender based in the same country as the property in question.

Re-mortgage existing UK property This can free equity to fund the purchase of the overseas property.

There are pros and cons for each method depending on where you earn your income, your ability to raise a mortgage abroad and the outlook for exchange rates.

With the Directors of Simplicity having years of experience of buying property throughout Europe, we can provide a wealth of expert advice about obtaining a mortgage abroad, where to buy and the things to watch out for.

Where is it possible to buy property?

There are many possibilities but there are certain areas which are more established than others.

With interest rising in destinations across Europe, many people dream of the perfect home in the sun in France, Spain, Portugal, Greece or Italy. These are the traditional hotspots where thousands of Brits have purchased, holidayed, retired to and invested in. These more established destinations can still represent a sound investment, however many areas have witnessed UK style property price rises. It is within these countries that more finance opportunities exist due to lenders greater experience in these markets.

The USA, South Africa, Australia and the Caribbean, are by no means out of reach. We can provide advice on the best ways to obtain finance for a mortgage in these countries, and where possible will administer the entire process.

We like to do things a little differently here at Simplicity though, and are currently involved in one of the hottest (tsss!) property development projects ever seen in Eastern Europe.

Veliko Turnovo, the cultural centre of Bulgaria is host to one of the most environmental and economically exciting venture’s, one in which there is still time to invest in.

For example:

“The British are getting more adventurous and it is not just Spain, France, Italy, Portugal and Florida that are on the radar screen. Places like Bulgaria, set to join the European community in 2007, and Croatia are amongst the newer hot spots of interest for UK home buyers.”

Mark Battersby

Tip top top tips

However, although overseas mortgage products can seem very similar to UK mortgages, there are many other factors to consider, most notably local laws, taxation rules and other restrictions involved when a foreign national decides to buy a house.

Never sign a contract that you do not understand (for example - if it is in a foreign language).
Always ensure that you seek specialist advice from independent Solicitors, Architects and Surveyors before considering a purchase overseas.
Before proceeding with the purchase (and would especially apply to a re-sale property, regardless of age), ensure an Independent Valuation of the property is carried out, which should point out any problems with the property.
Ensure you do not inherit a debt on the property before you purchase, which a solicitor should be able to check.
Always give yourself a `cooling off` period if you see a `must-have property` and are tempted to put down a deposit there and then.
If you are arranging finance on the property, ensure that this is stated in any contract and you have an 'opt-out clause' if the loan is not agreed (which will ensure any deposit paid is refunded).
Try to arrange your mortgage finance 'in principle', before agreeing to purchase the property, or before signing any contracts and paying over a deposit.
Arrange your mortgage in the currency that you earn in where possible, unless you are going to receive rental income from that property in the local currency and then this may be a possible alternative option, dependent on the lender's criteria.
Think about combining your cash with friends or family: it could bring a Villa with pool within your financial reach, rather than simply an Apartment.
Check with the Estate Agent or vendor that you are aware of the costs charged by the legal and government authorities for purchasing a property in your chosen country.
Open a bank account in your chosen country and ensure you get a Certificate of Importation for the money you bring in from your home country.
Set up standing orders in a local bank account to meet bills and taxes. Failure to pay your taxes in some countries, such as France, Portugal and Spain, could lead to court action and possible seizure of your property
Remember that bills do not end at the asking price. Lawyer's fees, Taxes, Insurance etc must all be met in your host country and can often be more expensive.

Foreign Exchange & Currency Transfers

Simplicity has set-up a relationship with World First to offer currency exchange solutions. World first is one of the UK's leading foreign exchange providers. If you're thinking of buying a house abroad or transferring funds to another country, you'll need to do a currency transfer.

This can be a stressful experience but World first can help take the worry, hassle and risk out of the process. World first can also save you a considerable amount of money and time!

World first guarantee to give you a better exchange rate than your bank or any other currency company and our service is fast and free (0% commission). There are no hidden fees and it's very easy to use.

Currency Services

TTT Moneycorp was established in 1962 and foreign currency has been our main business since 1979. Since that time, we have been providing our clients with an exceptional level of service and value for money, trading over £4 billion worth of currency in the last financial year. Moneycorp have been proud holders of the prestigious ISO 9001:2000 accreditation since 1996 and we remain unique in the foreign exchange industry as holders of this accreditation.

There are a number of key services that Moneycorp can offer our clients to ensure that they receive the most competitive exchange rates available in a manner that best addresses their foreign exchange needs.

These include:

No commission charges
Fast, efficient worldwide transfers
A dedicated dealer to guide you throughout your currency transaction
24 hour market monitoring enabling you to benefit from currency fluctuations outside of normal banking hours
Regular Payment Plan - smaller regular transfers
Extended office opening hours 7:30am - 10:30pm Monday to Friday and 10:00am – 4:00pm on Saturday.
TTT Moneycorp Privilege card to purchase currency and travellers cheques commission free and at preferable rates of exchange from any of our retail branches in central London, or at Gatwick and Stansted airports
Peace of mind dealing with a company that has been trading foreign currencies since 1979, is the only foreign exchange company in the UK to have been certified to ISO 9000 Quality Assurance and last year traded in excess of £4 billion in currencies

Exchange rate volatility will play a key role in your local currency transfer. It is not uncommon for currencies to fluctuate by as much as 10% over relatively short periods of time.

EURO SAVINGS CASE STUDY
For example, a couple wishing to purchase a property in Europe for 200,000 Euros would have paid the Sterling equivalent of £134,526.13 in May 2005. Two months later they would have paid £136,873.80 for the same property. By securing an exchange rate in advance, they could have made a saving of £2,000.