Opening the door to your dream property

If your situation is even slightly out of the ordinary, you may find it hard to get mortgage finance on a property by approaching the big banks or building societies directly.

Especially if you are self-employed, retired, or not domiciled in the UK.

Unusual properties, or those not in the UK, can also be problematic.

Talk to Henderson Morgan. We can obtain fixed-rate or variable-rate mortgages in the UK or Internationally.

Our service comes complete with assistance to help you overcome any concerns or obstacles, so that you can secure your ideal home.

We work with expert UK IFAs, and for other countries we have specialist brokers who can overcome the language and cultural barriers that you face if you go it alone.

Specific, expert advice is currently offered on buying property in the popular locations: buying abroad can be wonderful but you need to have your eyes open. Here are a few selected points:

Spain

Spain is the most popular European destination for the British when emigrating or seeking a second home abroad.

The legal and financial system is different to that in the UK and it is important to get good advice and expertise when buying there.

Capital gains tax is normally payable when you sell your property and inheritance tax is payable by a spouse or partner on your death: these factors can be mitigated if you structure your affairs in the most effective way.

France

Conveyancing is different to the English or Scottish systems and the role of the ‘notaire’ in acting as an independent person conducting the searches should be understood.

As in Spain and elsewhere, breaking the contract involves a loss of the deposit on the part of the buyer, so it is important not to rush into a deal without having conducted all your checks and any survey before you commit to buy.

Portugal

It is essential to get a good lawyer who speaks English and will ensure that all searches are carried out correctly before you commit.

As in Europe generally, there are options of having a mortgage tied to the Eurozone rate, or in sterling; and if you own a UK home outright or with a large amount of equity you may choose to remortgage that and become a cash buyer abroad.

Italy

There is the option in Italy of taking out a Reservation Contract to get the property taken off the market while you carry out your survey and searches.

This is particularly beneficial because when it becomes time to pay the full Preliminary Contract you could be liable to pay up to 30% of the purchase price: and it is not refundable if you withdraw.

You will have to pay the estate agents’ fees, and you should budget for 15% on top of the purchase price for your added buying costs.

Florida

Buying in Florida can be less onerous than in Europe. Deposits are small and the process is relatively painless.

However, if you need a dollar mortgage you should get good advice on whether to go fixed-rate or variable, and how much you can obtain.

If you plan to rent the property, there are complex laws and restrictions in Florida so get the practicalities checked out before you buy.


For mortgages or all your financial needs, including current accounts, savings, money transfer and trading stocks, consult ,Henderson Morgan