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| Arranging
a mortgage overseas |
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| The
benefits of buying in a foreign currency |
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The Critical Questions To Ask
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Is
it located in a resort with plenty of amenities? |
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Is
there an on-site rental & management agency? |
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Is
it close to an airport? |
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Is
the estimated annual rental income going to cover your
outgoings? |
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What
is included in your annual management fees i.e. external
maintenance? |
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How
long is the holiday season/? |
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Will
the rental income be paid in Sterling or in foreign currency?
(This may affect your decision whether you have a
Sterling or foreign currency mortgage) |
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How
often do you or your family plan to use it? |
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Don’t
forget to budget for furnishings?
(Many resale properties come with furniture and fittings
included). |
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Sales and Leaseback Schemes
Sale and Leaseback schemes are operated by resort developers selling
properties to investors who may only use it for say 6 weeks a year.
The rest of the year it is leased back to the developer who in turn
will let it out and guarantee an annual income for the first 2 years.
The guaranteed income is normally in the region of about 6% of the
value of the property.
This is an easy option for purchasers not wanting the hassle of
managing their property. However, some schemes are poorly regulated
so caution should be taken when considering this option.
Need
advice?
The Property Banking team are helping many clients purchase overseas.
Apart from providing financial solutions, we are happy to help with
more general advice covering the above issues. Call one of our team
on 08700 111 779*.
* Lines open Monday - Friday
8.00am - 10pm. Calls charged at local rate. Operated by Asset Design
Limited, an independent financial management team, licensed credit
brokers and members of the Mortgage Code. Find out more
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