Castlefree

Here are some important things to consider when you buy and finance a foreign property.

Because of the significant differences between purchasing overseas and the UK, it is essential that you seek specialist advice, not only for your mortgage arrangements, but from solicitors, surveyors and architects.

Always have an independent valuation of any proposed property to purchase.

Do not sign any contracts you don’t understand, particularly if it is in a foreign language.

Make sure you do not inherit any debts on the property you plan to buy. Your solicitor should check this for you.

Make sure that you have an “opt out” clause in your purchase contract if you are arranging finance as this will enable you to a refund if a deposit has been paid if the loan is not agreed.

Make sure you are fully aware of all the costs involved with the purchase, before making a decision.

As the time scale for arranging a foreign mortgage is longer than that in the UK please ensure you have allowed sufficient time for your application to be processed.