How To Buy Your Dream Home Abroad

Whether you are buying a holiday home for pleasure or letting

, retiring or moving abroad, or already own a home overseas, you should make sure that you take specialist mortgage advice. The house-buying process varies considerably from country to country, with different legal systems and local customs.

Whatever stage you're at, a good mortgage advisor will guide you every step of the way, right through to completion. You should be provided with a complete 'hand-holding' service, including ALL of the following:

(1) You should be offered a FREE, no-obligation chat about your requirements and needs

(2) You should be given a FREE 'Approval in Principle' certificate that shows you can borrow the money and will give you a head-start on your mortgage application

(3) You should be introduced to specialist advice from independent lawyers, architects and surveyors who will know the specific country's laws and local house-buying process

(4) An independent valuation of the property should be arranged for you. The valuation will highlight any potential problems with the property and, importantly, any boundary disputes

(5) You should be provided with useful tips on buying property overseas

(6) If you already own a property abroad and want to obtain a cheaper mortgage or to release some of the equity for whatever reason, you should be provided with the 'key facts' for the recommendation of a particular remortgage product

(7) You should NOT be allowed to sign a contract you do not understand

(8) You should feel that the service provided by the mortgage advisor was indispensable and excellent value for money

The dream of moving abroad or just buying a holiday home overseas has become a reality for many and there are many, many more people planning to do so during the coming years. Yet, hardly a month goes by without the media publishing a horror story about hapless expatriates whose dream home did not have planning permission or they encountered the 'builders from hell' etc. - they've even made televison series about poorly-advised people who have bought homes abroad.

Of course, buying a home abroad is an exciting prospect and most independent mortgage advisors, developers, estate agents and lawyers are honest. Nevertheless, there's one important rule that MUST apply - don't let your heart rule your head when buying your dream home abroad - stick to the very same principles that would apply when buying in the UK.

The 'mortgage maze' can be difficult one to navigate abroad and it surely makes sense not to lower your standards from those you would apply in your home-country - seek unbiased advice from independent mortgage advisors who have extensive knowledge of the buying-processes abroad.

In the writer's opinion, an independent mortgage broker with teams of highly-trained advisors, each dedicated to individual countries, is a sensible approach to buying one's dream home abroad.

by: Nigel Osgood

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