Remortgaging Abroad

If youre considering remortgaging on overseas property

, there are a number of things you should bear in mind. More and more of us are buying property abroad, and lenders have introduced a great range of mortgage and remortgage deals to assist this process.

Lenders

When it comes to finding a remortgage for overseas property, the first thing youll need to do is find a lender who covers that country. Today, there are many remortgage companies including the major banks, who offer international mortgages and remortgages, catering not only for properties in a lot of different parts of the world, but of the needs of different customers.

Resources

You can find out which lenders cover your chosen country online, using comparison tools, calculators and many other resources to compare the best available remortgage deals and get the best out of your remortgage.

Reasons

People consider remortgaging on either domestic or overseas property for many different reasons. You may well be remortgaging to get yourself a better mortgage deal, perhaps with lower monthly payments, less interest or a shorter overall term. These things are all certainly doable if you shop around and find yourself the right remortgage deal.

In many cases, people look to remortgage options because they need funds for whatever reason, often to consolidate other debts or to carry out home improvements on the property in question. If you are thinking about a remortgage for debt consolidation, make sure you use a remortgage calculator to ensure any deal you agree to will actually ease your financial burden and not add to it.

Where?

Which country your overseas property is in will have a substantial effect on the remortgaging process. Many of the countries in Europe as well as around the globe have vastly different and often complex property laws. You should make sure you take the time to do your homework about the relevant country, or at least get professional advice from someone reputable who is familiar with it before making any decisions.

Some countries have more restrictions than we do in the UK on their mortgage deals, for example lower allowable Loan To Value amounts. Bear this in mind particularly if youre looking to obtain funds or additional lending through your remortgage.

Whatever your reasons are for considering a remortgage abroad, it will definitely pay to shop around, do your homework and think carefully about any decisions, this way you can get the best out of your property.

Some overseas lenders also offer interest only remortgages which are worth considering as a starting option to reduce repayments.

by: Rob Prime

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