Bespoke Mortgage Advice
Is it possible to get a mortgage for an overseas property?
Yes, you can get a mortgage for a property in another country. Maidwell Group can assist with arranging mortgages in the UK, France, Spain, USA, the Caribbean and many more locations globally. Please get in touch with us to discuss further.
Can a non British citizen/person get a UK mortgage?
Many UK lenders do not lend to non-UK residents so you will have fewer mortgage options. Specialist lenders and international banks may be able to help you get a mortgage on a UK property. Lenders will consider your age, income, job security and credit score.
Can I buy a house in the UK while living abroad or as an expat?
In short, yes, you can buy property in the UK, even if you do not live in the UK. However, there are fewer lenders to choose from when based overseas. As a result it can be very difficult for an individual to find the right lender and at the same time make sure that all other requirements are met which is why we advise speaking to one of our professionals to do the hard work for you.
Which countries can we arrange financing in?
Maidwell Group have access to over 500 lenders globally and are able to arrange lending across the UK, Europe, USA and the Caribbean. Whether you are looking to build a property, renovate an existing, release equity we will be able to secure a solution for you.
Can I get mortgage on a visa?
Getting a mortgage on a visa is normally quite complicated. This is because visas are for a finite period and do not provide certainty to the bank. There are lenders who can offer solutions to those on Visas however it is important to gather all of the necessary information in order to speak to the correct lenders who are able to assist and meet your objectives.
How much deposit do I need for an international mortgage?
Lenders usually require a deposit, or down payment, of at least 20%. You may need a higher deposit for an overseas mortgage. For example, a deposit for a Spanish property can be around 30% for non-residents.
Can I get a 100% Loan To Value (LTV)?
What is a capital repayment mortgage?
Yes, there are lenders who can offer 100% LTV mortgages which is sometimes a preferred option to clients when it comes to structuring assets.
A capital repayment mortgage is when the mortgage repayments are made up of part interest and part capital. At the start of the mortgage the payments are made up of mostly interest and over time as capital decreases, so does the interest so by the end of the mortgage term, the bulk of the monthly repayments will go towards paying off the capital.
Eg. If you borrow £250,000 over a 25 year mortgage term and the interest rate is 3.5%, your monthly repayments will be £1,251.56. This means that over 25 years, the capital of your loan is £250,000 but you also repay £125,467 in interest.
What is an interest only mortgage?
An interest only mortgage enables you to repay solely interest on the amount borrowed, as opposed to interest and capital. This means that at the end of the mortgage term the capital (amount used to purchase the property) is paid off in a lump sum at maturity either through sale of the property or savings.
Most landlords choose to have their buy-to-let mortgages on an interest-only basis as this increases liquidity enabling them to invest it elsewhere.
Using the same example as above which is based over a 25 year term and an interest rate of 3.5%, an interest only mortgage would have monthly repayments of £729.17 but at the end of the mortgage term, you would have a capital balance of £250,000. Over the 25 years period, you will have paid £218,751 in interest.