Wednesday, 28 March 2012

International mortgages

There are literally hundreds of different types of mortgages out there. At Liberty Financial Consultants in North Yorkshire we can give independent advice on any type of mortgage, so you know we can find the best mortgage for you. Surveys suggest that advice on international mortgages is being increasingly sought after. So, what is an international mortgage?

International mortgages work more or less in the same way to normal mortgages for properties being bought in North Yorkshire and throughout the UK. That is to say that you borrow money from a lender in order to buy your house and the lender uses the house itself as security for the money they have lent you. This money is then paid back, usually on a monthly basis over a fixed period of time. International mortgages, however, are specialised mortgages for buying properties overseas and as such there maybe different penalties or taxes involved (you should always check this with your mortgage adviser). If you do some research and chose the right market, buying a property abroad can be a fantastic investment.

There are many different types of mortgage depending in the country you want to buy in and an experienced mortgage adviser will be able to advise you on these different mortgages. However, generally there are two basic types of international mortgage:
Repayment Mortgage
You re-pay a set monthly amount of money which consists of the actual money you borrowed (the capital) plus a share of the interest on the money you borrowed. At the end of the agreed period of time you will have then totally paid off the mortgage.

Interest-Only Mortgages
The monthly repayments made to the lender only cover the interest owing on the amount of money borrowed. You do not pay off any of the capital you have borrowed. At the end of the fixed period of time (usually 25 years) the actual money borrowed (e.g. the capital) remains the same. You must save money in order to pay off the outstanding money at the end.

Tips on International Mortgages
·         calculate the costs of visiting the property before you buy
·         discuss tax and conveyance fees with your mortgage adviser
·         check how much stamp duty you will have to pay


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