Financing Your Property Purchase
In whichever country you are looking to make your property purchase we can assist you with mortgage finance. This is a simple process and we will help you every step of the way.
We understand, however, that a mortgage is not always the best solution depending on your own individual situation and that in some cases additional borrowing is required. With this in mind we can help arrange two additional types of finance to help you with your property purchase. Details of Stage Payment Loans and Bridging Loans are detailed below.
Stage Payment Loan
When buying a property overseas, which is still under construction, it is usual that a number of payments need to be made at various intervals ahead of completion of the property. As mortgages are provided by lenders at completion time this means that cash deposits of between 10-50% can be required.
A Stage Payment Loan can assist homeowners with stage payments up to 50% of the value of the property you are purchasing. This loan will be secured against your UK property.
Other features of the Stage Payment Loan include:
- Term up to 2 years with no penalty for early repayment
- Option to convert the Stage Payment Loan into a mortgage over a term up to 20 years
- Competitive interest rates and quick responses from the lender
- The loan can be in Sterling or Euros
- Minimum loan 27,000 or 35,000
Bridging Loans
Many clients look to fund their overseas property purchase from the sale proceeds of their UK property. A bridging loan can provide homeowners with up to 100% of the purchase price of their overseas property which can give you more time and flexibility when selling your home in the UK. The bridging loan will be secured against your UK property.
Other features of the Bridging Loan include:
- Term up to 2 years with no penalty for early repayment
- Competitive interest rates and quick responses from the lender
- Minimum loan 27,000 or 35,000
Stage Payment and Bridging Loans can help you with your property purchase and give you more time to sell your UK property.
For more details of both loans please call the property specialists on 0800 542 4848.