Can I have a mortgage abroad as well as in the UK?

Posted on 4 October 2007

I want to buy a property abroad to get on the property ladder. Can I have a mortgage abroad as well as in the UK?

Lizzie

Dear Lizzie,

Yes there is no problem with this, as presumably the one abroad would be let out and your own employed income would only be used to pay the mortgage here.

I'm not sure why you would need one there to get on the property ladder if you were going to have one here as well. I presume you mean that you would expect to be able to buy here in a few years having capital raised on the one abroad.

Do be aware that mortgage companies abroad don't have to stick to the same rules and regulations we do, so do be extremely careful about what you agree to. They might need a larger deposit there than a residential mortgage here would.  Also, look carefully at property value increases wherever you buy, and ask yourself why it has occurred and if that is sustainable.

Good luck, Katie.

Category: Buying abroad

 

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