I am hesitant to use my UK home as collateral to purchase a long term leased flat in Germany.

Posted on 2 January 2008

I have a property in the UK with a maximum of £25,000 equity available. I am interested in purchasing a long term leased flat in Germany for around £70,000. I'm hesitant to try and get a mortgage in Germany for this using my UK home as collateral. Any suggestions would be welcome.

Hello Sean,

With all the talk about properties losing value this year, I would be reluctant to take money out of the UK house as well.

I would speak to a Broker for foreign mortgages and ask them what sort of deposit is needed for a £70,000 property in Germany, then weigh up what you would really need to take out.  Try Matthew Weston at: Matthew.Weston@blevinsfranks.com  (0) 207-015-2121 or Conti Financial benedict@mortgagesoverseas.com.

Category: Buying abroad

 

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