What is the best way for us to buy a second home in Crete?
Posted on 19 February 2008
We have a house valued at £350,000 and owe £60,000. We would like to buy a property in Crete for £175,000. We are 61 & 63. What is the best way to do it?
Hi Denise,
If you want to buy a flat abroad, you should first get a quote for borrowing the extra from your mortgage here. As an alternative, speak to the international mortgage brokers (e-mail Blevins Franks Matthew.weston@Blevins Franks.com or look at the site for Conti on http://www.mortgagesoverseas.com/) to find out what it would cost to take a mortgage on the property over there. You would probably need to raise a deposit if you don't have one in cash, and this could be done from your own home again.
How you arrange the mortgage depends on how you intend to pay the mortgage. Speak to a broker who can search the whole market for you, and they will advise, based on your repayment plans, what age you can can have a mortgage until, and whether it should be a second home or a holiday let. Charcol is fees free and whole of market, and can be reached on 0800 358 55 60.
Categories: Second properties
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