Posted on 11 April 2011 by Leona
I am a British national and I want to buy a home in the United States, who would I apply for a loan from?
There are international branches of most of the traditional high street banks and a few of these offer mortgages in the US. There are also small independent firms who have very good connections around the world and who can arrange mortgages with US lenders.
You may also like to consider whether or not you can raise the money against any property you own in the UK and be a cash buyer in the US?
If you obtain a US$ mortgage and get paid in sterling you need to think carefully about how fluctuations in the currency exchange rates could affect your ability to afford the mortgage payments. What may be affordable now could become unmanageable due to adverse changes in the future.
I believe you would benefit from speaking to one of our independent mortgage advisers. Please call on 0344 346 3672 and tell the consultant the date and title of your question. They will be able to look at your situation and advise you accordingly.
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.