Posted on 15 February 2012 by Em
I want to raise money towards a self-build project. Can I use property I own abroad as collateral?
It is very unlikely that you will be able to raise funds in this country on a property abroad to finance your project. UK and Offshore UK lenders will normally only allow you to get a mortgage to buy a property for either your own occupation or as a rental investment.
Depending on where your property is, it might be possible to arrange a loan via a UK branch of a foreign bank or via one of the few specialised overseas mortgage brokers in the market. John Charcol can put you in touch with one of these using our extensive range of contacts in the business.
The alternative to this is to raise the funds on the land value of your development plot and then have further money released as the build progresses.
Either way, I believe we can help you and that you would benefit from speaking to one of our independent mortgage advisers. Please call 0344 346 3672 and tell the consultant the date and title of your question, they will then be able to help you find the right mortgage for your situation.
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.