Posted on 16 April 2010 by Jessica
I have recently inherited (along with my mother and sister) an apartment block consisting of four flats, in Germany. I wish to take out a loan for £40,000 with a German bank against my share of the property in Germany, in order to use the money for a deposit on a house in the UK. The flats have a total income of around 2000 euro per month. Is this possible, and also how would I go about acheiving this?
Mortgage brokers have to be licensed by the German regulators before they are able to arrange mortgages on properties in Germany. For this reason you will have trouble finding an independent mortgage broker in the UK who is able to help you.
I recommend that you speak to one or more of the large German banks, such as Deutsche Bank or Dresdner Bank, who have offices in the UK about the possibility of raising a deposit on your German Property.
Once you know whether or not you are able to raise the deposit, I recommend that you speak to an independent mortgage adviser in the UK about your house purchase.
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