Getting a mortgage
Understand the various mortgage options available to you. Shop around to see what sort of rates are being offered by lenders for international purchases and talk through with a mortgage adviser the advantages and disadvantages of a Sterling mortgage versus a local currency mortgage, as well as fixed versus floating rates. After shopping around, when it comes time to do the deal, buyers are strongly advised to place their money with a reputable firm. IAP developed its own mortgage brokerage business, Fuel Investments, in order to secure for its clients the best UK and international rates from leading lenders. Getting a preliminary mortgage offer before going overseas to look at properties can also be extremely useful: it will help keep buyers mindful of their budget and with funding already lined up, buyers are ready to move on any properties they find appealing. Buyers who’ve paid a deposit down on their dream home but subsequently been unable to raise the necessary financing, unless they’ve included an ‘opt-out’ clause in their original contract, have lost the full value of their deposit.
