Equity Release Mortgage to Buy Property Overseas
Equity Release Line
0808 156 2670
Equity Release Mortgage to Buy Property Overseas
Owning a second home abroad is a dream for many people in Britain. The attraction of a better climate and relaxed lifestyle also means the number of people wishing to move permanently or to retire overseas grows every year. Many people however don’t get much further than dreaming about it as, although property is often far cheaper abroad than in the UK, they feel the costs involved would be too great. However, there could be an easy and cost-effective way to make the dream become a reality.
The chances are that you have some equity in your home. By re-mortgaging, you could release some of the capital to finance the purchase of your overseas property. Many mortgages today are available at very competitive rates and when the low introductory rate ends maybe after the first few years, you can always shop around and switch to another new deal. Many people are paying more than they need to for their mortgage so it makes sense to regularly review your mortgage every few years anyway to try and save money so why not tap into the unused resource locked up in your home at the same time?
As well as having your own holiday home or somewhere to ultimately retire to, another advantage of owning a property abroad is that you could rent it out while you are not using it, to provide a source of income. With this in mind, it is always a good idea to assess the rental potential of any property before buying.
Always research thoroughly before making any commitment and check the small print on your existing mortgage for any early exit penalties before re-mortgaging. You could still save money however, even taking penalties into account.
To find out more about releasing the equity in your home for property abroad, please complete an Equity Release Mortgage Enquiry Form and we will arrange for one of our advisers to contact you. Or you could call us on 0808 156 2670.
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Browse our equity release guides, enquire online or call us on 0808 156 2670.
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