Mortgages Abroad: Local Lenders
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Local Lenders
Mortgages taken out, from a local bank or building society*. If you are dealing with lenders in the country you wish to purchase the property from, consider that you must have the means to communicate thoroughly with the local bank. This may bring added costs of interpreters, as not all lenders will be able to speak English. In addition to this, some lenders will be reluctant to offer mortgages to non-nationals.
The rate of interest they offer you may be quite high, or alternatively lending regulations may simply make it impossible for you to obtain any kind of credit. Remember that being on the electoral roll is a very important part of getting credit in the UK, and that you are unlikely to be able to claim the equivalent status in the country you are moving to, unless you already have residence rights through marriage, or long term employment. If you are moving within the EC, this is less of an issue, as you have full freedom of movement, employment, and voting rights within the Union boundaries.
*Note that not all countries will use the term “building society”. In the USA, for example, the closest equivalent is a credit union, although these are usually based around major local employers, or interest groups, and are unlikely to lend to UK borrowers.
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