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"The Easy Way to Get Your Best UK Mortgage" |
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Should
I Get A UK or US Mortgage?
If
you are thinking about buying a property in Florida, you need
to think about how you will finance the purchase. There are three
basic options:
Which option is best for you depends largely on your circumstances.
Remember
that the exchange rate between the pound and
the US dollar can vary considerably - so if your mortgage is
in dollars you will see your payments go up and down
unpredictably as the exchange rate changes.
You may also find that UK mortgage lenders offer you a different
choice of mortgages to US lenders - the best plan is often to
sit down with a mortgage broker who specialises in overseas
mortgages and let them explain your options to you.
Getting A Mortgage In Florida
Getting
a US mortgage is reasonably simple for most people, and as in
the UK, self-certification
mortgages are available for self-employed people and others
with variable incomes.
As a foreign buyer, you will be required to provide a deposit
of 20% - 35% - meaning the most you will be able to borrow is
80% of the purchase price of your property.
Loan terms are fairly similar to the UK, with 20-30 year terms
available and fixed and variable interest rate deals on offer.
Lenders will generally calculate the maximum size of your loan
by setting your maximum monthly payment to be 25% - 33% of your
gross monthly income (i.e. before stoppages).
Holiday Home Buyers (non-resident)
Even if you are simply planning to buy a holiday home in Florida
but won't be living there full-time, you should still be able
to qualify for a US mortgage. You'll need to provide:
•
Introduction
• The Process of Buying Property in Florida
• Should I Get A UK
or US Mortgage?
• Getting
A Mortgage In Florida
• What to Watch Out for when Buying In Florida
• Glossary of Key
US Terms
Buying Overseas Property and Mortgages for UK Citizens
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