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Is Getting A Mortgage For A Holiday Home Easy?

It’s most people’s dream to be fortunate enough to afford a holiday home. But with it comes so many issues to deal with. Money being the main one. There’s also the thought of whether you’re going to rent it out, when you’re going to spend your time there, and if you have Children, how long you should spend out there. There is also the factor of how easy it is to get to your destination if something is wrong with the home, or if you can find a worthy ally to be there to step in during your absence. With all this to consider, there’s also the added worry of how easy it is to get a mortgage. This article is going to debunk a few things for you

We all know how to get a mortgage in our own countries, we know exactly who to go to, and there are most likely family members who can help you through the process, as well as professionals. But mortgaging a property abroad is usually a more lengthy process. But there are ways you can liaise with your banks back home to help make the process easier. One way is remortgaging your property at home, to your one abroad. This would obviously leave you without a home, so it is still a long winded process as you would need to take out two mortgages in order to keep a holiday home. But, with your local banks helping you through the process it is much easier.


Another way is getting a company who deals with mortgages abroad to help you. Depending on which country you’re trying to buy in, there will be specialist teams of mortgages advisors willing to guide you through the process. There will be a lot of jargon you won’t understand, and the laws will be different to those that you know in your own country. It’ll be nice to have someone who you can liaise with, who works in the same country you’re planning on moving to. As helpful as your own banks will be, they won’t be able to communicate with the locals like someone who has dealt with mortgages over there for a long time

To make the process even easier, make sure you fit the lending criteria before even questioning whether a mortgage is a good idea. As with all the other stages, it’s harder to get a mortgage abroad. Most companies will want to see longer lengths of proof of work, and they will also delve into your financial history. So make sure you’re free of any debts, whether that be from credit cards, car loans etc. They’ll also be taking into account your mortgage back at home, if you still have most of it left to pay off, it may be slightly harder for you to get a mortgage on a holiday home.

So, getting a mortgage abroad isn’t as hard as it may sound. It is definitely a more lengthy process, but there are ways to make it easier, and plenty of people you can turn to for help.