Overseas Property

Financing your Property

Overseas Property Finance

When making an enquiry into a property investment with David Stanley Redfern Ltd, you will now have the chance to discuss your individual circumstances with an independent certified mortgage professional.

You may be thinking, he isn’t independent if he is part of your team? But that is not what it means, independent means he isn’t attached to any financial product provider, or group of such companies, so our mortgage professional can look at the entire market to find the absolute best option for you to finance your overseas purchase.

In one short phone-call, as well as providing your full name, address and date of birth, you will be asked five brief questions, the answers to which give our experienced financial planner all the information he needs in order to plot the best course for you to finance your overseas property purchase. The five questions are:

• If you currently have a mortgage - who is it with?
• When was the mortgage arranged?
• How much you earn?
• How much your current home is worth?
• What is your credit status?

You answer those five questions and the financial advisor will look at all your options, and all the products suitable for you, before calling you back and advising you of the various options you can look at to finance your overseas property purchase. The most common option is:

Re mortgaging:

If after looking at your individual case, there exists the option for you to re-mortgage your home, this option will be suggested -- an option you might well have thought of and considered yourself, but our IFA will look at the best way for you to re-mortgage, and possibly even better your current rate, how this can be done is explained below.

Say you have paid 70,000 off your current mortgage and you are looking to raise 50,000, then taking out a new mortgage might well be your best option. The new mortgage provider will pay off your old mortgage, and you will get the surplus, in this case the 70,000 that you have paid in, less the interest that has been added to your original mortgage amount. Unless of course your new mortgage is for more than the first then you will get a bit more.

This option is not available if you have only just started paying your mortgage or otherwise paid off less than the amount you are trying to raise. In that case your best option might be to take out a new mortgage for the amount you need more than the original mortgage.

For instance, you owe £100,000 on your original mortgage, and for continuity you want to raise, £50,000, our mortgage professional will let you know if you have the option of taking out a mortgage for £150,000, to pay off the original debt and put the rest into your overseas property -- and if so how suitable the option is for you based on your circumstances.

The bonus of the above two options is that you might be able to get a better mortgage deal into the bargain. For instance you might have taken out your mortgage sometime ago, and/or your earnings might have gone up since the mortgage rate was agreed. With your now higher earnings, and possibly plus the potential rental income from your second property, you might well be able to re-mortgage your home at a lower rate.

If you then so choose our financial expert will arrange to meet up with you and talk about the options in more detail before assisting you in getting the ball rolling, a process that can be done over the phone if it is easier.

Contact David Stanley Redfern Ltd...

For more information on the properties available with David Stanley Redfern Ltd please make an enquiry on a particular property of choice or alternatively contact us using our contact details here >