Buying Properties Abroad: The Day Of Reckoning!

There's only one real downside about buying properties abroad - that is, they have to be paid for!

In the UK there are a number of mortgage companies who will provide finance for buying properties abroad - mostly within Europe - though since the credit crunch started, this type of finance is getting harder to find. In the USA there are VERY few such lenders. Lenders have this strange idea that they need to be able to seize your property if you default on a mortgage! And of course this is a lot more difficult - or even impossible - if the property is in a different country.

So if you're buying property abroad, what are your options for financing?

Obviously, the easiest option, if it's available to you, is to buy with cash. Given the attractive prices of many overseas properties, this is not as outrageous as it might sound. But even if you haven't got that sort of money lying around in your bank account, you may well have it in your home. There are two ways you can get hold of this money - either by seeking a home equity loan (http://www.bizwrite.co.uk/realestate/homequity.html ) or through refinance funding (http://www.bizwrite.co.uk/realestate/lending.html) .

However, if you do need a loan, you can often use a bank in the country in which you are buying the property. This is usually a lot simpler and involves less hassle than trying to persuade a bank in your own country to lend to you. In future postings about specific countries we will look at the countries where it is reasonably easy for foreign nationals to get a mortgage.

If YOU have had experience of buying property abroad using other financing options, we'd love to hear from you! Meanwhile, for some gorgeous properties, many at amazing prices, have a look at http://www.bizwrite.co.uk/realestate/propertyabroad.html or http://www.bizwrite.co.uk/realestate/overseasproperty.html