Frequently Asked Questions
The Mortgage Helpline International GroupI am a European citizen. Can I get an Overseas mortgage?
Yes, there is no problem for you to get a mortgage as long as you can prove your income, and that you can afford the repayments.
We are also able to help citizens from outside the EU, i.e North Africa or South America. As normal, the ablility to repay is paramount.
Do I have to have life insurance when taking out a mortgage?
Not always, although some lenders may insist on this, and offer preferential mortgage terms if you do.
When calculating the percentage of the purchase price the bank will lend against, are the taxes included?
Normally you can only lend against the purchase price without the associated taxes that are payable.
I am a European resident, thinking of buying an overseas property for €150,000. How much deposit would I need to put down?
The maximum amount you can normally borrow, as a non-resident will depend upon which country you are purchasing in.
Please refer to our ‘Countries’ page.
I am buying a new build property which is in the early stages of construction. How far in advance can I apply to you for a mortgage?
You can apply for a Decision in Principle immediately. We would normally recommend you apply for the full mortgage about three months prior to the completion of the property.
How much as a percentage of the purchase price can I borrow?
The maximum amount will depend upon which country you are purchasing in. The maximum amount you can normally borrow, as a non-resident will depend upon which country you are purchasing in. Please refer to our ‘Countries’ page.
Can I get a mortgage on any type of property?
Loans are now available to purchase any type of residential property, whether a small apartment, townhouse, large villa, or new development.
How long does the mortgage process generally take?
Once you have decided that you wish to proceed with arranging a mortgage secured on an overseas property it will usually take in the region of 4 weeks.
Do I need insurance on my property?
Yes, it will be a condition of your mortgage that buildings cover is taken, either via the bank or through an approved insurance company.
Are there any redemption penalties?
Redemption penalties are applied by most banks. These vary between lenders. We have access to No penalties schemes for clients looking for more flexibility.
Over how many years can I take my mortgage over?
This will depend upon your age and country you are buying in. Please refer to our ‘Countries’ page.
How much does it cost to value my property?
The Bank will appoint a valuer from the Bank’s panel of valuers to carry out a valuation for mortgage. The cost of this will vary dependant upon the purchase price of the property, but, as a guide, €500. The cost of which is to be met by you prior to the valuation being undertaken.
What documents do I need to provide?
This will depend on your circumstances, i.e. employed or self employed, but as a guide lenders normally require the following;
Copies of passports.
Copies of last 3 months personal bank statements
Copy of your full credit report. This can be obtained at: www.experian.co.uk
Proof of savings & deposit payments made
Proof of income
Employed
1 or 2 years P60´s
Last 3 months payslips.
SELF EMPLOYED
1 or 2 years Inland Revenue tax returns.
