The MHI Group have been helping clients purchase holiday homes and investment properties for many years. Our main markets being Spain, France, Portugal Italy and the USA. The pandemic has affected mortgage markets around the world, but we still have lenders lending in these regions for both purchases and re-mortgaging existing overseas property.
Spain are open for business, and non-resident mortgages are available up to 70% loan to value. We can provide an underwritten approval in principle subject to finding a suitable property.
In France valuations are still being carried out either by desktop or a drive-by and notaries are still working, so completions are available. They are lending up to 85%, but based on valuations being discounted first by 10%. Some lending restrictions apply to certain professions.
Portugal is also accepting new proposals for non-resident clients up to 70% of the purchase price or valuation, whichever is the lower.
Applications for Italy are still being accepted to a maximum 60% loan to value for non-residents. There are some delays, however, caused by the need to apply for a tax number in the locality of purchase.
In the USA, most lenders have either stopped lending to foreign nationals, or reduced loans to a maximum of 50-60% of the valuation, depending upon which state the property is located in. Good deals are still available for re-mortgages.
If you are considering an overseas property purchase or want to look at refinancing an existing overseas mortgage for any of these areas, please contact us.