Unless you are very rich or very lucky, you will need a mortgage to buy a property.
Owning your own home is the dream for many and it can be an important step on the way to feeling settled in your new country. Successful emigration is very much related to your state of mind and feeling secure and settled in your own home is a big step on the path to making a success of your move abroad.
There are many factors to consider when assessing how to set about getting a mortgage abroad. Your individual circumstances will dictate a big part of the process. Here are some of the issues you will need answers to in your search for mortgage financing.
- Do you really feel ready to make a large, long-term, financial commitment to your new country?
- Do you have full permission for residency?
- Are foreigners/non-residents/expats allowed to own residential property?
- Do you have liquid assets to form part of a deposit for the property?
- Do you have a reasonable idea about the likely future path of interest rates and mortgage rates?
- Do you have a stable income in your new country?
- Do you feel comfortable with the potential sources of finance onshore i.e. the local banks and mortgage brokers?
- Do you feel comfortable with the state of the property market in your new country and do you understand the risks involved if you buy?
- Have you researched the local property market and have a clear idea about what suitable properties cost within your budget?
- Have you assessed all the typical costs of purchasing a property including taxes, legal fees, finance arrangement fees?