• When do I need to apply for an overseas mortgage?
All mortgages offered by lenders are based on an offer made which has between 60 to 90 days before the offer is retracted, therefore you should only apply for your mortgage a maximum of 90 days prior to completion

• What will a mortgage pre-qualification provide me?
For the sum of £100.00 paid to USHE Overseas, you will be credit scored and be offered at the time of enquiry an indication of acceptance to your proposed borrowing request in the Country which you intend to purchase.

• Is there an age limit to overseas mortgages?
All overseas lenders require your mortgage with them to be fully redeemed by your 65 th Birthday. Therefore this will affect the maximum term available to you. For example, if you are 50 years old, then the maximum term of mortgage available to you overseas would be 15 years. There are a few slight exceptions to this rule but in the main this is the benchmark.

• Will my overseas mortgage take into consideration the rental guarantee offered by the Developer or Developers Agent?
At the current time we do not have lenders who consider applications on this basis. Your financial status must meet the full lending criteria without taking into account any potential rental income from the property overseas.

• Can I have a self-certification mortgage?
At the current time we do not have any lenders who consider applications on this basis. All mortgages are full status and require detailed proof of income and outgoings

• I am self employed. Can I obtain a mortgage?
It is entirely possible to apply for an overseas mortgage if you are self employed. However, as with employed applicants, you must be able to demonstrate to the lender that you have enough income to support the loan you are attempting to borrow. It must be pointed out that accounts submitted must convince the lenders that you have the financial backing to repay the loan

• What will I be expected to provide to get the mortgage?

  • Lenders are looking for 3 months pay slips(employed)2 years accounts (self employed) audited and copies of your tax returns
  • 3 months bank statements
  • Be a home owner or if renting proof of rental contract
  • Full anti money laundering compliance, Current passport certified by a lawyer, current driving licence, 2 utility bills dated within the last 3 months excluding mobile phone bills.
  • Some lenders will require P60's

• Will I be able to get a mortgage repayable in pounds sterling?
Lenders will lend in the currency normally associated to the country concerned. You must be aware that you will have to factor the currency risk when calculating whether you can afford the repayments for information on what the currency is for the country see the mortgage matrix on this site

• Will lenders allow me to borrow on a down payment basis?
Lender will not lend you money to pay the scheduled payments on a development, as until completion they have no title over the property. If you have to make payments on a payment schedule you will have to fund this from your own money, the mortgage will pay out on completion

• How much can I borrow?
There are very considerable differences between lending abroad and raising finance in the UK. Whilst the UK system applies income multiples (i.e. 3 x your income) overseas lending is based on your ability to repay the loan (known as an affordability calculation.)
To calculate what this actually represents as a loan amount over different terms is complicated due to the number of variables involved i.e. interest rate, term, deposit you have, your age etc, but we can provide a guide for you if you take the time to speak to one of our consultants.

• How long will it take to get a mortgage offer in Principle?

  • AIP usually take :
    14-21 days for Western Europe
    28+ days for Eastern Europe
    60+ days for rest of World
    Some Countries can take up to 10 weeks depending on lenders criteria

• What are the other costs involved?

  • Notary (solicitor's) Fees
  • Closing costs
  • Local taxes

Land registry fees (considerably higher when buying abroad and vary from 5% - 15%.)
If you take out a foreign currency mortgage a further cost will be passed on to you by your solicitor for registering the charge of the lender with the land registry in the Country concerned.

First stage will still begin with the completion of our Pre-Qualification Questionnaire and payment of £100 please refer above. The similar checks will be made, and an indication provided. At that stage you will be sent a more detailed Application and be required to provide supporting documentation.

Our fees for organizing a Mortgage on your behalf are 1% of the Mortgage Value or £1,000 whichever is the higher (discount discretional dependent on mortgage size, or if lender commissions are expected). Part payment only after acceptance of the quote and on submission of Application of £400 is due. The remainder due on an offer of mortgage. The lender will also charge an arrangement fee, which USHE Overseas will collect on their behalf.

Lenders will also charge an arrangement fee. Application fees vary from bank to bank but are usually between 1 - 2% of the mortgage value. This is a guideline only as lenders vary their policy from time to time, but current prices are always available upon application.