AMI advises on investment mortgages

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A guide explaining the range of mortgage options available to Brits buying property overseas was launched yesterday.

The Association of Mortgage Intermediaries (AMI) Advising Clients Thinking of Buying Abroad fact sheet discusses the different mortgage practices that are likely to prove troublesome to Brits buying a second home or investment package.

It is hoped the guide will help intermediaries explain foreign property investment and mortgage options to prospective buyers in a clear manner as Rob Griffiths, associate director at AMI, explained.

"An increasing number of UK residents are buying property abroad, be they holiday homes, future homes to retire to or as buy to let investments," he said.

"In different countries there are different laws regarding property and mortgages, and there will be differences in practices, customs and local regulations."

Issues such as local taxes, setting up a bank account and insurance requirements are also discussed in the document, as are the legal factors to be taken into account and the risks involved in buying a property abroad.


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