When it comes to paying for your new home abroad one of the most popular ways is to release the equity in your home. This is not always the best option in each circumstance and independent financial advice should be sought.
Those people who have considerable equity in their property may find that increasing their mortgage in the UK is a preferable option that arranging a deal abroad where you may find interest rates are less attractive.
As a general rule you will not be able to release all the equity in your property and you should bear in mind that if property values fall, you could find yourself in a negative equity situation.
Many of the major UK mortgage lenders are quite happy to provide further borrowing for the purchase of a holiday home. Usual mortgage criteria apply and you will need to demonstrate that you can afford the increase monthly payment.
It is important to consider the implications of interest rate rises and potential property price decline as your home will be at risk if you are unable to maintain any loan secured on it.
For a free no obligation discussion about your options contact Platinum Financial Consulting.
If you are in your late 60’s or older, and you own your home outright then your own holiday home in the sun is a realistic possibility.
Equity release mortgages are especially designed for older homeowners, who want to release the equity in their home without having to pay a monthly mortgage premium. Platinum Financial Consulting. can discuss your options to discover whether this is a viable option for you.
If your circumstances allow you to could be one of the growing number of retired people who follow the sun and live in the UK and Spain.
For move information on Equity Release mortgages and the protection they offer talk to Platinum Financial Consulting.
