Mortgages for Overseas Residents -
Versatility & Flexibility Across The Globe.
Whenever we at The Mortgage Explorer, are asked about what we do, we proudly say :INTERNATIONAL MORTGAGE ADVISERS. Thereafter we have to explain what this entails, as not many can picture us finance being across frontiers and oceans for the purchasing and refinancing of properties . This is exactly what we do and the following story will detail our expertise:
One evening we were about to close when the telephone rang. It was a Canadian nurse married to an Australian IT consultant . They lived and worked in London on a work permit visa. They earned jointly £86,000 p.annum and the lady wanted to buy an apartment in her native Vancouver, Canada, but had not enough savings to put down as deposit. The husband meanwhile, had an unencumbered house in Sydney, Australia. She was concerned about her not being able to get a mortgage because of the couple being on a working visa. She was obviously seeking a mortgage from a UK based lender. We reassured her because we knew how to achieve it.
We raised the deposit on the Australian property through a mortgage for an Australian expat, transferred it across the Pacific, used it as a deposit for the Vancouver purchase by a Canadian expat. The versatality and flexibility displayed then was mainly through the use of all the applicants' positive status, their assets, the facility offered by our contacts among International and Offshore banking, but above all the choice of currencies to be used to pay the mortgages. For the Australian property the husband first opted for an Australian Dollar mortgage but later changed to a Sterling denominated one - lower interest rate and income being in Sterling, whilst the Canadian property was financed in Canadian Dollars, as the lady was going to receive a renatl income in that currency.
It all took six weeks to complete.
At The Mortgage Explorer we love what we do, that is, doing mortgages for all nationalities buying overseas: Scotland in the North to New Zealand in the South . From Hawaii in the West to Hong KONG in the East with a choice of currencies: American Dollar, Canadian Dollar, Euro, Hong Kong Dollar, New Zealand Dollar, Singapore Dollar, Swiss Franc and Yen respectively.
Foreign exchange movements can be sudden and substantial and you must be able to tolerate a sizeable increase in your loan through such movements. At no stage should you expose yourself to high risks of foreign currency borrowings if you are not able to afford the potential losses that could result from adverse currency movements and the higher interest rate servicing costs that would be required of you due to your having a larger loan. Denominating debt in foreign currencies may not be suitable for you. If you have any doubts as to your suitability for borrowing in foreign currencies or your understanding of the risk involved, you should consult your financial adviser. Changes in the exchange rate may increase the equivalent of your debt, in whatever currency you deem important to you e.g. main income's. Your lender will not tolerate too great an increase in your loan as a result of currency losses and may opt to convert the loan back into the lender's specified base currency at a predetermined level. This may result in a permanent increase in your loan which is not fully compensated for by any other benefits. In this event, you could be left paying interest rates on a larger amount of loan than that you originally borrowed.