Finance, Mortgages, Currency and Legalities,
It is always good to start here and we are always glad to sit down and help you work out all the facts and figures set a budget and then look at properties to suit. This will make sure that there are no surprises.
Prestige Villas works alongside several financial advisors who can give you up to the minute financial information on all aspects of buying a property abroad including re-mortgaging your property in the UK, Spanish and Turkish Mortgages, equity release for retired couples etc.
Overseas Mortgages
Overseas mortgages are relatively easy to obtain providing you have a reasonably good credit history and part of our services at Prestige Villas would be to help you arrange all the appropriate finance. The three most popular methods of financing your overseas property are shown below.
The 3 most popular methods of buying a property abroad
- No.1 Cash
- No.2 Using equity from your property in the UK to fund it all
- No.3 Using part equity from your property in the UK and an Overseas mortgage
Overseas Banking
Everyone buying an overseas property needs to open a bank account in the relevant country. We will help open a bank account for you and arrange all the necessary cards, standing orders, mortgages etc. Internet banking is also available.
Legalities
Every country has there own set of rules in regards to legal requirements, registration etc. Prestige Villas work closely in Spain and Turkey making sure all the relevant paperwork and documentation is in place to enable you to complete your purchase safely.
Currency Exchange
Our partners at Global Currency Exchange will always make sure you are guaranteed the very best exchange rate when transferring your money. Forget going to your bank where you will only get a basic holiday rate. Prestige Villas work with Global Currency to make sure you get the very best Commercial Rate which could save you many thousands of pounds. Prestige Villas use Global Currency for all there own money transfers.
Whatever your circumstances it is much better to sit down, work out your budget and how best to fund your future purchase before you go on a viewing tour. It is very important to know all your facts and figures. Imagine how frustrated you will be if you see your 'dream home in the sun' and I am sure you will with us and then worry if you can afford it.
Each country has its own buying process and payment schedules. But in general:
Reservation to secure a property in Spain is 6,000 euros and in Turkey is £2,000
Deposit of 30% within 6-8 weeks
Balance either on completion or split between the remaining months depending on the property and country.
Please let us know if you would like more details, by contacting us