Quote:
Originally Posted by camel with three humps
Nick, You are pushing your luck. They have just entered the mortgage market and frankly do not know what they are doing.
I am trying to borrow 50% of the value/current purchase price. Not only that I will pay VAT on the interest rates until the mortgage is paid off. The paper chase is plainly absurd. Every second day I have been asked to provide the same information in one form or another. e.g, marital status, no of children, passport number, Letter from DHSS, to confirm that they are aware of my existence, the latest is to obtain a sworn letter to confirm that I do not have another property in Morocco and I do not have another mortgage there.
For what you are planning to do, i.e.equity release. Morocco is not the Country.
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I strongly suggest you also cover yourself re the succession laws over there - plus bear in mind the barbaric TPI tax system when you come to sell anything on! You pay capital gains (TPI) not on the actual profit you make - but they do a 'revision' and decide the property is worth more than you sold it for and give you an extra amount of capital gains to pay on top. Please see my posting yesterday for details.