Hi all,

I am a UK investor interested in buying in the States. I am looking for a mortgage with the best terms and conditions with regards to interest rates and paying it off options. I am doing a lot of research on the net but wonder what you all thought.

Also, given the weak $, should I get the loan in $s or £s, considering one would expect the $ to get stronger in the next 5 years against the £?

Thanks in advance.

best wishes

Silva

Hi Creative Source,

I can recommend a few different guys but a US mortgage for an uk investor is quite tricky at the moment - send me your contact details.

I would go for a US mortgage and lock in the rate for 5 yrs if you can and fix the US dollar rate ASAP

Good Luck

__________________


Damian George

Buy Euros - Best Euro Rates

There are still 70% LTV mortgages available from US lenders to UK citizens for Orlando property. Don't know about other states.

Hi Creative Source,

try these guys - i used them on Spanish stuff and Oz mortgages

Mortgages in the USA | USA Mortgages

Ask for Heather or Graham

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Damian George

Buy Euros - Best Euro Rates

I know guys in the US (Orlando), that can get mortgages for foreign nationals at up to 75% LTV, although apparently its getting harder and harder to get them now due to the Sub-Prime fiasco.

Hi,
another method you can look into is to buy 'Subject-To' the existing finance. You basically take over the existing loan repayments on a property that is usually in foreclosure. You don't need to pay the usual mortgage establishment fees or apply for finance to the bank. This method is actively used by US investors.

rgds,
RebelYell

Dear Rebel

Banks are so nervous these days I don't think taking over a repayment is open to non-US citizens.

The best rate I am getting right now is 6.3% for property classed as a '2nd home'

CS

Hi CS,
the bank have no issue with this, as the name on the mortgage does not change. You make the payments though. Whether you are a resident or not isn't relevant. Type 'Subject-To' into Google and have a read - interesting stuff.

Rebel

HI,

I have had my offer accepted on a property in Davenport Florida, my broker is now down to one lender in this area, as apparenty First Bank Florida has just pulled out of Davenport Mortgages, this is a UK lender looking for loan to value of 70%. Does anyone have any other recommendations please.

Thanks
Bernie

Hi Bernie

try Key Mortgages - Overseas Mortgage Consultants

ask for Steve Keys +44 (0)1245 344699

he has access to all Lenders for the States

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Damian George

Buy Euros - Best Euro Rates