Florida Mortgages
Refinance
Equity Release
Mortgages specifically tailored to UK property buyers in Florida.
Suitable for short term rental.
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Florida Mortgages Refinance Equity Release |
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Mortgages specifically tailored to UK property buyers in Florida. Suitable for short term rental. |
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Six very good reasons why you should have a US dollar mortgage rather than a sterling UK mortgage to buy your dream home. 1. Most seriously your mortgage will be secured on your US property. Circumstances do change, and life does not always turn out as you expect, in this event your debt will be secured against your overseas property and not your main residence. So you wont have a bank or loan company trying to recoup their losses against your UK property which will probably be your family home.2. In the event that you are late making payments or fall into arrears with your mortgage it will not effect your credit rating here in the UK 3. If you are buying a property with the intention of maybe one day either spending more time in the US or moving there, then if your mortgage is paid on time this will boost your credit rating, ultimately allowing you to apply for further loans and credit cards. 4. There are tax relief implications to take into account. You will be able to offset a higher proportion, maybe as much as 100% of your mortgage interest against any annual profit. Plus all the mortgage related costs can also be used to reduce your US capital gains tax when you come to sell. |
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The exchange rate will not always work in your favour, and you may end up
without enough funds to clear a sterling mortgage, for example. Mortgage amount required at purchase $200,000 exchange rate at time of purchase 1.75 $-£ = £114,286.00 Money required to repay mortgage on sale of property $200,000 but exchange rate at time of sale 2.05 $-£ = £97,561.00 Leaving a short fall of £16,725.00. 6. There are now more products than ever available to 'foreign nationals' including 70% mortgages at rates similar to the major UK lenders. You'll need a letter showing that you have a mortgage pre-approved before putting in an offer on a house purchase
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