Finance - Offshore Mortgages

Offshore Mortgages

Mortgages & Lending Home | Back to Back Loans | Equity Release Schemes | Offshore Mortgages

Offshore institutions do offer mortgages, but it is worth looking at the offers made by onshore companies.

To begin with, expect your potential lender to ask you to provide information regarding your income as well as evidence of tax returns, a banker's reference, statement of assets and copies of personal identities.

Next, be aware that the lender may decide to loan only against a percentage of the property. In Spain, for example, a resident may be able to obtain an 80 percent mortgage, while a non-resident might need to put down 50 percent of the purchase price.

Other considerations will include the agreed term, such as 15, 20 or 25 years. When considering the term you wish to sign for, keep in mind that most institutions will not loan funds from the time you are age 65. Therefore if you are 50 years old right now, you may only be able to obtain a 15-year mortgage.

When it comes to repayment, you may be offered the option to make payments on either capital and interest or only the interest. The interest-only option will require the repayment of the loaned capital in full, at the end of the term.

Finally, some companies require the borrower to take out extra insurance policies, purchased through the lender's own office. This includes life insurance on the borrower and cover for the property against damage and fire.

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