This is a question I've been meaning to ask for a long while.

As a first-time buyer myself (ie. I do not and have not ever owned my own property), how does one go about financing for a property in another country?

Here in the UK most mortgage lenders want 5% up front for first time buyers but if you can scrape 10% together you'll obviously get a better deal. Do other country have similar systems and rates?

Say I found a place in Spain (for example) that I really liked and after some calculations worked out that I could easily afford a 10% down payment and then monthly payments over 25 years (like here in the UK); are there mortgage lenders out there who cater for people like myself - without offering ridiculous interest rates - or do I need to be a property owner in my home country first?

Thanks.

Hi

You would need 20% deposit.

Matt

"20% deposit"

This is everywhere then?

Can anyone add more? Expected to find quite a number of replies but alas no.

If you plan to live or earn an income in the U.K. i would ask at your bank to get a better idea. If you wish to move to and work in Spain you will need to have worked there for at least 6 months before any lender would concider giving you a mortgage. € loan rates are a little lower than in the U.K.

Hi

Sorry i didnt say anymore than that, i was in a hurry but still wanted to reply.

20% deposit is if you want a mortgage in America.