Help With Buying Abroad

Consumers thinking of buying a holiday home in the sun or planning to retire to foreign shores need to consider the different rules and regulations for mortgages and properties in different countries, according to an industry specialist.

The Association of Mortgage Intermediaries (AMI) has launched a fact sheet to help homeowners thinking of setting up a new place abroad for fun or for good.

Issues to be aware of, according to the AMI, include the currency difference, paying for the property and legal issues as the house will be subject to the country's laws and not just the usual property regulations.

Other considerations include insurance protection, transferring money into a foreign country, the health system of the country, setting up a bank account and what level of local taxation needs to be paid.

"An increasing number of UK residents are buying property abroad, be they holiday homes, future homes to retire to or as buy to let investments. There are many considerations for mortgage intermediaries when advising their clients on such a purchase and they must take great care to ensure the process goes as smoothly as possible," said Rob Griffiths, associate director of AMI.

"The key point that should be remembered is that buying abroad is different to buying in the UK. In different countries there are different laws regarding property and mortgages, and there will be differences in practices, customs and local regulations."