Non-Resident Mortgages

What is a Non-Resident Mortgage?

The non-resident mortgage is a variety of loans designed to meet the needs of those who do not live in the country and who wish to purchase property in that country. Mortgages are available to foreign investors, or those looking to relocate for work or personal purposes. Unlike regular residential mortgages, non-resident mortgages are specifically tailored to fit the unique financial of non-residents.

Terms for Non-Resident Mortgage?

The terms of a non-resident mortgage can vary depending on the lender and the borrower’s profile. Common terms include:

Loan Amount:

The limits will be based on the location of the property, its value, and the borrower's financial profile.

Down Payment:

Typically, a range of 40-50% of the property value.

Interest Rates:

These are usually higher than for residents; they may be fixed or variable.

Repayment Terms:

Repayment upto 25 years. The shorter the time, the larger the monthly payment, but less interest overall.

Documentation:

Proof of income, credit history, and identification is usually required.

Why Choose Us for Non-Residential Mortgage?

Expertise and Experience

Our team is genuinely specialized in non-resident mortgages and has vast experience in representing international clients to ensure a smooth and very well-informed process.

Tailored Service

We give personalized advice and solutions for your particular needs when buying a vacation home, investment property, or relocation purposes.

Competitive Rates

Our network of lenders enables us to secure the best competitive interest rate and most preferential terms available for your non-resident mortgage, ensuring a very good deal for you.

End-to-End Support

We take care of all details and correspondence with lenders, from initial consultation to final approval, making getting a mortgage smooth and stress-free.

How We Work?

Initial Consultation

We begin first with a complete consultation to understand your needs, financial position, and investment goals. This assures that we provide you with only the most relevant options relative to your mortgage.

Pre-Approval

We will help you get pre-approved by looking through all the important financial documents and analyzing your eligibility to make things easy and clear regarding the amount to which you can borrow.

Property Search and Selection

Be guided by us on suitable properties to your needs and desires, given the targets that shall have been set out in your mortgage plan if required.

Application Process

We take care of the mortgage application process, from the compilation and submission of documents required to liaising with lenders to get you the best terms.

Approval and Closing

We coordinate property appraisal, legal review, and finally, closing of a transaction to ensure everything goes through efficiently and smoothly.

Frequently Asked Questions

What is the typical repayment period for a non-resident mortgage?

Repayment periods typically range from 25 years. Shorter terms may result in higher monthly payments but lower overall interest costs.

Are there any additional fees associated with non-resident mortgages?

Yes, additional fees may include application fees and processing fees. It's important to account for these in your budget.

Can I get pre-approved for a non-resident mortgage?

Yes, obtaining pre-approval is a common step and helps clarify your borrowing capacity before you start property shopping.

What factors influence the loan amount I can borrow?

The loan amount depends on factors like the property's location and value, your financial capacity, and the lender's criteria.

Can I use a non-resident mortgage for a vacation home?

Yes, non-resident mortgages can be used for purchasing vacation homes, investment properties, or primary residences.

How long does it take to get approval for a non-resident mortgage?

The approval process can vary but typically takes a few weeks, depending on the complexity of your application and the lender’s processing time.

Can I pay off my non-resident mortgage early?

Yes, many lenders allow early repayment but be aware of any potential penalties or fees associated with paying off your mortgage early.

What happens if I miss a mortgage payment?

Missing a payment can result in late fees and potentially impact your credit rating. It’s important to communicate with your lender if you anticipate any issues with making payments.

Can I apply for a non-resident mortgage if I have no local credit history?

Yes, you can still apply for a non-resident mortgage even if you lack a local credit history. Lenders typically review your international credit report, income, and financial stability to assess your application.