We get a lot of people enquiring about <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/overseas-mortgages\/">international mortgages<\/a>. As you\u2019ve probably guessed, purchasing a property abroad can (in many cases) be more complex than buying one in the UK - \u00a0and this is where an international broker comes in.\r\n\r\nIn this piece, you\u2019ll learn what to bear in mind when considering a foreign property purchase, or when comparing international mortgage brokers in the UK.\r\n\r\nHere\u2019s what you\u2019ll learn in this article:\r\n<ul>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/overseas-mortgages\/international-mortgage-broker\/#overseas-broker">What is an overseas mortgage broker?<\/a><\/li>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/overseas-mortgages\/international-mortgage-broker\/#advantages-working-with">What are the advantages of working with one?<\/a><\/li>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/overseas-mortgages\/international-mortgage-broker\/#find-advice-buying-overseas">Where can I find advice for buying property overseas?<\/a><\/li>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/overseas-mortgages\/international-mortgage-broker\/#whats-international-mortgage-service">What\u2019s an international mortgage service and what does it do?<\/a><\/li>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/overseas-mortgages\/international-mortgage-broker\/#overseas-mortgage-finder">Is there such a thing as an overseas mortgage finder?<\/a><\/li>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/overseas-mortgages\/international-mortgage-broker\/#expert-international-broker">Speak to an expert international mortgage broker<\/a><\/li>\r\n<\/ul>\r\n[feefo-banner]\r\n<h2 id="overseas-broker">What is an overseas mortgage broker?<\/h2>\r\nAn overseas mortgage broker is someone who specialises in arranging mortgages for people wishing to buy property outside the UK. Because every country has different rules regarding property purchases, by using an experienced overseas mortgage broker to help you find a mortgage to buy property abroad, you could save a whole heap of time, hassle and confusion.\r\n<h3 id="advantages-working-with">What the main advantages of using a UK based overseas mortgage broker?<\/h3>\r\nThere are a number of reasons why you should use an expert broker if you\u2019re buying property abroad, and they include...\r\n<h4>The right financing<\/h4>\r\nLike with domestic property, an overseas mortgage broker can help you to find the mortgage with the best rate and terms for your unique needs.\r\n\r\nThe difference is that all things considered, finding the right financing can be a lot harder in the international market. If you thought the \u2018DIY\u2019 route was arduous in the UK, the international property could take it to a whole new level.\r\n\r\nThis is especially true if some (or all) of your income is non-standard, the country you\u2019re buying in is less popular amongst UK buyers, or the property itself is of an unusual construction. It could also be true if you\u2019re an expat buying abroad - as you might not be able to access the kind of financing available to a permanent resident.\r\n<h4>Independent advice and an independent perspective<\/h4>\r\nAn independent mortgage advisor who understands the country you\u2019re buying in can help to provide local expertise and a third party perspective which could help you spot (and avoid) any potentially expensive pitfalls.\r\n<h4>UK regulatory protection<\/h4>\r\nDealing with a UK based international broker ensures that you\u2019re protected by various regulatory bodies - such as the FCA and the\u00a0<a href="https:\/\/www.financial-ombudsman.org.uk\/">Financial Ombudsman Service<\/a>.\r\n<h4>Avoid potential marks on your credit file<\/h4>\r\nDoing the legwork yourself and approaching multiple lenders in search of the best deal can be exhaustive, but it can also leave you with marks on your credit file, which could make future <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgage-application\/">mortgage applications<\/a> more difficult.\r\n\r\nSome lenders are wary of customers who have too many hard searches on their record, but if you apply through one of the expert overseas brokers we work with, you can rest assured that you will be introduced to the right lender the first time.\r\n<h2 id="find-advice-buying-overseas">Where can I find advice for buying property overseas?<\/h2>\r\nWe have access to a network of overseas mortgage brokers, advisors and international mortgage specialists who can provide you with bespoke advice on this niche lending category.\r\n\r\nThey can help you find international lenders, UK lenders who lend abroad, and foreign mortgage providers who\u2019d be willing to consider overseas applications.\r\n\r\nIn the meantime, here are a few things to bear in mind if you\u2019re considering a foreign property purchase.\r\n<h3>Consider what you\u2019ll be using the house for<\/h3>\r\nLike with <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgage-application\/complete-guide-to-mortgages\/">UK mortgages<\/a>, what you intend to do with the property will help to determine the kind of mortgage you can get, and the kind of administrative hurdles you\u2019ll have to surmount.\r\n\r\nFor example, whilst buying a foreign property as a\u00a0<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/2nd-home-mortgages\/second-home-investment\/">second home<\/a>\u00a0may be more straightforward from a financing point of view, you won\u2019t always be there to look after it. This may result in having to plan (and budget) for additional security and maintenance.\r\n\r\nIf you\u2019re buying to let, you\u2019ll probably need to find a specialised buy to let mortgage, and think seriously about the kind of rental yields you might realistically be able to achieve with the property.\r\n<h3>It could involve more admin and work<\/h3>\r\nAs we\u2019ve said more than a few times now, buying property overseas is often more complex than buying in the UK.\r\n\r\nThere are local laws, licenses, taxes, customs, maintenance fees and consents that all need to be taken into account. On top of this, there can also be UK taxes and paperwork.\r\n\r\nAnother thing to remember is that the administration of a property can be more complex if you\u2019re not there in person to do it (for example, if you\u2019re looking to buy a\u00a0<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/buy-to-let-mortgages\/holiday-lets\/">holiday home<\/a>, or rent the property out).\r\n<h3>There could be age restrictions on buying<\/h3>\r\nSome countries set an upper limit on how old you have to be to get a mortgage, usually 70 to 75.\r\n<h3>Keep an eye out for scams<\/h3>\r\nYou\u2019ve no doubt heard horror stories about UK buyers being duped out of thousands of pounds for schemes such as \u2018oversees developments\u2019 that never materialise.\r\n\r\nThough people are understandably more wary these days, the scammers are still out there, and more importantly, the scams continue to evolve.\r\n\r\nAs an example, buying in a \u2018hot\u2019 off-plan development could save you money, or it could be nightmare. As with most things - if it seems too good to be true - it probably is.\r\n\r\nUsing an expert broker can help you avoid pitfalls like this.\r\n<h3>You may need a local bank account<\/h3>\r\nMany countries won\u2019t allow you to pay taxes and bills without opening a local bank account, which might not be as simple as it should be.\r\n<h3>You\u2019ll need to account for currency fluctuations<\/h3>\r\nFluctuations in the exchange rate can result in a lot of uncertainty as to how much everything might actually cost, at the end of the day. Even the smallest change in the exchange rate could push your monthly costs up (\u2026or down, if you\u2019re lucky) by a sizeable margin.\r\n\r\nBecause of this, some borrowers opt for multi-currency mortgages, or will buy the funds in advance from a currency broker. This allows the money to be \u2018locked\u2019 at a certain price for a small premium.\r\n\r\nWant to know more? We have a guide on<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/overseas-mortgages\/">\u00a0international mortgages<\/a>\r\n<h2 id="whats-international-mortgage-service">What are \u2018international mortgage services\u2019?<\/h2>\r\nThe term \u2018international mortgage service\u2019 typically refers to a full-service company that specialises in helping home-buyers to purchase property on the international market.\r\n\r\nBy \u2018full service\u2019, we mean that in addition to brokerage, they offer a range of services such as legal, conveyancing, accounting and foreign exchange.\r\n\r\nMany such services are offered by banks (both high street and private), and though they\u2019re often pitched at the high net worth buyer, they are not the exclusive domain of the ultra-wealthy.\r\n<h3>What do these firms do?<\/h3>\r\nSome of these firms specialise in certain areas, maintaining extensive local ties to the countries and regions in which they operate. So, if you do decide to use one, you may need to find a company with experience in the country that you\u2019re interested in.\r\n\r\nThe main benefit of using such a service is the convenience and reassurance that a \u2018pre-assembled\u2019 network of professionals can provide. As we\u2019ve said before, finding people who have the skills for the region you want to buy in can be difficult.\r\n\r\nThe downside is that this can be expensive. Another thing - all of the parties working as part of the same company means that impartiality (or the lack of it) is now a factor. To be sure, get professional advice from the whole-of-market brokers we work with.\r\n\r\nYou might want to consider the services of a good local solicitor and accountant. They should be independent of everyone else involved in the purchase.\r\n<h2 id="overseas-mortgage-finder">Is there such a thing as an \u2018overseas mortgage finder\u2019?<\/h2>\r\nNot really. It\u2019s hard enough to accurately calculate all the variables with a UK mortgage, let alone the variations that are inevitable with every different country!\r\n\r\nYour best bet would be to get in touch with one of the international mortgage specialists that we work with. They can take a look at your unique circumstances and needs, and give you a far clearer picture about what\u2019s possible.\r\n<h2 id="expert-international-broker">Want some help with your international property purchase?<\/h2>\r\nIf you have questions and want to speak to an expert for the right advice, call Online Mortgage Advisor today on 0808 189 2301 or\u00a0<a href="https:\/\/enquiries.onlinemortgageadvisor.co.uk\/match-me-with-an-overseas-specialist">make an enquiry<\/a>.\r\n\r\nThen sit back and let us do all the hard work in finding the overseas mortgage broker with the right expertise for your circumstances. \u2013 We don\u2019t charge a fee and there\u2019s absolutely no obligation or marks on your credit rating.