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  • Mortgages & Finance

    Re-mortgaging to raise money to buy overseas

    Hello,

    I'm thinking of buying a property overseas in the near future and am considering re-mortgaging my UK house inorder to do so.

    The mortgage is almost paid off on this so I'm in two minds as to whether to opt for the safe option of just paying off the mortgage and enjoying the security of having an unemcumbered house or taking advantage of low interest rates to raise cash for an overseas purchase.

    I don't think it would be possible to get a mortgage once I move abroad so I think it best to do so now whilst I'm still employed.

    Grateful for your thoughts.

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    Its not a easy answer. Where are you going, how long, will you rent out the property, will you be returning to this country, current asset position, pensions etc and also taking into consideration your tax position.

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    There is a lot be said for having an unencumbered UK home - noting that any mortgage thereon could put that home at risk.

    You do not say why exactly you want to buy a property overseas - be it leisure or profit.

    If it is leisure then while working your visits will be pretty limited - suggesting rental for any holidays would be a simpler option.

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