AMI offers advice for overseas property

The Association of Mortgage Intermediaries (AMI) is introducing a new factsheet designed to provide guidance for people thinking of buying property abroad.

Targeting those who will be selling mortgages to individuals tempted by the booming overseas property markets, the document will help mortgage intermediaries to advise their clients more effectively on property regulations in different countries.

Dealing with the main mortgage issues from the point of view of the buyer, it is broken down into specific risk areas such as legal points, currency and the actual purchase process for overseas property.

It also contains information on local taxation levels, setting up a bank account and transferring funds into another country, as well as underlining the importance of adequate insurance.

AMI associate director, Rob Griffiths, said mortgage intermediaries had a responsibility to make sure the process of buying property abroad “goes as smoothly as possible” for buyers.

“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,” he explained.

“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.”

The factsheet, entitled ‘Advising clients thinking of buying abroad’, is available at the AMI website.

Those interested in investing in overseas property can find further information at <A href=></A>

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