Buying Abroad & Overseas Mortgages - Cheap Mortgage Deals

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Buying a property abroad is the dream of many holiday makers who have visited a country abroad and fallen in love with it. Some visitors have been travelling to the same destination for years and decide that it's the right place to retire to, others would just like to own a holiday property to cut costs of accommodation and invest in a second home.

Although the old Eastern European countries are steadily becoming more popular, with Bulgaria attracting many interested investors from the UK. One of the main considerations to note is, if you are buying a property to rent out to other guests, intending to include the rental income as part of your mortgage, you may find the lenders will not allow these funds to be included in the equation.

Here are some interesting facts;

Some country's such as Andorra, do not offer any self certification - non-status-mortgages facilities. In Australia the lenders will take into consideration any rental income but will not allow a non status or self cert mortgage to go through and if you are self employed the lenders will require copies of your last two years Audited Accounts.

Canada will allow you to include 50% of any rental income and the loan is based on your gross and not net pay as in Bulgaria.

In France your mortgage loan is based on your joint net income and there are provisos that any maintainance or outstanding credit card bills not cleared each month for instance, do not exceded 35% of your net monthly income. In Italy that total of existing liabilities must not exceed 40%.

In Florida, lenders may take into consideration 50% of any proposed rental income from the property for mortgage purposes providing it has been on the rental market with proof of leases.