REALLY Capitalise with Equity Release
30/04/2008 |
Remortgage your existing overseas property
Conti Financial Services is offering its clients the option of remortgaging their overseas property to repay debt or fund a new purchase. The service is available to owners of overseas homes in 15 countries across Europe, Africa and the USA.
With some buyers concerned that the lack or cost of finance means they will have to sell their foreign homes to get the equity to purchase elsewhere, Conti believes this is a better alternative. "The strong euro means demand for European property has decreased, so owners are finding it more difficult to cash in their asset," said a spokesperson for the broker. "One solution is to remortgage their property in Europe, where interest rates are lower, and use the currency-boosted proceeds to repay debt in the UK."
The broker, which boasts that it has 225 mortgage products available for over 45 countries, says that remortgaging offers a range of financial solutions to overseas property owners. These include the ability to repay existing debt in the home country by releasing equity from an overseas asset; reducing current monthly repayments on an overseas property by remortgaging it with a more competitive rate of interest; buying another property or providing the deposit for a property purchase at home or abroad; and potentially to reduce one?s inheritance tax liability.
If clients satisfy key criteria, Conti can offer remortgage products in the following countries:
Greece, Portugal, Spain - Max 80%
France, Germany, Ireland, Italy, Monaco, Turkey, USA - Max 70%
Bulgaria - Max 75%
Cyprus - Max 60%
Canada - Max 65%
Cape Verde - Max 85%
South Africa - Max 50%
?We?ve built up a large portfolio of overseas lenders who not only assist with mortgages for house purchase, but can now also assist our clients, and those of our introducers, with the re-financing of existing residential properties in fifteen countries and we hope to expand this list in the future," said Simon Conn, Conti?s Sales and Marketing Director. ?The current financial climate, with lenders withdrawing schemes virtually every day, means that finding acceptable mortgages is getting tougher all the time. Many brokers are now seeking alternative means of doing business. Conti could provide the solution through its new remortgaging facilities, which provide a viable and alternative way to raise additional finance.?
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