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Buying and Financing Your Property
Buying an overseas property is an expensive and potential risky business. For commercial property purchases we suggest that you use the services of a procurement consulting business. There are inherent risks and sourcing the right expertise is important.
Financing your property in Spain or any other foreign country can be a complex activity.This is particularly the case with the level of currency fluctuation between the Euro and British pound. Interest rate differences between the two currency areas and the different nature of the impact of the global recession mean the two currencies have entirely different values. The key financial decisions are whether to go for a floating, tracker or fixed rate mortgage over 10, 15, 20 or 25 years. Whether to opt for a traditional repayment mortgage or take out an interest only mortgage with an accompanying investment based repayment vehicle.
When property prices where rising rapidly decision making was so much easier. Now, with housing markets in both the UK and Spain entering a period of turbulence decision making is even more crucial.
Many people are buying their overseas home with a view to planning retirement. It is therefore essential that you make sure you get the best advice and consult as widely as possible.