Quote:
Originally Posted by Creative Source
I was wondering, how one can borrow mortgage loans from UK banks for property investments in places like Sri Lanka? Any advice?CS
|
A couple of years ago I looked at getting a Malaysian mortgage but the interest rate offered to me by HSBC Malaysia was about 6.5% and there's a lot of paperwork and delays for foreigners to get a mortgage there. You can do it, it's just a hassle. More importantly, 6.5% was higher than I could get if I were to raise finance in the UK.
If you can raise finance in the UK on a property you already own, then that is probably your easiest option and you'll get a good interest rate.
I looked briefly at raising finance in the UK specifically for a home abroad. It's normally called an international mortage. The rate you are quoted is higher than the rate for a UK home, but it is an option.
This might help you get started (though I've never used this form myself):
Mortgages for Holiday Homes and other Property Abroad
The big banks are offering international mortgages more and more, but I don't think any of them cover Sri Lanka yet.
Lloyds TSB Offshore International Banking, International Mortgage Service
https://hsss1.hsbc.co.uk/imoServlet?START=true