UK Mortgage Lender for Brazil Property

[a1anm]

Hi,

I was wondering if someone could suggest a good UK (or Brazil, though I believe this isn't possible) based mortgage lender who could assist me buying a property in Brazil. I've previously purchased properties in the UK but never abroad so i'm unsure how to go about this.

I'll have a downpayment of 20% to 25% so would need to borrow the other 75% to 80%.

Thanks for any advice.

[robh]

At the moment you can only really take out a mortgage in the form of equity release on your UK property.

There are some outfits offering mortgages using the property in selected Brazilian developments as collateral, but when we started asking pertinent questions like what is your company registration number and your FSA license number everything went quiet.
The maximum amount this outfit would lend was 60% and the interest rate wasn't the most competitive either, add to that the initial fee of a few hundred pounds (payable upfront) for the company to get your credit report, we then decided to forget about them.

There are some developers offering good payment terms like 30% then the 70% on completion in about 3 years, so this may be a good option for you.

Regards,
Rob.

[a1anm]

Thanks Rob.

After a bit more research I started to come to the conclusion that this was the case.

I have been able to raise some more capital to I anticipate I should be able to purchase somewhere outright.

Thanks for your help.

[Portugeezer]

A1ANM hi there hope you are well
i know this is a rather outdated post however having been searching for exacly the same as you i can advise you of the following :

Brazil Mortgages for Foreigners?
25 September 2007

** NEWS FLASH **

We have just heard that Brazilian mortgages will be available to foreigners next year. This will have a huge affect on property prices!

Reserve now - before the boom starts

Come and visit us in our London office or give us a call now! - land plots and city apartments coming soon……..

Being new in here im not sure if i can post or not the wesite where these news have just cropped up so if you are interested in knowing let me know and i shall post the info to you ,i already contacted the website and they handed me the name of the bank that will be offering these to foreigners ,hope this helps ,cheerio

[robh]

Originally Posted by Portugeezer

A1ANM hi there hope you are well
i know this is a rather outdated post however having been searching for exacly the same as you i can advise you of the following :

Brazil Mortgages for Foreigners?
25 September 2007

** NEWS FLASH **

We have just heard that Brazilian mortgages will be available to foreigners next year. This will have a huge affect on property prices!

Reserve now - before the boom starts

Come and visit us in our London office or give us a call now! - land plots and city apartments coming soon……..

Being new in here im not sure if i can post or not the wesite where these news have just cropped up so if you are interested in knowing let me know and i shall post the info to you ,i already contacted the website and they handed me the name of the bank that will be offering these to foreigners ,hope this helps ,cheerio

Hi,

Can you post the name of the bank?

Regards,
Rob.

[Portugeezer]

Hi there Rob indeed i can as long as this is not an issue with the admins .

Having contacted the website that disclosed this matter i received a reply that its RBS-Royal Bank of Scotland .

Shame i dont bank with them

However i must reiterate that this facility will be made available from 2008 onwards . as per e mail reply received ,hope this helps guys

[robh]

Originally Posted by Portugeezer

Hi there Rob indeed i can as long as this is not an issue with the admins .

Having contacted the website that disclosed this matter i received a reply that its RBS-Royal Bank of Scotland .

Shame i dont bank with them

However i must reiterate that this facility will be made available from 2008 onwards . as per e mail reply received ,hope this helps guys

Thanks Portugeezer.

[Paresh1981]

I am looking to buy some land in Brazil. Is it possible to get a mortgage for a property abroad if you do not own a property in the UK? I can make up downpayment of 20%.

Can anyone help? RBS?

[robh]

Originally Posted by Paresh1981

I am looking to buy some land in Brazil. Is it possible to get a mortgage for a property abroad if you do not own a property in the UK? I can make up downpayment of 20%.

Can anyone help? RBS?

You could try some Brazilian banks but the interest rate would be too high.

I just asked my contacts at the RBS and they said no-one has any plans to offer Brazil mortgages for foreigners at this moment, but they are taking over ABN Amro at the moment and ABN Amro has a big presence in Brazil so this might change.

So right now equity release is the best way to go or otherwise buy something with staged payments.

Regards,
Rob.