International Mortgages FAQs

1. What currency can I arrange my mortgage in?

You must take out a mortgage that matches either:

• the local currency where your property is located
• the currency of your main income

We offer international mortgages in a range of currencies.

Popular currencies:

• Sterling
• Euro
• US Dollars

Other available currencies:

• Canadian Dollars
• Australian Dollars
• New Zealand Dollars
• Hong Kong Dollars
• Japanese Yen
• Singapore Dollars

Generally speaking, it's wise to match the currency of your mortgage with the currency of the property you're buying. However, some people choose to match their mortgage to the currency of their salary or savings. Your choice will depend on your personal circumstances, future plans and currency exchange rates.

2. What if I want to buy a property in a country you do not currently cover?

You may be able to finance your purchase by remortgaging another property you own. If you already have a property in one of the countries we cover, it is possible to use our International Mortgage service to release the equity you need for your new purchase. If you are considering this course of action, please ensure you take independent professional advice.

To find out which countries we cover, see our country list.

3. How long will it take for my mortgage to go through?

It depends where you're buying a property. After you receive our official offer letter, it typically takes 4-6 weeks in:

• Great Britain
• Australia
• New Zealand
• Canada
• Dubai
• Hong Kong
• Singapore

It takes up to 6 to 8 weeks if you're buying property in the USA.

Buying property in Spain, France and Portugal typically takes a little longer — up to 12 weeks after you receive our signed offer letter.

To help speed things up, make sure you have all the paperwork needed for your application. For advice on the documents you need, please ask a question.

4. Can I make lump sum payments or an early repayment in full?

Yes, however an early repayment charge will be applied to your account for any lump sum payments or early repayments made within the first 3 years.

5. How much can I borrow?

Generally you can borrow up to 5 times your basic salary, or if you are taking out a mortgage with someone else, up to 5 times your joint salary. We also take into consideration up to 70% of any income you can get from renting the property.

We'll typically lend up to 70% of the purchase price or valuation, whichever is lowest.

There are exceptions to this for these locations:

The USA

Property in California, Florida, Nevada or Oregon: the maximum we will lend is 50% of the purchase price or valuation (whichever is lowest).

Property in Colorado, Connecticut, Hawaii, New Jersey, New York or Washington State: the maximum we will lend is 60% of the purchase price or property valuation (whichever is lowest).

Dubai

Villas in Dubai: the maximum we will lend is 50% of the purchase price or valuation for a villa (whichever is lowest).

We don't offer mortgages for buying apartments in Dubai.

Spain

The maximum we will lend is 60% of the purchase price or valuation, (whichever is lowest).

We make all our decisions on the individual merits of each case. We can give you a decision in principle after we receive your completed application form, which is valid for 6 months.

6. Can I get an International Mortgage to buy a property off-plan?

Yes, you can apply for a mortgage for an off-plan property. However, we can only provide finance once the newly built property has been fully constructed.

7. Can I use the International Mortgage Service to buy land?

No. We can't provide mortgages for land, commercial property or self-build projects. We can only provide loans against completed properties, except for in Dubai.

8. Do I need to have life cover to arrange a mortgage for French property?

No. Unlike many other lenders, we don't insist you have life cover when taking out a mortgage for a property in France or other countries.

But you should seriously consider getting life cover, particularly if you're buying a property worth over £500,000. An independent adviser can help you choose the right life insurance for you.

9. How does currency switching work?

You're allowed to switch the currency of your mortgage throughout the life of the loan. You can switch between:

• the local currency where the property is located
• the currency of your main income

The first 2 switches in a calendar year are free. Any subsequent switches will cost $300.

We don't offer advice on currency switching — please only use this service if you feel comfortable and competent making decisions on what currency you would like your mortgage to be denominated in.

Switching currencies can incur serious losses because of adverse exchange rate movements.

To switch currency, we need at least 3 working days' notice from you. Switching in currencies, other than from Pounds Sterling, generally take place every 3 months when your repayments are due.

At our discretion, it's possible to arrange forward exchange contracts for settlement of your mortgage, provide these coincide with your next scheduled payment. If you are considering this course of action, please ensure you take independent professional advice.

For more information on currency switching, please contact us.