Would A UK Or US Mortgage Be Better?

Would A UK Or US Mortgage Be Better?

Would A UK Or US Mortgage Be Better? If you are considering buying a property in the US then you have a few different options available to you, depending on you general circumstances and your preference.If you are considering buying a property in the US then you have a few different options available to you, depending on you general circumstances and your preference.

Firstly, you could remortgage your existing home in the UK (or sell it completely) and use the money you get to buy a property outright in the US. Another option would be to speak to a UK lender about getting a mortgage to buy the property in America. Not all UK lenders offer this service, so you will need to look around and do some research first. Your third option is to go to a bank or lender in the US to get a mortgage. If you are lending from a bank a Medallion Stamp would probably not be required.

There is no right or wrong decision – there is only what is best for you. It can often be a good idea to speak to both UK and US lenders to get a full idea of the range of mortgage products available; it can often be the case the different products are offered in different countries and one product might suit you better than the others.

Remember, of course, that the exchange rate can mean that your mortgage payments can fluctuate much more if you go with an American mortgage provider than they would if you were to buy a UK property or use a UK mortgage provider. This might make a big difference to your affordability, and the figures should (as far as possible) be factored into your calculations.

If you want to get a mortgage in the USA the process is a relatively simple one. You will need to provide a deposit (known as a down payment) of somewhere between 20 and 35 percent of the purchase price of the property. For Americans this figure is usually less, but for those who are foreign buyers there are more checks needed and a higher deposit can reduce the risks somewhat.

Most American mortgages will run for 20 to 30 years, much like in the UK.