Buying abroad?

A reader from Bucks is planning to buy a home abroad and wants to know the best way to release equity from his current property.

Tony Davis, myfinances.co.uk mortgage expert from Mortgage Meadow, takes him through the problem.

Darren from Burnham asks:

What is the best way to release money in our property to buy a house abroad?

Tony replies:

A remortgage of your UK property will release you capital in sterling which means that you avoid exchange rate movement as a risk if you are going to service the mortgage payments using money generated in the UK.

However you should compare UK domestic rates to the mortgage offers that could be arranged locally to where you intend buying.

If you have a question for Tony, go to the myfinances.co.uk Ask the Mortgage Expert section.

Or for more information or mortgage advice go to Mortgage Meadow.

Mortgage Meadow is an independent mortgage broker and is authorised and regulated by the Financial Services Authority.