UK Mortgages Abroad offers sterling or dollar mortgages for British
residents to finance homes and investment properties and realise the
'American Dream' in Florida.
Florida Mortgages from UK Mortgages Abroad
frequently asked questions
What does a Florida Mortgage cost?
Completion costs (called ‘closing’ in the US) are incurred whenever a
property is sold or re-mortgaged. An approximate is 5% of the mortgage
amount when purchasing. (This cost can be included in the amount borrowed
if required.)
Who can take out a British Mortgages Abroad mortgage?
Virtually anyone can apply for one of our mortgages providing you are 21
or over, a British resident and a homeowner. We can also help if you're
either employed or self employed.
What can I use the mortgage for?
Most people will use it to realise their dream of buying a holiday home
in Florida. Others may choose to refinance an existing mortgage with a US
lender, to reduce their outgoings and the additional peace of mind of
dealing with a British based lender with a Sterling mortgage.
How much can I borrow?
The amount you can borrow depends upon the value of the property in
Florida. You should however, think carefully about how much you can
comfortably afford to pay each month.
We have guidelines on the maximum and minimum amounts we will lend,
depending on the type of mortgage you choose. For each type of mortgage,
we set maximum loan to value ratios - the ratio between the amount you
want to borrow and the value of the property (or the purchase price if
this is lower). We will also assess your ability to repay the mortgage
from the information you provide us in the Application Form and from our
searches and enquiries.
Will you take into account, any rental income I receive from my holiday
home in Florida, in assessing the amount you will lend me?
We may be able to consider a proportion of the rent you are likely to
receive from renting out your property.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A
MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
First sighted by Don Juan Ponce de Leon in 1513, Florida was
originally named La Florida, or Land of Flowers. Today, the climate of
this southern state continues to encourage the growth of many exotic,
sub-tropical and tropical plants. Because of the climate, Florida
also calls numerous visitors to the pristine beaches that line the
peninsula, from the eastern coast overlooking the Atlantic Ocean to the
western beaches and panhandle areas that line the Gulf of Mexico. Off
the mainland are thousands of island escapes, including the famous
Florida Keys.
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