Could You Use Your UK Home To Buy Overseas?

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Could You Use Your UK Home To Buy Overseas?

Good News!  Raising money to buy your dream house abroad could be easier than you first thought.

If you have equity in your UK home, you could access a good portion of it to put towards the purchase of a Turkish overseas property.

UK Lenders call it ‘Equity Release’ and this is a way of releasing the wealth tied up in your property without having to sell it and move to another home. You can borrow against the value of your home and sell all or part of it in exchange for a lump sum.

Generally, this is how it works

• You can use the money on anything you want, for example, to buy a home abroad, top up your pension income, or to buy a few of life’s little luxuries.
• You’ll retain legal ownership of your home.
• You can stay in your home for as long as you want.
• Unlike a traditional mortgage, there are no monthly repayments. Each year interest is added to the loan and on any interest previously added. The loan and interest are repaid in full, usually from the sale of your home, when you die or go into long-term care.
• Some lenders offer a ‘no negative equity’ guarantee, so you, or your estate, will never pay back more than the eventual sale price of your home, provided this is sold for the best price reasonably obtainable.

Sounds good doesn’t it?

Obviously, Equity Release is subject to status and a few other qualifying criteria. Most of the major lenders have products relating to equity release so why not have a browse on the internet to see what is available?

Your dream place in the Turkish sun might be a lot nearer than you first thought!