If you are in a position to paying cash for a property, it is often recommended to go down this route. In some parts of Orlando, in particular in Condominiums close to the attractions, cash offers are only accepted and banks are not willing to finance condos used primarily for short term rentals. Even if you are looking to move in yourself full-time, the complex itself will have an owner occupancy level required by the bank to obtain finance.
Transferring cash from the UK into the US should be carried out by a specialist currency exchange company in the market such as Money Corp. Buyers can take advantage of better exchange rates with significant cost savings in the process.
Another option for those who already own homes in the UK, is to remortgaging your UK home. This option releases the equity in the UK property, allowing for the property in Florida to be paid for with cash. Remortgaging offers the Buyer one of the easiest solution through and there is need for another mortgage.
There are several UK mortgage providers, who will lend funds of up to 80 per cent of the purchase price for second home in another country. This mortgage usually come with a 15-year term. You will find that many UK mortgage lenders offer a different choice of mortgage programs compared to US lenders. It is important to meet with the mortgage broker who specializes in overseas mortgages and let them explain your options to you.
If you decide to obtain finance in the US, the type of financing available varies depending on your country of origin and visa status. Most foreign Buyers should prepare for a 35-45% down payment and budget for 6-24 months of mortgage payments in reserve, in a bank account. It is important to talk with a Foreign National Loan specialist to determine what options are available to you.
For those who are self-employed a self-certified mortgage may be a better option. This type of mortgage does not necessarily hold a high interest rate compare to the UK or a completely documented mortgage.