Possible to get a UK (Stirling) Mortgage to buy property in Colorado


L

Lois

Hi

Am thinking about buying property (ski condo - medium/longer term
investment) in Colorado.

Due to the the current strength of the pound, was wondering if it
would be advantageous to take out a mortgage in the UK (in Stirling)
rather than in dollars with a US lender? If so, does anyone know any
UK lenders who do this?

Thanks,
Lois
 
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U

usenet

Lois said:
Hi

Am thinking about buying property (ski condo - medium/longer term
investment) in Colorado.

Due to the the current strength of the pound, was wondering if it
would be advantageous to take out a mortgage in the UK (in Stirling)
Why would you want to get a mortgage in Stirling (town in Scotland) in
particular, do you live there? Od did you mean sterling?
rather than in dollars with a US lender? If so, does anyone know any
UK lenders who do this?
I doubt if they'd be very keen as the security of a property in the
USA wouldn't be very 'secure', think of the ramifications if you
defaulted and they tried to repossess it.
 
D

Doug Ramage

Lois said:
Hi

Am thinking about buying property (ski condo - medium/longer term
investment) in Colorado.

Due to the the current strength of the pound, was wondering if it
would be advantageous to take out a mortgage in the UK (in Stirling)
rather than in dollars with a US lender? If so, does anyone know any
UK lenders who do this?

Thanks,
Lois
Yes, if the security was a property in the UK - but more difficult if the
mortgage was to secured on the US property.
 
T

Taipan

Why would you want to get a mortgage in Stirling (town in Scotland) in
particular, do you live there? Od did you mean sterling?
I wondered how long it would take :)
 
S

Steve

Due to the the current strength of the pound, was wondering if it
would be advantageous to take out a mortgage in the UK (in Stirling)
rather than in dollars with a US lender? If so, does anyone know any
UK lenders who do this?
Why do you insist on Stirling? What's wrong with other towns?

Steve
 
H

henry mcivor

Steve said:
(e-mail address removed) (Lois) wrote in message

Why do you insist on Stirling? What's wrong with other towns?

Steve
Sorry smart people, but Stirling is now officially a city.

:)

H.
 
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J

john boyle

Lois said:
Hi

Am thinking about buying property (ski condo - medium/longer term
investment) in Colorado.

Due to the the current strength of the pound, was wondering if it
would be advantageous to take out a mortgage in the UK (in Stirling)
rather than in dollars with a US lender? If so, does anyone know any
UK lenders who do this?
It increase risk to the lender when one of the three elements of a
secured loan is denominated in a different currency. The three elements
are, loan, repayment, and security. I dont know a lender who would do
this unless you had very substantial assets over and above the value of
the house you propose to purchase. The exchange risk is too high.
 
L

Lois

Comedians, the lot of you!!! ;-)

Ok, STERLING (GBP) etc.etc.! Spelling is not my strong point...

So the concensus (sp?) is that no I, UK lenders will not provide
mortgages on US properties?

If anyone has any advice on buying property aboard, then I would
really appreciate it...

In the mean time, I will work on my spelling... :)

Lois
 
S

Steve Maudsley

Lois said:
Comedians, the lot of you!!! ;-)

Ok, STERLING (GBP) etc.etc.! Spelling is not my strong point...

So the concensus (sp?) is that no I, UK lenders will not provide
mortgages on US properties?

If anyone has any advice on buying property aboard, then I would
really appreciate it...
Would taking a mortgage on a UK property to use the cash to buy a US
property work?

Stephen
 
D

Doug Ramage

Lois said:
Comedians, the lot of you!!! ;-)

Ok, STERLING (GBP) etc.etc.! Spelling is not my strong point...

So the concensus (sp?) is that no I, UK lenders will not provide
mortgages on US properties?

If anyone has any advice on buying property aboard, then I would
really appreciate it...

In the mean time, I will work on my spelling... :)

Lois
A possible alternative would be a lender in Colorado - although any loan is
likely to be in US dollars - especially if the LTV were low.
 
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U

usenet

Steve Maudsley said:
Would taking a mortgage on a UK property to use the cash to buy a US
property work?
Of course it would as the US property would be 'invisible' to the
mortgage lender. Only problem would be that if you default you lose
your UK property, not the US one that you used the money to buy.
 
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R

Ronald Raygun

john said:
Sorry, perhaps im getting INTO bed the wrong side!
It's the perennial question of give and take.
How could you not have picked up on it?
 
J

john boyle

Ronald said:
It's the perennial question of give and take.
How could you not have picked up on it?
AAAAAAARRRRRRRRRRRRGGGGGGGGGGGHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!!!!
 
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J

janesavvy123

To get the perfect shot, list your property requirements and list it down in an orderly manner, inform about the same to your realtor and make him clear with your concerns on a property and insist him that you really need a property as quoted above, This saves both yours and his time too. While he works-out to bring in suggestion from his side, be kind enough to listen to his professional advice maybe he can suggest you with better option, be cautions to never be carried away with his ideas. Next is to check out a few property of our own to check if your realtor is much better than you, as youvisit/check-out a property make sure to conduct a deep visual inspection by a pro and you too personally, if possible try to have a short conversation with your neighbor. If satisfied make sure that, you make a pretty good deal, a light and good conversation can get you the best deal.
 

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