How To Release Equity From Your Home To Buy A Property Abroad

Would you like to buy a property abroad? Do you find yourself dreaming of a holiday home on the Spanish coast? Perhaps a Pied-a-terre in France, or a chalet in Austria or Switzerland? Croissants for breakfast, tapas for lunch and a cocktail in the evening as you watch the sun disappear. You may be fed up looking out of the window on a cold, wet and murky day, or you might want to be nearer to friends and family. Wouldn’t you love to be sitting by a pool or on a beach? Or taking a stroll through the French countryside or partaking of an Alpine walk?

Releasing equity from your home to buy your dream property

The stumbling block may be that you don’t have the monies to buy a property overseas. A solution could be releasing equity from your home in order to raise the funds to purchase your dream property. In the latest article from Paxton Equity Release, we look at how you release equity from your home to buy a property abroad.

Why buy a property abroad?

  • Looking for a different climate – warmer and sunnier, Alpine winter
  • Escaping the British winters
  • Desire to be closer to family and/or friends
  • Experience a new cultural lifestyle
  • Return to where you have lived in the past
  • Learn a new language and make new friends

Releasing funds to purchase your property abroad

 By releasing the wealth that is tied up in your home, you may be able to pay cash to buy a property abroad. Or you could use the equity tied up in your home to fund a mortgage deposit or make regular payments towards the purchase price. It will all be very dependent on the value of your property, your age and your health. Just one word of caution here, if you do take out an equity release mortgage on your property, you will be required to live in your UK property for at lease 6 months of the year, which rules out permanent relocation.

Things you will need to do before taking the next step

  • Calculate how much equity you have in your home
  • Decide in which country you want to buy your property abroad
  • Consider the type of property you want to buy
  • Check the associated costs with buying a property abroad
  • Understand that you will have solicitor’s fees to pay
  • Be aware of currency exchange rates, local laws and regulations

A good equity release adviser will be able to help you with the amount of equity you have and how much you can release. There may be restrictions on the amount that you can release due to your age, but again your chosen specialist will be able to advise you.

 Explore all the options before you buy

An Equity Release mortgage is certainly one way that you could fund buying a property abroad but you should explore all of the options first before you make this decision. Regular payments will need to be made, which could put pressure on your retirement income.

How Paxton Equity release can help you buy a property abroad

If you would like to know more about releasing wealth from your property to purchase your dream home abroad, please get in touch with Martin from Paxton Equity Release, authorised and regulated by the Financial Conduct adviser. Call Martin on 01892 617070 for a chat or email martin@paxtonuk.com. Martin is an experienced mortgage adviser and will be delighted to go through the options that are available to you.

You could soon be waking up to the aroma of freshly baked croissants, and smelling the distinctive, refreshing and sweet scents of an Alpine pine forest.