Has anyone got a mortgage in a foreign country, as self-employed nomad?

#1

Have any of you nomads been approved for a mortgage in a foreign country?

I am a UK citizen, and now that I work online I’m interested in maybe buying a property somewhere else in Europe. I don’t particularly want to live in the UK, and house prices are ridiculous here anyway. I would much rather buy a little apartment in one of any number of European cities; just somewhere to have as a base in between travelling.

Has anyone ever done such a thing? How did the process work? Which country did you buy property in and how straight-forward was the process?

1 Like
#2

It is very straightforward you can use local banks but this firm is very good http://www.mortgagesoverseas.com

#3

We bought a house in South Africa. The banks there required 6 months of bank statements (in country) and had a higher requirement for down payment. In our case, it was 50% down.

I would always consider currency swings between your home country and host country. We lost 30% in two years simply because of exchange fluctuations. GBPEUR may not be that big of a deal, but in other regions this is a major issue. I personally would not purchase a home in the US or Europe at the moment. Staying liquid is best given the current valuations.

“If you pay well above the historical mean for assets, you will get returns well below the historical mean.” ~Paraphrased John Hussman

#4

Thanks guys. The other thing to consider, of course, is the UK’s impending departure from the EU, and what effect that might have on actually being able to live and work in the EU as a UK citizen. So I think a mortgage taken out in an EU country could be premature at this stage!