# Advice much appreciated



## Sj wales (May 24, 2013)

Hi guys I'm new to the forum 

If I've posted this thread in the wrong section please accept my apology 

I'm sure you've heared this question asked a million times but my family and I have just returned from our 3 visit to Florida .

We have discussed looking into buying a villa out there for our own use for approx . 4 weeks of the year and then letting it out when we are in the UK as a holiday let .

Unfortunately we are unable to purchase a property outright therefor needing a US mortgage .

Is this even possible or am I living in dream land ?

ANY help to advise is much appreciated .

Many thanks SJ


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## EVHB (Feb 11, 2008)

It's not possible. (but maybe you can find a loan shark who's willing to offer you a loan, with a 23 or 30% interest rate).


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## Sj wales (May 24, 2013)

EVHB thanks for your reply , can you tell me why it's not possible ?

Cheers sj


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## EVHB (Feb 11, 2008)

The past couple of years, I never heard of American banks giving loans to foreigners (who are not residents) to buy a house. You are too much of a risk.
But maybe you can ask your bank in Wales? Don't know how much money you'll need, but maybe you can cover it with a personal loan? Or maybe there are constructions that allow you to get some money with your Wales house as collateral? (no idea, I don't know the rules in Wales).


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## twostep (Apr 3, 2008)

There are mortgage companies specializing in handling foreign clients. The rates reflect the credit risk. 
Have you considered the upkeep costs from taxes, HOA fees, lawn care, non occupied times, ...? 
What do you consider a villa and where do you plan to purchase it?


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## Sj wales (May 24, 2013)

Hi yes I've looked into upkeep , fees , taxes and management companies . I've researched as much as I can on the matter but was unable to find wether I was able to have a mortgage over in the states .

For letting purposes we'd be looking in and around the Orlando/ Disney area to appeal to families here in the UK , also if it was affordable we'd be hoping to purchase a property on a golf course again to appeal to golfers to increase our chances of letting the property .

As for size we are unsure , this down to cost again but hopefully big enough to maybe accommodate 2 families .

Cheers sj


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## twostep (Apr 3, 2008)

So you are looking at a 6 bedroom 3 1/2 bath ona golf course. What can you pay down?


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## Davis1 (Feb 20, 2009)

I live I florida...and you really are flogging a dead horse
The day when people bought and rented out property and made a small 
profit have long gone

there are plenty of foreclosed properties in Orlando going cheap but no mortgages
and no buyers ...

at one time I managed 8 rental house.. every one has been sold off as the money 
losses were too high


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## Sj wales (May 24, 2013)

I understand the economical climate has affected things dramatically , I'm not interested in making any money out of itv. I'm looking for somewhere my family and I can enjoy in the future . I have spoken to a few British families that have villas in Florida and they can and are covering their costs by letting their property out so it can be done .


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## EVHB (Feb 11, 2008)

Did they have to pay high interest rates? Maybe it's ok if you only pay 5%, but crunch the numbers when you have to pay 15%, or 25%...
(and when you sell the house, you pay taxes on it too)


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## Sj wales (May 24, 2013)

Yes I'm aware of management companies I've already been in touch with one .


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## Claire la richarde (Jul 6, 2009)

I don't know whether you've looked at the helpful and trustworthy Which? site, SJ. Even if you haven't, you might have found the information on it elsewhere. Still, in case it helps, you could take a look at Mortgages for overseas property - Buying overseas property - Mortgages & property - Which? Money


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## Sj wales (May 24, 2013)

Hi Claire thanks for the link, I can see that Lloyds tsb do mortgages for the US I already bank with them so ill make an appointment and look into things further .

Sj


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