Muffleman

Hi all,

I'm looking at buying an apartment on a managed resort. Anyone here know of any companies that arrange finance for such things ?

Cheers


Matt

chinnybloke

Can you raise the money by remortgaging your house? I'd do that I think.

Muffleman

Hi,

Probably wont be enough, maybe I could geta top-up loan from someone.

Cheers



Matt

Rally

You would be best doing as Chinnybloke says and getting a loan linked to an existing mortgage as interest rates will be lower, assuming there is enough equity in the property.
You could remortgage to a new lender to acheive this and get a good discounted rate that lenders only seem to offer new customers knicked from other lenders and not loyal ones that stay with them for years.

Alternatively get a Personal Loan either unsucured or agin linked to your existing house, there are loads of companies offering these.

You do not say there this apartment is, if it is the UK then a high street lender could even offer you another mortgage on this property keeping it seperate from your main home.

I recently bought an apartment in southern Spain, it is in a complex of 104 apartments, it was offered for sale Freehold and I got a mortgage with Halifax in Spain.

chinnybloke

If you are renting it out, it would be worth checking with accountants first. I think you have to rent it out for more than 10 wks per year or something before you can claim the interest and some other costs against the income so you are not taxed on it all. If you are a 40% tax payer, it might be worth putting it in your wifes name (are you married?) if she doesnt pay 40% tax.

Muffleman

Hi,

It's actually in the Turks and Caicos Islands. Apparently if you setup a ltd company in the T & C's and use offshore banking facilities, there is no income tax etc.

I'll keep plugging away at me homework and find out a bit more !

Cheers


Matt