We are not Mortgage Brokers and can't give financial advice but here are a few tips for you. We hope to provide the name of a really good firm quite soon who will be able to assist overseas buyers otherwise known as Foreign Nationals with loans to buy second homes.
At the moment it is not an easy proposition and many lenders in the USA are keeping away from lending to overseas buyers, not for fear of the risk of the borrower but that the US lending system rely's on the concept of 'selling' the loan once in place.
Loans to Foreign National are not easily sold at the moment so reducing the availablity.
We have been looking into some lenders criteria and its fair to say that if you need to borrow more than 70% of value or over $1m you'll have a hard time.
Remember when you do apply for a loan to have all of your financial information available in a presentable form which should include 2 or 3 years tax returns 3 months bank statements and 3 months payslips.
Lenders also do what is called an International Credit Check and like to see that you are up to date with credit card payment and your Council Tax and UK mortgage.
If you have all of this you should be as the Americans say:
'Good To Go'
