Buying a property abroad can be a daunting experience, especially for first-time buyers. Here are some of the most commonly asked questions that may assist you.
Q: How do I know how much I can borrow?
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Generally we allow customers to borrow up to five times their sole or joint basic annual salary. |
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Maximum 70% (60% for Spain) of purchase price or valuation price, whichever is lower. |
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For property in the USA, the maximum loan to value is 50% in California, Florida, Nevada and Oregon and 60% in other states covered. |
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Each case is taken on its individual merits. We can provide a decision in principle on receipt of a completed application form which is valid for 6 months – outlining exactly how much you could potentially borrow. |
Q: Can you provide a 100% mortgage?
A: 100% financing is available in certain circumstances and on a case by case basis providing that adequate, additional security has been supplied. To discuss your requirements in more detail please contact us.
Q: What if I am looking to buy a property in a country you do not currently cover?
Whilst we are only able to provide mortgages for properties in the countries we have listed, if you have an existing property in one of these locations we may be able to offer a refinance package which would release equity from your property for use on just about anything else – including purchase of a property in another country. For more information please contact us.
Q: Are all types of property covered?
A: No, we do not finance commercial property of any description or land and other than in the case of selected developments in Dubai (and Singapore on a purely exceptional basis), we do not provide any form of construction finance or staged/progressive payments. Rather, we provide loans against completed, residential properties. So if you are buying a property off-plan, the funds would only be made available to you upon property completion.
If you are looking to buy a property in Dubai, we can arrange ‘staged payments’ where the loan funds are released in different stages while the property is being constructed, provided that payment schedule and proof of deposit is submitted to the Bank. To qualify for this, the property you are interested in must be on our list of approved developments. For more information please contact us.
Q: Can I let the mortgaged property?
A: In principle, yes. A tenancy or lease with a term of up to 12 months (one month for Portuguese property, 6 months for Spanish and 3 years for French property and 24 months for Hong Kong property) may be created without Lloyds TSB’s consent (see table below for details.) Tenancies or lets beyond this term require our formal, written authorisation. For more information please contact us.
These products and services are not targeted at, and are not available to, residents of jurisdictions where it is unlawful for Lloyds TSB to offer them.
If you are a resident of any European Union member country, please click here for important information.
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