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Services > Mortgages
> Holiday
Homes > Local Lenders
Mortgages
taken out, from
a local bank or
building society*.
If you are dealing
with lenders in
the country you
wish to purchase
the property from,
consider that you
must have the means
to communicate thoroughly
with the local bank.
This may bring added
costs of interpreters,
as not all lenders
will be able to
speak English. In
addition to this,
some lenders will
be reluctant to
offer mortgages
to non-nationals.
The rate of interest
they offer you may
be quite high, or
alternatively lending
regulations may
simply make it impossible
for you to obtain
any kind of credit.
Remember that being
on the electoral
roll is a very important
part of getting
credit in the UK,
and that you are
unlikely to be able
to claim the equivalent
status in the country
you are moving to,
unless you already
have residence rights
through marriage,
or long term employment.
If you are moving
within the EC, this
is less of an issue,
as you have full
freedom of movement,
employment, and
voting rights within
the Union boundaries.
*Note that not all countries will use the term “building
society”. In the USA, for example, the closest equivalent is a
credit union, although these are usually based around major local employers,
or interest groups, and are unlikely to lend to UK borrowers.
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