Financial Advice

Searching for Currency Exchange Products or Overseas Mortgage Payment Options, then take a look at the selected range of products that SimpliGroup Property have specifically selected to meet your needs.

Mortgages Available

We can assist with arranging mortgages in the following countries:

Currency Exhange for Overseas Property

Depending on how big your bank is and what services they offer, the transaction can be relatively smooth and painless, or extremely frustrating. Either way it is typically expensive to get your foreign currency at a bank.

If you're thinking of buying a house abroad or transferring funds to another country, you'll need to do a currency transfer. SimpliGroup Property have set up a panel of currency exchange partners, enabling you to get the best rate for your currency transfers.

Financial Issues to be aware of

When purchasing a property abroad or in the UK it is important to understand the total costs of purchasing the property.  We divide the costs of buying property into three areas.

Initial Cost

1. The amount of deposit you need to put down to secure the property
2. The cost of any viewings trips if necessary
3. The cost of transferring money over to purchase the property (remember the exchange rate at the time of transferring can effect the sterling equivalent of your deposit)
4. Any staged payments that need to be paid prior to the completion of the property

Cost of Completion

1. The final payments needed to pay for the property
2. Any tax payable on completion. This differs from country to country and is called various names (ie Stamp Duty, Notary Tax etc)
3. The cost of arranging any mortgage finance. This can be higher overseas than it is in the UK.
4. The cost of furnishing your property. You should budget up to 10% of the property cost depending on the quality of furnishings you require.
5. The cost of finishing your property. Some overseas developments may come without floor coverings, full kitchen etc.

Cost of Ownership

1. On going maintenance fees (if you are on a managed complex)
2. Any local taxes that may be appropriate.
3. Regular monthly mortgage payments
4. Buildings and Contents Insurance
5. Life Insurance to cover any mortgage amounts
6. Utility bills for heating, air-conditioning light and water
7. Any deductions from rental income by a lettings agent as well as costs of cleaning the apartment between tenants.
8. Wear and Tear allowance - if you regularly letting out the property you will need to make an allowance for wear and tear to the property.
9. Taxation of rental income

Finally if and when you come to sell the property you will need to take into account:

1. Estate Agents commissions for selling the property
2. Taxation paid in the country you have the property
3. Top up tax that may be payable in the UK.

REMEMBER THAT EXCHANGE RATES CAN EFFECT THE VALUE OF YOUR PROPERTY AND THE COST OF REGULAR PAYMENTS.

For financial advice for Overseas Property purchases please contact us for further information >>