AMI aids advisers over clients buying abroad

The Association of Mortgage Intermediaries is offering a guide to help members with the increasing number of clients who want to buy a property overseas.

The factsheet, Advising Clients Thinking Of Buying Abroad, warns that advisers dealing with these types of clients must be aware of the differing rules and regulations regarding mortgages and property in different countries. It outlines some of the issues that mortgage intermediaries should be aware of such as the mortgage options available while also detailing the main issues from a buyer’s viewpoint, including currency risk for clients buying a property outside the sterling area and legal issues.

The guide also outlines further points to consider such as the client’s insurance protection needs, transferring money into a foreign country, the health system of the country, setting up a bank account and what level of local taxation needs to be paid.

Associate director Rob Griffiths says: “The key point that should be remembered is that buying abroad is different to buying in the UK .

“In different countries there are different laws regarding property and mortgages and there will be differences in practices, customs and local regulations.”