Do I need to pay 100% for a piece of property?
Real Estate Purchase
Guest9382
17 May 2021 15:07:02
0
Cynic
17 May 2021 15:50:39
7389
Hi and welcome to the Forum.
The seller would expect you to pay the whole price at the time that contracts are exchanged. How you pay that total sum would be up to you, but most people do it via a mortgage (a loan) from their bank.
Hope this helps.
Cynic
Expat Team
Guest9382
17 May 2021 19:12:14
0
Thank-you, I understand that part. I'm assuming since all my assets are in the U S, it would be near impossible to qualify for a loan for real estate in England.
Cynic
17 May 2021 19:51:27
7389
Hi again.
You're almost certainly correct. Most people rent until they can establish some kind of credit history and so apply for a mortgage in their own right. Others provide a large deposit so as to offset the risk. If you wish to buy, best you speak to the Bank and see what they have to offer.
Hope this helps.
Cynic
Expat Team
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