International Mortgages Solutions Spain

Personal, Professional & Independent Mortgage Advice.

Loan to Values

Standard loan to values are up to 80% for non-resident mortgages in Florida and are always linked to the valuation of the property not the purchase price.

USA Mortgage Product Ranges

Finance in Florida is predominately linked to a variable rate and on a repayment basis with options of fixed rates. There is also the facility to include a period of Interest only on certain loans.

Loans can be created in both US Dollars or in Sterling.

Equity release and Re-mortgaging

Releasing equity and re-mortgaging is available through select lenders. If looking to refinance, you should be fully aware of the costs involved with your existing lender. An IMS advisor will be happy to take you through the new set up costs for the new loans.

Term

In general mortgage terms range from 5 to 25 years, are dependent on age and finance provider selected.

Costs

All banks charge an arrangement fee for dealing with your mortgage. Lenders bank opening fees are usually payable at completion. All other costs in relation to the mortgage deed including mortgage tax, registry costs and some of the purchase deed costs are deducted from your gross mortgage advance. It is not possible to add your costs to the mortgage unless your valuation level allows you to. It is important to check you have accurately assessed and accounted for all expenses to ensure you are not left short of funds for completion day.

Currency

If you take a mortgage for a property in Florida this can be arranged either in US Dollars or Sterling. If taking out a loan in a foreign currency, you should always be aware of the exchange rates at the time and bear in mind that any changes will cause fluctuations in your mortgage payments.

Underwriting Criteria

For property purchase where you are borrowing 75% loan to value or below, you will not need to provide full proof of income. For loans of higher than 75% LTV you will need to provide payslips/ audited accounts accordingly.

Most mortgages USA (Florida) work on a 40'% debt to income ratio.

Standard Non Resident Document Requirements for USA Mortgages

For loans below 75% LTV

Proof of source of deposits

Income disclosure and certification

Verification call by lender to Employer / Accountant to confirm that you are employed / self employed.

Copy of Passport

For loans above 75% LTV

Proof of source of deposits

Income disclosure and certification

Last cumulative printed payslip or last years audited accounts

Last 12 months proof of all existing mortgage payments

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