Frequently Asked Questions

1. Why use a broker?
2. How much can I borrow?
3. How much will it cost?
4. How long will it take?
5. Can I have a buy-to-let mortgage?
6. Can I have a self certification mortgage?
7. What supporting documents are required with the mortgage application?

Why use a broker to arrange the mortgage for you?

As independent mortgage brokers, we have access to every UK mortgage lender and a wide range of overseas lenders, many of which have specialist schemes and special deals.

We can provide guidance on the legal and technical aspects of property purchases in the USA; review and discuss all of the financial options available to you to ensure that you are fully informed when making such a financial commitment.

How much can I borrow?

The system used in assessing how much you can afford to borrow is the same as in the UK. Typically you will be able to borrow 3.5X the first applicants gross annual income + 1X the second applicants gross annual income. Alternatively you can borrow 2.75X both applicants combined gross annual income.

Generally, we can arrange a mortgage for a property in the USA up to a maximum of 80% of the value of the property.'

How much will it cost?

As a general guide, the cost associated with a purchase of a property in the USA equates to approximately 3% to 5% of its value.

Our systems can calculate the cost more accurately by using information on the property value and mortgage required. Please feel free to contact us for further details.

How long will it take?

Each individual case is different. However as a general guide, the time from mortgage application to the funds arriving to you typically range from three to six weeks.

Obtaining a mortgage quotation, subject to the lender's approval, that you know is affordable BEFORE looking at properties will save you time, money and frustration. This will help to eliminate costly delays, the potential for losing your property, your cash deposit and gazumping.

Can I have a buy-to-let mortgage?

Buy-to-let mortgages are available although the rental income from the property will be taken into account on a varying basis from lender to lender when working out how much you can borrow. For further details of how rental income can improve your affordability please contact us.

Can I have a self-certification mortgage?

At the current time self certification mortgages are available up to 75% of the value of the property. All clients who require a larger proportion will be required to provide detailed proof of income and outgoings.

What supporting documents are required with a USA mortgage application?

Below is a basic guideline for the documents required to prove your income for a mortgage in USA:

• Original last payslip
• Last years trading accounts (if self-employed)
• Proof of last twelve mortgage payments

As a basic guideline any combination of two of the following documents are needed in order to verify your Address:

• Any loan statements
• Council tax bill
• Bank Statement
• Credit Card Statement

For Name verification any combination of two of the following documents are needed: Bank statement showing salary

• · Valid full passport
• Current drivers licence
• Personal Cheque

This is not an exhaustive list and additional documents may be required. For more detailed advice please contact us.