1. Find out how much you are eligible to borrow by completing our quotation request form
2. Instruct Baydonhill International Mortgages to obtain an ‘Agreement in Principle’ on your behalf
3.  Work with a real estate professional to find a suitable property
4. Submit a sales agreement and a loan application and transfer the deposit with Baydonhill Foreign Exchange to secure the property
5. Valuation and inspection procedures instructed
6. Lender issues mortgage offer
7. Open a US bank account
8. Transfer balance with Baydonhill Foreign Exchange to the Title Company
9. Arrange monthly mortgage payments with Baydonhill International Payment Plan
10. Completion – called ‘Closing’ in the US

Mortgages can be in US Dollars, Sterling or almost any currency available with the new Multi-Currency option and are full status only.

The maximum loan to value available is 80% of the purchase price. The minimum loan amount is £75,000.

As a guideline, your existing monthly outgoings and the repayment on your Florida loan should not exceed 35% of your gross monthly income.  A percentage of rental and investment income can also be considered.  Mortgage, rent, personal loans and maintenance commitments are considered as outgoings.

Mortgages can be obtained for the purchase or refinance of new and existing properties for single family homes, condominiums, town homes and condominium hotels.

Repayment, Interest only and Construction mortgages are all available with fixed or variable rates.

Capital raising is available on your property in Florida and the amount you can borrow will be determined by a valuation arranged by the lender.

Remortgaging is available. However, this will incur costs with the new lender.  We recommend that you check with your existing lender if any penalties will be payable for cancelling your existing mortgage.

• Proof of identity & residence
• Proof of income (except on self-certified products) & outgoings
• Property details

An ‘Agreement in Principle’ can be obtained from a lender once all the requested documentation has been submitted.  This takes approximately 3 working days.  However, for loan amounts in excess of £750,000, this may take longer.

Generally a minimum of 6 weeks should be allowed from application to completion.

This must be in place before completion.

You may be required to open a Florida bank account before completion.

Please be aware that missing a monthly mortgage payment may have serious consequences and we therefore strongly advise participation in our overseas payment plan.  This service gives you peace of mind in the knowledge that your mortgage repayments will be met automatically each month.

Mortgage funds will be released by the lender to Title Company for completion of the purchase.

Mortgage Brokers fee – typically 2% of the loan amount

Closing costs - typically 3%-5% of the loan amount.

Baydonhill International Mortgages charges a non-refundable application fee of £200.