US Property : Buying a Home in Florida
Finding a Property
Lenders
To finance your U.S. property purchase, you can apply for a loan either in the U.K. or U.S. You may use a direct lender—a bank, savings and loan or credit union—or you may apply to an intermediary, such as mortgage brokers. Each is likely to offer different loan arrangements and different terms and conditions—even for the same type of a loan.
If you intend to use a company to purchase your Florida property, you may find that many lenders, especially U.S.-based lenders, either cannot assist you or the terms may not be as favourable.
In the past, a U.S. mortgage was the only real option for U.K. buyers of Florida property. Now, it’s possible to get a sterling mortgage from several British lenders. Benefits include the possibility of lower interest rates, no penalties for foreign nationals, protection from exchange-rate fluctuations, mortgages secured on the Florida property as opposed to your home in the U.K., and having your lender in the same time zone. In addition, the use of a sterling mortgage secured upon your Florida property will still allow you to claim U.S. tax relief on your U.S. income tax return when you receive your U.S. form 1098 from your sterling lender, which you then provide to the IRS with your return.
You may want to consider the lenders and brokers listed below.
Please note: you should rely on your own enquiries