{"id":18989,"date":"2015-09-04T09:52:36","date_gmt":"2015-09-04T08:52:36","guid":{"rendered":"http:\/\/newclone.retiremove.co.uk\/blog\/?p=18989"},"modified":"2017-09-28T10:58:19","modified_gmt":"2017-09-28T09:58:19","slug":"your-financial-guide-to-buying-a-home-overseas","status":"publish","type":"post","link":"https:\/\/newclone.retiremove.co.uk\/blog\/your-financial-guide-to-buying-a-home-overseas\/","title":{"rendered":"Your financial guide to buying a home overseas"},"content":{"rendered":"

You don’t want to make a mistake buying a home abroad if you are retired. So consider these top currency tips to avoid sky high bank charges and ensure a smooth financial move<\/h3>\n

Before you get started, consider some of the key financial points that will help you calculate the maximum you can afford. For example:<\/p>\n

\u2022 The total budget you have available for buying a property
\n\u2022 How large a deposit you can afford, and what your repayment plans will be
\n\u2022 Potential re-mortgage of a UK property to release equity
\n\u2022 Additional taxes and fees that come with buying a property
\n\u2022 Maintenance and lifestyle costs
\n\u2022 Foreign exchange rates<\/p>\n

Once you have calculated these figures, you can set a price band on the houses available for you to choose from. Keep in mind the following five tips to save money when buying property overseas and dealing with cross-border transactions.<\/p>\n

1. Financing a property overseas<\/h4>\n

There are a number of ways in which you may be able to pay for your new property abroad, either by re-mortgaging your current home, paying cash, or taking out a loan.<\/p>\n

Buying a property is fairly straightforward. However, as this is probably one of the largest and most significant purchases you will ever make, you should not proceed without appointing your own solicitor. Their responsibilities include advising and representing you through the whole transaction process.<\/p>\n

2. Make the most of exchange rates<\/h4>\n

As a UK resident, when making overseas transactions you\u2019ll have to navigate the fluctuations of the currency markets. These could swing in your favour one day, and then heavily against you the next. Timing can be key to saving you hundreds \u2013 perhaps thousands \u2013 of pounds, especially on the value of a house. A forward contract allows you to secure your currency at the rate you want and lock it down for up to a year. This protects your finances from any fluctuations in the market.<\/p>\n

\"Currencies-direct\"<\/a>3. Get the best deal<\/h4>\n

There are a number of different ways to transfer money overseas \u2013 and most people head straight to the bank.\u00a0The best option is to seek\u00a0the guidance of a currency specialist, like Currencies Direct<\/a>, which would\u00a0save you up to 5% compared to your high street bank, because\u00a0they don\u2019t charge transfer fees and give you a better exchange rate. This translates into a saving of up to \u00a35,000 on every \u00a3100,000 you transfer. When we\u2019re talking property prices, this can mean significant savings.<\/p>\n

4. Stay on top of market moves<\/h4>\n

The currency market is always fluctuating and rates move all the time. If you have a target exchange rate in mind, why not set up a Rate Watch?\u00a0Currencies Direct<\/a>\u00a0assigns a\u00a0team member\u00a0to monitor the markets and notify you when the rate becomes available. With a Rate Watch, you can set up as many searches as you like and leave the rest to them.<\/p>\n

Most importantly, when your desired rate hits, you\u2019re under no obligation to actually trade. It\u2019s just a great way to keep up with what\u2019s happening in the currency market, so that you know when the best time to make your transfer is.<\/p>\n

5. Careful financial and tax planning<\/h4>\n

Take into account your entire worldwide estate when you look at buying property overseas. If you\u2019re moving abroad, think about whether your other assets will continue to earn you the maximum amount of income or interest possible.<\/p>\n

Sometimes it\u2019s to your benefit to transfer a large UK cash balance offshore, because it could free up your UK tax allowances. A spot contract lets you agree an exchange rate (online or by phone) based on the current market rate. It\u2019s the quickest and easiest way to send money abroad.<\/p>\n

Currencies Direct<\/a> is\u00a0one of the world\u2019s leading foreign exchange providers. When you need to send money overseas, or receive funds in other currencies,\u00a0they can make sure that you get the best possible deal with no hidden charges\u00a0or fuss.<\/p>\n

Whether you\u2019re transferring a large one-off sum to buy a property overseas, or setting up regular payments to receive a salary or pension,\u00a0they could save you up to 5% on all your overseas money transfers compared to your high street bank.<\/p>\n

[colored_box variation=”purple”]If you\u2019re thinking of moving abroad, or need more information about currency products, email: retiremove@currenciesdirect.com \u00a0\/ +44 (0) 20 7847 9446 or click here<\/a>[\/colored_box]<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

You don’t want to make a mistake buying a home abroad if you are retired. So consider these top currency tips to avoid sky high bank charges and ensure a smooth financial move Before you get started, consider some of the key financial points that will help you calculate the maximum you can afford. For […]<\/p>\n","protected":false},"author":3,"featured_media":19148,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_analytify_skip_tracking":false,"cybocfi_hide_featured_image":"","_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[2],"tags":[38],"yst_prominent_words":[2280,8447,2286,2292,2283,8443,8445,2289,2288,8446,2290,8448,8450,82,2279,8451,2282,8449,8452,8444],"class_list":["post-18989","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-finance-2"],"acf":[],"publishpress_future_action":{"enabled":false,"date":"2026-05-04 09:38:43","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category"},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/newclone.retiremove.co.uk\/blog\/wp-json\/wp\/v2\/posts\/18989","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newclone.retiremove.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newclone.retiremove.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newclone.retiremove.co.uk\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/newclone.retiremove.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=18989"}],"version-history":[{"count":18,"href":"https:\/\/newclone.retiremove.co.uk\/blog\/wp-json\/wp\/v2\/posts\/18989\/revisions"}],"predecessor-version":[{"id":24056,"href":"https:\/\/newclone.retiremove.co.uk\/blog\/wp-json\/wp\/v2\/posts\/18989\/revisions\/24056"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newclone.retiremove.co.uk\/blog\/wp-json\/wp\/v2\/media\/19148"}],"wp:attachment":[{"href":"https:\/\/newclone.retiremove.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=18989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newclone.retiremove.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=18989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newclone.retiremove.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=18989"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/newclone.retiremove.co.uk\/blog\/wp-json\/wp\/v2\/yst_prominent_words?post=18989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}