Mortgages for buying a property in Florida

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If you are considering buying a property in Florida,  mortgages are available for all Nationalities for either House Purchase, re-financing for Home Improvements & Equity Release (80%).

Types of Floridian Mortgage: Repayment  only.

Minimum Loan Amount: £30,000 if the loan is in Sterling*, $250,000 if the loan is in Euros* or $60,000 if the loan is in US$, No Maximum, but cannot exceed 80% of valuation or purchase price (whichever is the lower).

Proof of Income: Although there are self-certification Florida mortgage facilities available, all Florida Mortgages over 75% LTV need to be supported by a minimum requirement of proof of income

Employed - copies of your last three month's payslips & copies of your latest P60/Employer’s Reference together with copies of your last 6 month’s Personal Bank Statements will be required.

Self-employed - copies of your last three years Audited Accounts & copies of both your last 12 month's Business and last 6 month’s Personal Bank Statements will be required on application.

Renting your Florida property is permitted and Florida Lenders may take into consideration 50% of any proposed Rental Income from the Florida property for mortgage purposes/repayments, providing it has been on the rental market with proof of leases.

Income can be made up of Earned Income, Pension, Investment or Rental Income. Please note however, that the Lender may not take all or part of these Incomes into account when determining the maximum loan available.

Your loan is based on your joint net “take home” pay and is calculated on an affordability basis. All your existing liabilities including any mortgage/rent payments, personal and bank loans and any maintenance payments together with your proposed Floridian mortgage payments must not exceed  36% of your net monthly income.

Example: Net joint monthly income £ 2,500 times 36% of that figure is £900 minus existing monthly mortgage payment £ 300 – No other liabilities. This leaves a balance of £600 for a proposed Florida Mortgage payment.

Term: maximum 30 years.

Currency: USA, Dollars, Sterling or Euros only.