Property abroad

[Unregistered]

Hi,

With average wages for a deep sea 3rd mate ranging for ?23,000 to ?30,000 (tax-free), as well as saving money when onboard a ship, what do you think the chances are of investing in a property in the medd area as a 3rd mate?

Generally, property prices are cheaper than in the UK and its somewhere i'd like to live. Has anyone on here done this?

[Randomist]

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[CharlieDelta]

I'd say it's entirely possible, but it really depends on what you're spending your money on otherwise, and how much you have available to start with.

[ETwhat?]

One of the key problems you will find is that banks tend to lend 3/4 times your income but they also consider the income you have and will apply normal living costs to that so if your earning ?2500 a month they will consider that you really need to keep repayments below ?1000 even though if your working 4/2 you could probably afford to pay ?2000 every month as you would still be having the same amount to live on when at home, that logic isnt accepted,If you can spend two years saving hard and then at least your going into the deal with a decent cash deposit, another alternative is to look for somewhere with a granny flat, which is where you keep your stuff, allowing the main house to be rented out while your away, making more money, a big problem of a house where you know no one is making sure you come back to it and find all the windows and stuff still in place. but as CD says it is possible

[Clanky]

Finance for property abroad is not as simple as it is for buying property in the UK (assuming your are a UK resident).

If you are looking at living abroad then the easiest way is to go and rent there for a while, become a resident and then buy, but becoming a resident and a property owner may well leave you liable for tax in that country.

If you do not want to be a resident and just want to buy a property as an investment and let it, then you would most likely need to finance the property through a UK bank and you would need a substantial deposit for that.

[YoungMariner]

I've come across colleagues with property all over the world, so it is of course possible. Some bargains in Spain and Greece at the moment.