Can Singaporeans take loans to buy UK property?

Buying Overseas Property_big

The UK is arguably one of the easiest places to buy property in.

With virtually no restrictions levied on foreign buyers, the only thing you need to make sure of is having enough money in your pocket to buy property.

However, finding the right bank with the right package for you will take time and finesse.

OCBC and UOB are two such banks that are favourable to UK real estate.

OCBC, for example, allows you to borrow up to 70% of the property cost for London.

You can finance it in SGD or GBP for a repayment period of up to 25 years. There is a minimum loan of S$300,000/£200,000.

As with all loans, there are a series of documents you will need to prepare.

This includes your pay slips for the past six months or income tax statements for the past two years if you're self-employed. Your CPF contribution history for the last 12 months must also be provided.

Not every bank provides overseas loans and those that do may restrict the loans to London and to properties of a particular size.

For more information on the requirements to buy properties in UK, please read our detailed 'Buy property in UK ' guide.

 

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