As you enter your retirement you might be considering spending a portion of every year away from the harsh British winters enjoying winter sunshine in a destination such as the Canary Islands or possibly even further afield in Florida. Retirement is a stage of your life to enjoy to the fullest and ensuring financial security will allow you to do this to the fullest.
One way that you may be able to realise your dream of buying a retirement property overseas is by taking out a retirement mortgage on your existing property in the UK or even an equity release scheme which would allow you to access a cash sum from the equity within your own home.
If you are seriously considering either a mortgage or an equity release scheme it is important to shop around reputable providers such as the Halifax who have both a Retirement Home Plan and also the Halifax equity release scheme. With hundreds of products on the market it is also a good idea to use a comparison website to do some preliminary research.
Both equity release and mortgages are very serious commitments and it is advisable to get independent financial advice and forecasts before signing any contracts. You are dealing with your primary residence and in retirement it is important that you have the security of knowing you have a roof over your head. Therefore it is not advisable to enter into any contract lightly when your house is at stake.
When you have found the best option for your personal circumstances make sure you also seek proper legal advice about purchasing property overseas. Different countries have different laws about non-residence property ownership and it is a good idea to get the proper legal advice in-country and also the best insurance for owning property overseas before making any investments.