Arranging your non-resident mortgage in Latvia

Until recently the Baltic States of Latvia, Lithuania and Estonia were hardly visited by British tourists, and now these three Eastern European nations are the subject of much speculation. Joining the EU in May 2004 opened a lot of doors for the Baltics, and since then property investors have been taking advantage of these three burgeoning economies.
 
Includes purchase of houses, apartments and freehold land. Mortgages in Latvia are offered in Euros. The maximum lending term in Latvia is 30 years. This is up to a maximum age of 65 years.
 
Lending is based on affordability and does NOT allow for rental income from the property. All existing liabilities including any mortgage/rent payments, personal and bank loans and any maintenance (ie. Divorce) payments will be taken into consideration on the financial assessment.

Mortgages need to be supported by a minimum requirement of proof of income, i.e. if employed - copies of your last six month's payslips & copies of your latest two P60's together with copies of your last 6 month's Personal Bank Statements. Alternatively if you are self-employed - copies of your last two to 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.
 
Types of Mortgage: Repayment only
Minimum loan amount - N/A. Maximum TBA, but must not exceed 75% of valuation or purchase price (whichever is the lower)

Term: Maximum 30 years up to age 65
Currency: Euros
Current Variable Interest Rate: from 6.5%.
Other Documents required: Documents from the Land Service or Land Register stating that there are no other claims on the property (the document is valid for 10 days)

Example Latvian Mortgage in Euros: Repayment Mortgage of €100,000 over a period of 30 years at an approx Variable interest rate of 6.5% = approx €632.00 Capital & Interest per month = a total approximate amount payable over the term of  €227,520 excluding other fees.