When buying a property in Crete if your money is UK pounds then you will have to convert this to Euros. You can discuss this with your bank or building society. There are also companies who specialize in overseas currency transfers. They will plan your payments so that you obtain the best exchange rates and pay minimum transfer fees
Details of some of these companies can be found here.
There are many different methods for financing your dream home in the sun. No two peoples circumstances are the same and therefore it is essential that you speak to financial experts before making your overseas purchase.
Some useful press articles from leading publications regarding the subject of buying property abroad can be found here.
Methods of raising the finance for your overseas property include:
Releasing the equity in your current home. If you have paid of some of your existing mortgage and/or your house has risen in value it is possible you can increase the mortgage amount and get a lump sum of cash to pay for your property abroad. Contact your mortgage company to discuss this possibility further. Read the press articles link for further information
You could get a mortgage in Crete. You should discuss this possibility with the company that you intend to purchase from as they will have up to date information on which companies offer the best rates and also on what deposit would be required. I would recommend you discuss this before any inspection visits to avoid being disappointed if you cannot get the desired funds. If your mortgage is in euros remember that your payments will be affected by the exchange rates and that you might have to pay costs to transfer the money abroad. Read the press articles link for further information
There are also companies in the UK who specialize in arranging mortgages for people buying property overseas. Details of some of these companies can be found here.