If you have decided to move to Estonia, Latvia or Lithuania, then congratulations, what a great choice! There will be lot’s to organise and think about, not least the financing options for your new home. Will you be buying the property outright, or getting a mortgage? If it is the latter then you will need o be aware of the terms before you move, so that you can ensure you have enough money as a deposit.

All three countries operate in relatively the same way, with the normal mortgage maximum being between 70 – 80% of the property value, therefore you will need a minimum of 20% as a deposit. There is also a maximum age by which the mortgage has to be paid off by – this age is usually 65. This means that you will be unlikely to get a mortgage if you are planning on retiring out there. The mortgage repayments must also amount to less than around 50% of your monthly income if you work. The maximum term for a mortgage in all three countries is 30 years and they will be either repayment or interest only.

Sally and Herb Jenkins moved to Estonia in 2010 for work and enlisted the help of their emigration guide purchased from the Overseas Guides Company. They were looking to get a mortgage and make regular payments from their UK account to Estonia. They contacted Smart currency exchange after speaking to Kim at the Overseas Guides Company. Smart helped them purchase their currency at a rate that suited them, and also saved them over £1000 against the rate they had been offered at their local bank. To get in contact with Smart Currency Exchange go to:  http://www.smartcurrencyexchange.com/Currency_quote.aspx

You may be moving to the Baltics to work, or to have a holiday home, or perhaps even to live permanently. If you are planning on working there then it is best to have a job offer before you go. If you are hoping to find work once you get there then you could have a bit of a shock. It would also help to learn the language as this will improve your chances in the job market.

Finance can cause a lot of stress, especially when it is in a different currency! Plan ahead and do as much research as you can in order to prepare yourself for the move.