With the current financial climate it’s nigh on impossible to get a mortgage in this country, the increased cost of living is all we hear about these days and it’s had a knock on effect on almost every facet of modern living. Getting a mortgage if you’re a first time buyer is extremely difficult with banks setting rates so high and being ultra selective over who they lend money to.
Whilst it is certainly tough in the UK, amazingly, some companies are now looking further a field when they are choosing mortgage markets. These mortgages are for houses on the European continent where some mortgage advisors have reported that despite all the anarchy over domestic mortgages, overseas mortgages are doing just fine.
One mortgage advisor stated that the recent troubles over domestic mortgages has had little effect on the purchase of holiday homes or people relocating abroad, going as far as to say that overseas mortgages have been the most sought after mortgage leads in the past six months.
The Office of National Statistics has estimated that there are likely to be 275,000 foreign property owners in the UK and this number is anticipated to rise in the years to come. At the moment people may be looking to get a cheaper cost of living and by moving to a European country seems like the best idea and overseas mortgages are no doubt key to achieving this.
Currently the mortgage lenders that are dealing in overseas mortgages are testing the water with common foreign home markets such as Spain, France and Italy. These are typically places where people who are either looking for a holiday home or retirement property will go to and generate the most interest from the UK residents itching to get away from the rain and crazy petrol and food prices. It is expected that later in the year new holiday home locations such as Dubai, Bulgaria and Morocco will be open for UK property buyers to invest with overseas mortgages too.
