Mortgages Uncovered

According to Assetz Finance, there has been a 10 percent increase in enquiries about overseas property investment since the recent changes in the UK mortgage market, with France and Spain being the most popular destinations.

In France, many building societies and banks have now introduced 95% and 100% mortgages with little or no set up fees involved.  Contrary to the UK where this level of mortgage has been withdrawn by most lenders, French mortgage lenders and indeed other European lenders are widening their mortgage offerings making an overseas investment even more attractive.

Whereas an overseas property investment used to be the dream of only the rich or serious property investors, this has changed significantly over the last few years and is likely to continue to change.  Assetz Overseas Mortgage Manager, Kate  Hepworth says:

“We have witnessed a dramatic shift in buyer profiles. Until the latter half of last year, the number of enquiries from investors, compared to those looking to buy a property where they planned to live at some point, were fairy evenly balanced. However, since the start of the year there has been a significant shift away from investors to those looking to buy a home in continental Europe, where they plan to live, by a ratio of about five to one.”

Buying a property overseas is different to buying one in the UK with different rules and regulations, however, providing you ensure that you are purchasing through careful research and advice, it seems there are some good deals to be had.