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PROPERTY INVESTORS OVERSEAS ARE REMORTGAGING IN DROVES, TO TAKE ADVANTAGE OF LOWER INTEREST RATES ON THE CONTINENT

16th July 2007 | back to article listings BACK    print this article PRINT

Assetz Finance has seen a 30% increase in the demand for re-mortgages on overseas property since the UK base rate rise in May. The overseas finance specialist expects to see a continuous acceleration of such mortgage enquiries throughout the summer, following last week’s fifth rate increase in twelve months to 5.75%.

With European base rates consistently lower than their UK counterparts (the European Central Bank has maintained rates at 4%), UK residents with property on the continent are looking to repay all or some of their UK mortgages using finance raised on their holiday homes.

Thousands of Brits have funds tied up in overseas property that was purchased using savings, at a time when overseas finance was less readily available to foreign property purchasers.

Assetz Finance is launching an investor awareness campaign this month, to help make overseas property owners aware that they could access these funds in order to repay their loans and mortgages in the UK. Alternatively they could use these cheaper European mortgages for any number of reasons, such as home improvements, rather than raising the cash by re-mortgaging in the UK where repayments would be higher.

Katy Hepworth, Overseas Mortgage Manager of Assetz Finance comments:

“Investors should be aware that now is the prime time to re-mortgage in Europe. Base rates are still considerably lower than in the UK, so by re-evaluating their borrowing, investors can potentially make big savings. However, a rise in the European base rate is expected in September, so even though rates will still remain much lower than at home, investors should act now to secure the best deals.”

 

This is a press release by Assetz also available at http://press.assetz.co.uk/articles/3624.html. Alternatively, please see our full press release archive.

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