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Brits raise cash from their overseas properties

2nd May 2008 | back to article listings BACK    print this article PRINT

Overseas property investors are re-mortgaging in droves, to take advantage of lower interest rates on the Continent.

Assetz Finance has seen a 40% increase in enquiries for re-mortgages on property in France and Spain since the beginning of the year. The overseas finance specialist expects to see a continuous demand for such products throughout the year, whilst borrowing against UK assets remains restricted.

With the European base rate, the EURIBOR, consistently lower than its UK counterpart, UK residents with property on the continent are looking to repay all or some of their UK mortgages using cheaper finance secured on their holiday homes.

As it has become more difficult to secure mortgages in the UK, with lenders withdrawing their products from the market and increasing their rates and fees, European lenders, unaffected by the Credit Crunch, have maintained their product choice and offer a range of solutions to overseas holiday home or buy-to-let owners who need to raise cash.

There are some excellent French re-mortgage deals for example starting at rates of 4.4% and with very small or even no arrangement fees.

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 investors.

Katy Hepworth, Overseas Mortgage Manager of Assetz Finance comments:

“Repaying more expensive UK debts is not the only reason overseas property owners choose to secure mortgages and release equity from their foreign properties. Many borrowers use the funds for projects such as further property purchases and renovation. In the past UK home owners, with European holiday homes, have tended to use mortgages secured on their home to raise funds that they require for these types of projects, forgetting that their European property can also be used for this purpose.”

This is a press release by Assetz also available at http://press.assetz.co.uk/articles/4161.html. Alternatively, please see our full press release archive.

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