Many Britons prefer to take out a new mortgage when it comes to purchasing a property overseas, it has been revealed.
Although some homeowners prefer to find an equity release scheme, many more take out a new mortgage or find a remortgage deal on their existing property, according to a spokesperson for Saga Overseas Homes.
Equity release can sometimes be more complicated than taking out a new mortgage, said Chris Simmonds, the firm's managing director.
"Saga Overseas Homes' customers tend to prefer a new mortgage on their Spanish home or a remortgage on their UK property," he remarked.
The expert also noted that some Britons decide to sell their existing UK property completely in order to fund their new purchase overseas.
Last week, a spokesperson for Barclays Global Retail and Commercial Banking said that the long-term outlook for the Spanish property market looks strong.
Laura Vergani commented following her company's launch of a new mortgage website, designed to help Britons follow their dreams and move to a new home in the sun.
Spanish home seekers prefer new mortgage, expert claims
Mon, 02 Jul 2007
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