Applying for a mortgage abroad can be a complex process as the mortgage process for foreign property has become more "sophisticated" in recent years, an expert in the financial services industry has said.
Director of Jackson International, Bill Jackson, has noted that the mortgage application process abroad has become more complicated in the past ten to 15 years.
"What happens usually is most people in the UK will remortgage their property to get a reasonable deposit and then they would use that as a deposit over there," he remarked.
However, there is very little mis-selling abroad and interest rates are usually lower, Mr Jackson said. Although interest rates can vary, he added.
Mr Jackson also commented that many mortgage contracts in Spain are bilingual, which could help out mortgage borrowers looking for property in the region.
Brits are investing a total of £24 billion in the foreign property market, recent figures by the Office for National Statistics found. There are now 250,000 properties abroad that are owned by Brits, the firm said.
Mortgages abroad are complex
Mon, 03 Sep 2007
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