International mortgage customers should research destination

Tue, 19 Jul 2011
International mortgage customers should take great care over selecting their destination after recent research showed it can make a huge difference to profits, even within the same city.

According to offshoreonline.org, there have been huge variations in success rates for international mortgage clients who have purchased in London.

Data from the UK Land Registry shows that choosing between the English capital's boroughs should be done with care, with a 12 per cent difference in returns between the most improved area and its least burgeoning counterpart over the past year.

The international mortgage specialist pointed to the fact that some areas, such as south-east London's Bexley, have seen property values fall, while places like Islington have enjoyed a rise in prices in the last 12 months.

"All too often average data hides a far more complex picture, and for overseas buyers in particular, who may not have a detailed borough by borough knowledge of the capital, buying can be fraught with difficulties," explained Expatfindaproperty.com spokeswoman Erica Evans.

"We regularly receive enquiries from buyers looking to establish a foothold in London, but many will end up changing their mind as to where they wish to invest once we have shown them the true local picture."

In other news, Wandsworth council has said it will offer priority to Armed Forces personnel looking for homes in the area.
 
Speak to us - free!
Free enquiry
Speak to an international mortgage specialist - free and easy.