Expats cancelling UK returns likely to seek international mortgages

Wed, 26 Oct 2011
international mortgages are likely to be a top priority for British expatriates who do not wish to return to the UK in the near future.

According to new research from Lloyds TSB - a brand of Lloyds Banking Group - around 825,000 people have cancelled their plans to come back to these shores in the last 12 months.

The study suggests a faltering economy and the August riots are among the reasons why some individuals are hoping to extend their stays abroad .

As such, international mortgages may be sought by increasing numbers who wish to secure a property overseas.

It was demonstrated that 69 per cent of those currently residing in a foreign country aim to stay away indefinitely, claiming their quality of life is better and their finances have improved as a result of relocating.

Tony Wilcox, managing director of expatriate banking for Lloyds TSB International, said: "Expats have an enlightening view of the UK, having experienced life both home and away."

The industry figure added: "From economic woes to August's riots, the UK has faced a catalogue of bad news in recent months."
 
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