Brits consider moving abroad to escape mortgage
Published On 4 October 2007
Nearly half the people in the UK with mortgages would consider moving abroad if it meant they could be free of their borrowing, a new study has revealed.Currency exchange specialists HiFX found that 40 per cent of British homeowners would up sticks to another country if it meant they could live without a mortgage.
In total, the figures showed that 16 million UK citizens are already thinking of moving abroad to escape the current economic situation in the country.
Rising interest rates over the last 12 months mean that 11 per cent of people now struggle to make their monthly mortgage repayments.
"The results of our research paint a stark picture of UK consumer confidence at the moment," commented Mark Bodega, director of HiFX.
"While moving overseas has long been a tradition for those seeking sunnier climes, a different career path or a peaceful retirement, it would now seems that more and more people are no longer considering emigration as a luxury but a necessity.
"With the current uncertainty in the global economy people need to do their homework when considering a move abroad and work out if the grass really is greener on the other side of the fence."
