Brits 'consider buying abroad'
Published On 10 October 2007
Poor weather over the summer has encouraged more people to consider taking out a mortgage to buy a property abroad, new figures indicate.Yorkshire Bank found that 43 per cent of people from the UK are now considering a mortgage to buy a property abroad, either as a holiday home or as an investment for the future.
According to the finding, 800,000 Brits have already purchased a foreign property - a rise of 45 per cent on a few years ago.
In particular, nearly half (45 per cent) the people questioned said that they would use a mortgage to buy a home in Spain.
Steve Reid, Yorkshire Bank's director of retail banking, commented: "Buying a house, let alone buying one in a foreign country, can be a challenging business.
"Despite this, Brits are still convinced that owning property in Spain is a financial decision worth pursuing. It's therefore important that buyers can use a trusted UK bank and deal with an English-speaking representative who will see them through the process from start to finish."
A recent study from Nationwide found that 24 per cent of Brits own or would like to own a second home. However, 66 per cent of those without a second property said that the difficulty in obtaining a mortgage or other finance would shatter their dream.
