Foreign mortgage market is 'sophisticated'

04 September 2007
People looking to take out mortgages abroad do not need to worry about financing, as according to Jackson International the foreign mortgage market has become much more sophisticated over the last decade.

The property services company says that checks on mortgages and buy-to-let mortgages for foreign property are now very similar to those in the UK.

And it claims that since most UK buyers remortgage their existing homes to secure a large deposit for their foreign residence there is very little mis-selling in the market.

Director Bill Jackson said: "It depends on how large the mortgage is. But they do require all the information ... the same you would need in the UK."

He did however added that the situation in property hotspot France is "slightly different".

"In France you can get the mortgages but they do those notaries as well [and] they are pretty thorough," Mr Jackson said.

He added that mortgage rates in other European countries tend to be lower than those in the UK, although investors should be careful as they can fluctuate.

Figures released by Grant Thornton in November last year showed that the number of Brits who own a second property overseas has tripled in the last ten years.

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