Euro vultures picking at UK bones?

The UK mortgage squeeze has led to increased interest in France and Spain, claims Assetz Finance…

Katy Hepworth, Overseas Mortgage Manager for Assetz Finance, comments: “Since the start of the year, we have noticed a considerable increase in the number of enquiries from customers looking to buy a home in destinations such as France and Spain, either as a future retirement property, or indeed as their permanent residence.

Dramatic shift in buyer profiles

She added: “In fact, we have witnessed a dramatic shift in buyer profiles. Until the latter half of last year, the number of enquiries from investors, compared to those looking to buy a property where they planned to live at some point, were fairy evenly balanced. However, since the start of the year there has been a significant shift away from investors to those looking to buy a home in continental Europe, where they plan to live, by a ratio of about five to one.

“With a growing number of French and Spanish lenders now widening their offerings, buying a home overseas has become an increasingly accessible option for those looking for a Change of lifestyle. While it’s important to remember that obtaining a mortgage overseas is a very different process compared to that in the UK, with the right advice and careful research, buyers can secure some excellent deals in the current market place.”

A number of French banks and building societies have recently introduced 95% and 100% mortgages and now offer deals with either very low or no set-up fee.