France/spain 'profiting' from UK gloom

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.