Friday, May 5, 2006
Category:
Property
Many Britons want to invest in property abroad, according to a new survey.
Banco Halifax Hispania, the Spanish subsidiary of British bank Halifax, found that almost a third of Britons would like to buy some property overseas, with the majority (18 per cent) saying they would like to move to either the US or Australia.
In Europe, the most popular destination among Brits remained Spain, with six per cent saying that they would like to move to the hot Mediterranean country. The Caribbean was the fourth most attractive location, with Canada and New Zealand tied for fifth.
Those hoping to purchase a property abroad may want to consider second mortgage loans to cover the cost of the investment and many firms are able to help with the complex legal world of getting an overseas mortgage.
For instance, the Spanish legal system contains "slight procedural differences and different jargon, such as evaluators rather than surveyors", he said.
"As long as care is taken over the choice of bank and some initial checks carried out, such as the bank's ability to deal with British residents in English, all these differences are capable of being explained," Mr Smith added.
"Therefore, the whole process becomes no more complex than buying a property within the UK."
