UK looking to mortgage overseas

By Jonathan Dawes, Tue 23 Sep 2008 - Published in Mortgages

UK mortgage holders are increasingly looking to purchase overseas, it has been suggested.

According to research from Cater Allen Private Bank, three million Britons could be looking to buy a property abroad in the next two years, with 24 per cent of these claiming the purchase will primarily be an investment opportunity.

The poll also found people aged over 45 years old are the most likely to buy foreign property, with 17 per cent saying they plan to in the next 24 months, while ten per cent of 18 and 34 year olds would also like to do so.

Sally Watts, marketing manager at Cater Allen, said: "With concerns that a deteriorating property market will not guarantee the returns that people expect from buying a property, more and more people are investigating how they can find investment returns elsewhere."

The research also discovered that 2.3 million people already own an overseas home, with 500,000 of these being treated purely as an investment.

Recent research from Halifax suggests those looking to take out mortgages in the UK face less affordable housing in rural areas.

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