Mortgage growth encouraged by foreign properties

 

MORTGAGE GROWTH ENCOURAGED BY FOREIGN PROPERTIES
Article date: 29/09/2005 : 14:25:13

The growing appeal of a holiday retreat overseas is helping to boost the foreign mortgage market, according to a new survey.

As more and more Brits travel abroad for their summer holidays, around one in three are now considering purchasing a second home overseas.

A recent poll conducted by American Express Travel Insurance discovered that 31 per cent of the 10,000 respondents are considering investing in a second property – news that will be welcomed by many mortgage providers.

There has been substantial growth in the ownership of overseas property, increasing by 85 per cent over the past ten years and the top two locations remain Spain and France, although Italy is slowing gain popularity with buyers.

It is estimated that nearly three quarters of a million of Brits own a holiday property in Spain and half a million people have purchased property in France.
 
 
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