New data from a respected and large UK mortgage house reveals that the number of overseas mortgage enquiries made by British purchasers rose by 62 per cent in the third quarter of 2013.
The latest figures show that France is the most enquired about destination, with 43 per cent of all enquiries asking about French mortgages, followed by Spain (36 per cent) and Turkey (10 per cent).
A director of this major mortgage house has advised that traditionally their enquiry levels rise during the 3rd quarter as people return home from vacations abroad with dreams of owning their own place in the sun. But apparently the increase is higher this year. Different possible reasons are given but the most plausible is that this year the UK had a very hot dry summer which would have encouraged many more to invest in a foreign property in the sun, so that they can escape the foul UK winter weather during the cold winter months.
It is quite true that both France and Spain have a long-term popularity with British buyers, particularly in the south of those countries. Also that this is a good time to buy. There are bargain property prices and historically low mortgage rates. Therefore, with good rental yields and a stronger pound – all makes it more affordable for the British to buy now.
Here in the south of France, Cannes is a convention town with an international convention every month. So the possibility of investing in an apartment here with good rental possibilities means you and your family can enjoy your time here knowing all your costs are paid by rental income.
Speak to me, Jackie Pressman, at French Riviera Property Search – and I will find you lovely “bolt-holes” in the exactly right area to maximise your rental income. I will also obtain the best mortgage plans for you from the experienced and largest mortgage lending banks in France – where rates are currently at an all-time low.