France and USA property mortgage enquiries improve

Friday, August 20, 2010

France and USA property mortgage enquiries improve

Properties in Spain continue to receive the greatest volume of enquiries from Brits seeking to buy a home abroad, according to the latest Mortgage Report from Overseas Mortgage Finder and Moneycorp.

However, with the holiday season getting into full swing it seems property in France has recorded the greatest leap in mortgage enquiries. The close proximity of England to France, tied in with the types of affordable properties available, low mortgage rates, and strengthening pound, go a long way to explain why there was a 34 per cent month-on-month increase in mortgage enquiries for homes in France in July.

Property in USA is also proving popular, showing a 30 per cent increase in enquiries last month. The reports says that this is due to the strong Return on Investment (ROI) deals currently available, with investors now able to take advantage of full status and self cert low value mortgages, starting from just £30,000 up to 75% loan-to-value.

David Kerns, Private Client Dealing Manager at currency specialist Moneycorp, commented: “With flip/flop sentiment driving financial markets it is as hard as ever to predict where Sterling/Euro will be in a week's time, let alone next year. However, the chancellor's recent budget has changed the game for Sterling. It is not likely to fly back up to the elevated levels of three years ago but neither does it run the risk of deficit-driven oblivion.

“For sterling-based Britons, a decision to invest in French Property - especially one that might require a mortgage - carries a much lower cash-flow risk today than it has for a long time.”

To read our guide to buying a property in France click here

Author

A Place In The Sun