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More Brits to find a mortgage abroad
Fri, 15 Dec 2006
A large number of UK residents are planning to find a mortgage in France and Spain over the winter, according to new research.

Additionally, fewer Britons are looking for mortgages in the UK, a study by HiFX reveals.

This indicates that many UK residents are opting to stay close to home - despite "bargain basement" mortgages available in eastern European countries, the company claims.

HiFX's research indicates that 55 per cent of those wishing to find a mortgage overseas in November have opted for France or Spain, while locations such as Morocco, Bulgaria and Turkey are less popular.

Mark Bodega, marketing director of currency specialists HiFX, comments: "Despite a fair amount of dabbling by investors in some more exotic locations, old time favourites France and Spain are still the first choice for British buyers looking for a holiday home or retirement home."

He added that both markets are currently offering "bargains", with savvy Britons being able to find an affordable mortgage in these countries.

Kate Hamilton, a spokesperson for Homes Overseas, recently claimed that first-time buyers wishing to find a mortgage abroad should ensure that they have a "safety net" in place in the UK.

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