A quarter of British homebuyers have not ruled out the idea of moving overseas in order to help them save up for a mortgage for their dream property back home, it has been revealed.
According to research from financial services provider National Savings &Investments for its quarterly savings survey, 25 per cent of first-time buyers would consider taking advantage of the lower cost of living abroad as they look to save up a deposit, as well as money to help pay off the mortgage.
Of these would-be mortgage holders, Spain is the preferred destination (43 per cent) for relocation plans, followed by Australasia (33 per cent) and the US (22 per cent).
Dax Harkins, senior savings strategist at National Savings &Investments, commented that prospective mortgage holders are increasingly considering a stint abroad to help boost their savings.
"It seems many will go to extreme lengths to achieve their goal, even if it means moving to the other side of the world in order to save up for a deposit back home," he said.
Recently, financial services provider Nationwide reported that UK house prices were rising by an average of 10.2 per cent per year, which could prompt many first-time buyers to act quickly to take their first steps on the property ladder.
First-time buyers may head overseas to fund mortgage aspirations
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