First time buyers who are tempted by the overseas mortgage market will still need to raise a deposit, one expert has said.
Paul Collins, property editor for BuyAssociation, explained that although people could find mortgages abroad, many countries did not offer 100 per cent mortgages and, for this reason, people will need to save up some money before purchasing.
He said: "So even though the prices are lower and you can build up equity quite quickly, you do still need that cash lump sum to be able to get the mortgage approved."
Mr Collins also said that people could expect the process of getting a mortgage on an overseas property to take longer than in this country, adding that this was a particular issue in "emerging markets".
A recent survey conducted by National Savings and Investments found that 84 per cent of 18 to 30-year-olds surveyed consider buying a property abroad a more viable option than purchasing one in Britain.
First time buyers still need deposit for overseas mortgage
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