Young Britons that are struggling to get into the UK property market and are considering buying abroad should be aware of the pitfalls of obtaining an overseas mortgage, BuyAssociation has said.
It claims that buying property overseas is a great way to build equity, but having to come up with a lump sum deposit represents an obstacle to some buyers.
Paul Collins, property editor of BuyAssociation, said that those determined to overcome the tricky mortgage complications will be rewarded with lower priced property.
"It's quite possible to get mortgages on overseas properties. Often they take longer to get the mortgages particularly in emerging markets. And you will find in a lot of these markets that you won't be able to get 100 per cent mortgages," he commented.
With house prices continuing to climb in the UK, research has shown that young people are more willing to look for property beyond Britain.
A study published by UK National Savings & Investments found that 84 per cent of 18 to 30-year-olds believe buying property abroad is a more viable option than buying in Britain.
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