Brokers are expecting a huge increase in the amount of overseas mortgage business completed over the next decade and a half.
A new study shows that 68 per cent think they will do more business in the overseas mortgage market in the future. The Alliance & Leicester research shows nine out of ten of them think Europe will see the biggest impact and 45 per cent expect to expand into Europe by 2020.
When asked about expansion into the worldwide mortgage market, only 14 per cent were optimistic about operating outside Europe. These brokers cited the United States and Australia as the top two countries for distribution worldwide with Dubai, China and New Zealand the next most cited hotspots.
A&L head of intermediary mortgages Mehrdad Yousefi says: “Our research shows that UK brokers view Europe as the up and coming battleground for the UK mortgage community. The majority of brokers see a lot of value and opportunity in the European market. Spain, France and Bulgaria look like being the hotspots of the future with Portugal, Italy and Germany not far behind.
“Pursuing the European and international mortgage markets will prove important for brokers who are seeing an increasing number of UK residents wanting to buy second homes in established overseas property markets such as Spain and France.”