View more on these topics

Which? warns of overseas property perils

Consumer body Which? has warned of the danger of buying property abroad.

In a move likely to alert mortgage brokers, for whom the overseas market is becoming increasingly important, Which? says estate agents, lawyers and property management companies all have a vested interest in customers buying abroad regardless of whether the property is appropriate or affordable.

Buying Property Abroad, a guide produced by Which?, says borrowers may be tempted to bend the truth about their income and outgoings, but the lender can repossess a UK or overseas home if the loan is defaulted.

Concerns were raised by mortgage brokers in Money Marketing last month of some rogue home loan intermediaries not offering proper advice on buying abroad and profiteering from sales.

Buying Property Abroad author Jeremy Davis says: “The TV shows that have helped fuel our obsession with overseas property make buying abroad look easy. But in reality finding, purchasing and owning overseas can be a time-consuming business, and turning a foreign property into a successful investment can be even more of a struggle.”

Recommended

Shake-up predicted in equity-release underwriting

Partnership Home Loans is forecasting a radical shake-up of the equity-release market with life expectancy assessed by health and medical history rather than just age. The firm says 40 per cent of the market will eventually see plans underwritten in this way. Providers currently determine life expectancy based on a person’s age and not on […]

NS&I rethink on bond ad

Following the article in Money Marketing last week about the National Savings and Investments (NS&I) guaranteed equity bond, we have decided to change future ads. The ad stated that the bonds will “genuinely outperform any growth in the FTSE 100 index”. At NS&I, while not regulated by the FSA, we follow the FSA handbook rules […]

Where next for the price of oil?

Having stabilised at around $65 a barrel, many investors are questioning if the price of oil will rise, and when. Richard Hulf provides his view. Richard Hulf, manager of the Artemis Global Energy Fund, sets out his thoughts about how the oil price may move through the next six months. At the start of the […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment