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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.”

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