If you are a British expat interested in buying property in back in Britain, it could be a difficult task. Beyond the financial crisis that continues to persist, the impact that it has already had on financial institutions is a huge driver of the market.
Simon Conn, an overseas property and finance specialist, said: “Raising finance in the UK for British expats purchasing or re-mortgaging either a residential, buy-to-let or commercial property, has become more difficult, as lenders are more interested in the personal financial status of clients and how they intend the loan to be repaid, rather than looking at the asset.”
He added: “This is partly because of the economic climate, but also as they have a number of defaulted properties on their books already, they need to be re-assured that any new client they take on will not leave them with additional problems.”
Over the last few years, the amount of reporting about what British expats are doing with their money and property has been all over the map. More are coming home, now they aren’t. Some are selling property abroad, some can’t buy it at home.
Very difficult to get an accurate picture as to what is going on out there with British expats!