Demand for re-mortgages on overseas property has increased by 30% since the Bank of England raised interest rates in May, and is set to accelerate, according to Assetz.
The European base rate is consistently lower than UK rates and the European Central Bank has maintained rates at 4% compared with 5.75% in the UK. According to Assetz, many UK homeowners are looking to repay all or part of their UK mortgages by using finance from their holiday homes. In response to increasing demand, Assetz has launched an investor awareness campaign to help overseas property owners access their fund to help repay their mortgages in Britain. Many of the recent re-mortgages have become possible due to increasing availability of overseas finance to fund foreign property in...
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