Caution advised for first-time buyers looking overseas
October 4, 2007 by admin
Filed under News, News-Mortgages
As recent studies reveal more and more first-time buyers are looking to make their first steps on the property ladder overseas, it is important they are aware of the possible pitfalls.
A report from UK National Savings & Investments discovered 84 per cent of 18- to 30-year-olds believe buying property abroad is a more feasible option than buying in the UK.
But some industry insiders have been quick to point out that the situation for first-time buyers looking to invest overseas is generally similar to that in the UK.
Helen Adams, managing director of FirstRungNow.com, warned: “People aren’t going to be giving really big mortgages to people who are … renting in the UK.”
She added that “the best thing to do is to find out where you’re interested in buying and then speak to a mortgage specialist in that field”.
The warning comes as the major political parties look to bring the issue facing first-time-buyers to the forefront of the political agenda ahead of a possible election.
The Conservatives pledged recently to remove stamp duty for houses valued between £125,000 and £250,000, which currently stands at one per cent.
