For expats, the housing market crisis has been all too close to home. For many, holding a mortgage in a foreign country is hard enough, especially when the economy is crumbling. However, numerous analysts are trying to provide mortgage advice to these expats in hopes of assisting them with their loans.Tim Harvey, managing director of specialist UK regulated mortgage brokers Offshoreonline.org comments, “Upwards of one in three housing deals are now falling through, as buyers struggle to find finance. For those needing to remortgage at the end of affixed rate term, the choice can also look stark: Endure the high standard variable rate imposed by your existing lender or risk refusal elsewhere. “Harvey continues, “We have noticed an increase in enquiries from expatriates who have been promised apparently attractive loans from large lenders who have never been in this market. For the buyer, they have to go through the whole application process, only to have the loan request rejected as soon as it is submitted. We use a panel of lenders, all of whom have a long and proven track record in this market, so customers know where they stand from the outset.”
Related reading: Mortgages Advice
Comment on this article