The move is in response to the growing interest in overseas property purchase, which MAB believes will continue.
The new service will be offered via all 250 MAB branches, where advisers have been fully trained to handle enquiries about overseas purchase, to complete factfinds, and assess the suitability of an overseas mortgage for the proposed purchase, rather than, for example, releasing equity from an existing property. If an overseas mortgage is required, the applicant will be referred to Conti Financial Services.
Expert advisers at Conti Financial Services will provide advice not only on raising funds in the UK for overseas purchase but also on the products available from overseas lenders who operate in very different ways to UK lenders. Conti Financial Services’ expertise has been built up by specialising in this area of lending since 1994, although Senior Partner Simon Conn has more than 20 years’ experience of the sector.
Conti Financial Services advisers are able to assist with purchases in a wide range of countries, from Eastern and Western Europe to the US, the Caribbean, and beyond. The advisers also provide information on the other challenges of buying abroad such as currency exchange risks, offsetting rental income and inheritance tax.
Peter Brodnicki, CEO of Mortgage Advice Bureau, commented: “Overseas purchase is a highly specialised area, with its own pitfalls and challenges but it is also a rapidly growing market. Traditionally the most popular country for UK purchasers is Spain, but this is changing to encompass the rest of Europe and with 10 new countries joining the EU it is set to grow broader still. Our link with Conti Financial Services means that we will meet a genuine need via our fast growing branch network and help this former niche market to expand.”
Simon Conn said: “We are very pleased to be associated with Mortgage Advice Bureau, one of the developing companies in the sector, and to note that they are taking a responsible attitude towards what is a complicated market by working with a specialist company to ensure clients receive the best possible guidance.”
For further information on Mortgage Advice Bureau visit www.mortgageadvicebureau.com or contact 01332 200020.
