The bank’s research revealed half of those surveyed with homes abroad paid less than £100,000 for their property and three quarters paid £300,000, or less.
Mike Freer, head of business development at NatWest International, commented: “Buying a holiday home is a realistic option for many people and it needn’t cost the earth. With the right advice and a favourable mortgage deal, overseas properties can provide a fantastic lifestyle, great investment potential and somewhere to escape the chaos of life back home. With people increasingly looking to retire overseas, buying abroad can provide a realistic and affordable option for many.”
In an effort to take a foothold in the growing overseas market, NatWest International Personal Banking Spanish Mortgage is to offer loans in sterling and euros, designed for UK nationals. It will also provide contact with English-speaking estate agents and solicitors based in Spain as part of the proposition.
James Cotton, mortgage specialist at London and Country, said it was essential for those looking to buy abroad to do thorough research. “International mortgages are not something we offer, but if we do get someone enquiring we will either refer them to an overseas mortgage specialist or another option is for them is a remortgage so that they don’t have to get a mortgage abroad. When you’re buying a property abroad you have to be aware of what you’re getting into, and services such as NatWest’s which can advise you in your own language helps to give people a recognisable brand they feel they can trust.”
