"Although mortgage rates have increased in UK, the rate for a Euro mortgage has stayed at approximately 2.75-3.25 per cent," he says. "The property market remains buoyant for all key European destinations and so, although there may be gloom at home, there has never been a better time for UK buyers to invest abroad and capitalise on the discrepancy between Sterling and the Euro."
It is well known that Chancellor Gordon Brown wants the UK to join the Euro, and in order for this plans to succeed there needs to be a measure of parity between the two currencies. If the gap is too wide between ourselves and Europe his plans could easily fall off track, Mr Conn comments.
In addition to competitive mortgage rates, Mr Conn explains that it is also possible in some cases for purchasers who buy to let to offset their Euro mortgage interest payments against the rent, provided it is also received in this currency.
"Borrowing from an overseas lender also has significant advantages over using a UK lender," Mr Conn concludes. "Because of their local knowledge, a recognised overseas lender can often discover problems with a property, for example key issues such as unregistered title, incorrect or no planning and building licences, or existing charges on the property which could potentially turn a buyer’s property dream into a nightmare."
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