Did you know that the growth in buying overseas holiday homes is at an all time high?

Why?  Because buying an overseas property not only has huge investment potential, but combined with the benefits of low cost properties and inexpensive flights, has become a way of living for some people who want more than a short holiday. 

The Office for National Statistics 2006 Social Trends Report highlighted:

• UK households have invested £23.2 billion in second homes abroad including 80% in Europe.
• 23% of all second homes purchased by UK residents are now abroad.
• Between 1999/2000 and 2003/2004 the number of UK households that owned second homes abroad increased by 45% to reach almost 257,000 with half of them in Spain and France.
• The number of visits by UK residents abroad in 2005 totaled 66.4 million!

How can I fund a new property overseas?

Many people are using the available equity in their UK property to purchase their overseas property either by remortgaging or by the popular method of raising a second mortgage (also called a ‘Homeowner’ or ‘Secured’ loan).

However, with interest rates rising many people do not want to lose the benefit of existing low  fixed interest rates on their existing first mortgage or pay often high penalties in settling their mortgage early. The 2nd mortgage route provides a quick efficient way to raise funds to purchase a second home outright or to raise a deposit on a *second mortgage abroad.

So if you are looking for the idyllic holiday home, a place to retire, a worthwhile investment or just a new start for you and your family, then why not release the capital in your current home with a BFS homeowner loan and you too could be benefiting from this excellent opportunity!


* Please note that BFS do not currently provide mortgage advice and any client wishing to consider a remortgage should visit BFS’s chosen mortgage advisers at the Mortgage Savings Centre.