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CML Comment: Experian on mortgage struggles for expats PDF Print E-mail
Thursday, 20 August 2015

James Jones, head of consumer affairs at Experian, said: “The latest statistics from Council of Mortgage Lenders (CML) are really encouraging for those in the UK looking to either get onto the property ladder or move to a more suitable property. However, it would seem that those Brits opting to invest abroad may not benefit in the same way if tougher European lending rules come into play later this year. 

“After a lifetime of working hard and responsibly saving, many retirees will be setting their sights on their dream home in Europe. But, unfortunately, for many it could remain just a dream, due to proposed lending changes set to be introduced next March as part of the European Credit Directive, which could make it much more difficult for expats to access foreign currency loans.
 
“In our recent research we found that three quarters (78%) of those over 65 do not understand the new European lending requirements. With added confusion to what is already quite a lengthy process, retirees need to be more prepared than ever when applying for a mortgage abroad. 
 
“Personal financial planning is key for anyone taking out a mortgage, but especially those purchasing property abroad. Retired expats should take the time to understand how the new rules will affect them and follow the same rigorous preparation as they would do for a UK mortgage.”

(Source - Experian Comment)
 

 

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