JET TO LET

Cheap flights to easy access locations such as the Costa Blanca and Costa del Sol have made having a buy to let property abroad so much more viable. Visit our Buy to Let Section if you would like more information on this topic.

Development companies in the Algarve reckon the market is worth almost £60 billion and is set to rise as four in ten Brits are currently planning to buy abroad.

Quite surprising is the fact that more than half of these appear to be in a relatively young age group, which would have been unthinkable ten years or so ago. Going back 10 years most of the people buying in Spain were people looking to retire there.

Clearly the advent of low cost flights and cheap mortgages has contributed significantly. Perhaps more significant though has been the combination of increasing equity available to invest overseas from those already on the UK property ladder, but an ever rising 'entry level' for first time buyers to get on that same ladder. By contrast, many overseas markets have much more achievable entry levels for UK residents.

A spokesperson for FOPDAC (The Federation of Overseas Property Developers, Agents and Consultants) said that all the evidence did point to the continuation of a strong overseas market, albeit with the performance of individual countries and regions varying.

We would urge careful consideration if contemplating buying abroad. Only use vetted companies, not one recently formed, particularly if you are intending to buy in one of the emerging and immature markets, like Northern Cyprus, Turkey or Bulgaria.

At MortgageMap we can introduce you to a Mortgage Adviser who can help and advise you regarding finance if you need to. Please complete the relevant enquiry form.

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