Buying a Sunshine Property Abroad Beacon Mortgage Solutions Expert Advice Helps Dispel The Clouds

Overseas mortgage specialist Beacon Mortgage Solutions
(http://www.beaconmortgagesolutions.com) is urging would-be holiday home-owners to seek expert financial advice before investing in property abroad.

Even though property prices can be substantially lower than in the UK, Beacon (http://www.beaconmortgagesolutions.com) warns that fees and taxes can add more than ten per cent to the purchase price of buying property abroad.

's8220;Recent research has shown that the average price of a second home in Europe is around £109,000,'s8221; says Beacon director David Piper, 's8220;but the cost of arranging a mortgage can push that up to £120,000 or more.

's8220;While we would never advocate borrowing more than is needed, Beacon Mortgage Solutions (http://www.beaconmortgagesolutions.com) believes it is equally important that buyers get their sums right. Without informed, independent and impartial advice, that dream home could quickly turn into a nightmare.'s8221;

According to the government-backed Office of National Statistics, UK citizens already own more than a quarter of a million overseas properties 's8211; mostly in France, Spain and Portugal 's8211; with an estimated combined value of more than £23 billion.

However, enthusiasm for buying property abroad still runs high. Recent reports have indicated that anything up to five million Britons would buy property abroad if they could. Unreliable weather and high levels of taxation are the most commonly cited reasons for considering a move.

's8220;At this time of year, with the prospect of a long, wet winter ahead, the idea of owning property abroad becomes even more attractive,'s8221; says Piper. 's8220;The danger is that the promise of sunshine can cloud the judgment when it comes to making financial arrangements.'s8221;

Lenders will usually be prepared to offer mortgages to a value of up to three times an individual's8217;s gross salary (or 2.5 times gross joint income), says Beacon Mortgage Solutions (http://www.beaconmortgagesolutions.com).

Mortgages secured against property abroad will normally cover up to around three-quarters of the value (which may not be the same as the purchase price) of the property.

's8220;When one takes into account the additional legal fees, valuation and land registry fees, transfer tax and stamp duty, along with extras such as administration and brokering charges, it's8217;s clearly time to call in experts such as ourselves,'s8221; says Piper.

* Eastbourne-based Beacon Mortgage Solutions (http://www.beaconmortgagesolutions.com) is an appointed representative of Mortgage Next Network Limited, which is authorised and regulated by the Financial Services Authority.

* Mortgage Next Network Limited is one of the largest mortgage distribution companies in the UK 's8211; in the 2005/06 financial year it completed around £4 billions's8217; worth of mortgage business 's8211; and is entered on the Financial Services Agency register (http://www.fsa.gov.uk) under reference 300886.




Buying a Sunshine Property Abroad Beacon Mortgage Solutions Expert Advice Helps Dispel The Clouds



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