“Very few lenders are offering buy-to-let mortgages for overseas investors and expats. Many such investors purchase a low cost property outright for around £50,000 without any borrowing
Lancashire, UK (PRWEB UK) 30 November 2014
Investors living overseas (include expats and foreign nationals) see the UK as secure country for long term investment with the aim of using rental income for children’s UK education, their UK holidays or ultimately as a pension.
Find UK Property conducts regular surveys on such non-residents who are looking to buy or have purchased property in the UK. In a recent survey conducted in October 2014, expats who were considering one of the company’s low cost terraced houses were asked the main reasons for choosing a low cost property around £60,000. Over 50% of them stated the main reason for buying such low cost property as the lack of mortgage availability to them, due to their non-resident status. The second most common reason was the fact that such low cost properties provided higher rental yields than more expensive properties.
Andy Noble, Senior Marketing Consultant at Find UK Property said “Very few lenders are offering buy-to-let mortgages for overseas investors and expats. Those that do offer such mortgages impose tough conditions and the interest rates are not attractive.”
He added: “Many potential investors only have around £50,000 of funds to invest and in the absence of attractive funding, they decide to purchase a low cost property outright. Rather than keeping their money in the bank with very low interest rates or risking other forms of investment, such a property purchase earns them guaranteed rental income at 7% of property price plus long term capital growth”
About “Find UK Property”
Find UK Property are the 'buyers' agent and specialize in helping serious overseas buyers find the most suitable investment property for their needs. The company conducts regular surveys on overseas investors and findings are printed at their “UK Property News” Blog at http://blog.findukproperty.com.