Europe is in crisis but at least you can now buy a bargain home abroad
The growing debt crisis in recent months, particularly in Greece and Italy, has exacerbated the problem. A number of Greek banks have stopped lending for the time being.
But overseas property expert Simon Conn says borrowers can still get mortgage funds, even in Greece, though a deposit of at least 30 to 40 per cent will be needed.
Spanish and French banks will lend to those with only a 15 or 20 per cent deposit, but this could be tightened if the financial crisis takes a further turn for the worse in Europe.
Conn says: ‘Historically, European banks have been more conservative than their British counterparts. Britons applying for overseas funds will need a chunky deposit and must provide all relevant paperwork to show income and liabilities.’
Some British lenders allow homeowners to remortgage to fund a holiday home purchase abroad, but it will depend on individual criteria and borrowers will usually still have to have significant
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