Foreign buyers paying over the odds-190708

Many foreign property buyers could be paying more than they need to for their mortgage, experts have stated.

Finco Financial Services carried out a poll which found that 78 per cent of people took a mortgage with a lender recommended by their estate agent.

This has prompted it to warn that these people could be paying over the odds, as they will have failed to shop around for the best deal.

The company stated that it is "highly likely" that many of them are paying out too much on their mortgage repayments.

Kieren Byrne, founder of Finco, commented: "Foreign buyers don't shop around like they would if they were buying a property in the UK or Ireland."

This follows a study by market research group Datamonitor which revealed that people in the UK and Ireland currently own more than 3.8 million homes in other countries.

According to the organisation, non-European countries such as Brazil are becoming increasingly popular with foreign property buyers.

Visit our off-plan property Brazil page.


 

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