Britons take out loans to fund property purchase
A growing number of Britons are taking out short-term loans to finance a property purchase overseas.
According to Bridging Finance Limited, people are increasingly looking abroad as a result of the UK's poor climate, reports Homes Worldwide.
The firm stated that many are opting to borrow money as the housing market in the UK has ground to a halt, thereby making them unable to free up the cash tied up in their home.
Chris Baguley, managing director of the company, said this trend is apparent among both lifestyle buyers and those who are purchasing for investment purposes.
He commented: "Britain's miserable weather means more people than ever are buying property abroad."
Mr Baguley added that many people from the UK are purchasing a residence overseas in order to live there on a permanent basis.
This follows a study by Conti Financial Services which found that Spain is currently the most popular overseas property market among British buyers.
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