Investors advised to use foreign lenders
Investors who are struggling to get the money they need to buy a foreign property have been advised to consider using an overseas lender.
Richard Way, editor of A Place in the Sun magazine, stated that the many prospective buyers cannot get the required funds as some banks are reluctant to lend in the current economic climate.
Therefore, he has suggested that investors in the UK consider using a lender in another country instead.
Mr Way warned that this could be potentially risky as buyers may come against various obstacles, such as language barriers and unfamiliar rules and regulations.
However, he said this could be a good move providing investors find out as much as they can in advance.
Mr Way commented: "If researched carefully and if the procedures are followed it can reap rewards."
The advice comes soon after BuyAssociation suggested that foreign property buyers consider matters such as tax and legal requirements.
According to the website, these issues would be addressed if people were buying a home in the UK and should still be a priority for those investing overseas.
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