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EU Property Solutions- Experts in all Spanish property issues

EU Property Solutions offer professional assistance and advice in all areas of European property in particular, Spain. We can help provide strategies and solutions to solve problematic property issues, negotiate with lenders on debts, help reclaim lost deposits on unfinished developments and help with repossessions and mortgage arrears across Europe. We have offices in London, Belfast and Spain.

After the debt crisis and Brexit, is it too much trouble to lend to Brits who want to buy abroad?
03 November 2017 @ 10:50

Brexit has further affected those looking to purchase a property outside of the UK.

Prior to the property bubble burst in 2007, Britons eager to snap up a home in the sun on the continent were given access to a huge range of mortgages. But over the last decade, the market has changed more than a little. Today, the debt crisis and the Brexit vote have made it more challenging to secure the finance you need to put your name on a stunning second home, whether it’s on the beautiful coast of Spain or in an authentic village in Greece.

The first factor to hit the lending market for Brits seeking to buy abroad was the debt crisis. In 2007, property prices were on the rise and developments were springing up across Europe in the most popular spots. But the financial crisis led to prices plummeting, planned construction work being halted, and left families unable to make their repayments. It meant that banks have become more cautious and risk-averse, making it more difficult to find a willing lender and in the wake of the crisis the number of Brits buying homes in Spain halved.

Uncertainty and the weakening pound means you’ll get less for your money, with prices rising by about 10% since the referendum. If you thought your budget would be stretched before Brexit, you’re going to face further pressure now and it could get worse when you consider currency fluctuations.

Coupled with the risk-averse attitude of the banks, the impact of Brexit is affecting Brits seeking to lend to buy abroad.

The good news is that there are still options for Brits looking to buy that dream holiday home and it can still be a worthwhile investment option if you pick out the right property. Whether you’re choosing to buy a property to turn into a family home or to rent out on the market, there are still lenders that are open to you.

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briando55 said:
03 November 2017 @ 12:40

The good news is, the market is only accommodating the Brits who can afford to buy and the builders and banks are not trying to build with over-speculation.

That's how I see things now anyway

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