Overseas investors and British expats are finding it increasingly difficult to secure mortgages in the UK to fund property acquisitions, according to deVere Mortgages.
Based on mortgage enquiries, deVere Mortgages, part of deVere United Kingdom and deVere Group, which offers advice to British expats and foreign nationals looking to buy property in the UK, recently reported that there had been a sharp rise in the number of opportunistic overseas investors taking advantage of effective discounts caused by sterling’s nosedive after the UK voted to the leave the EU by acquiring property in Britain.
Historically, many overseas buyers have targeted London’s wealthiest areas, but various reports suggest that more international buyers are now looking at cheaper areas across the country that offer better value for money homes and higher rental yields.
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