Italy: mortgages for overseas properties.

The Italian market is slowly becoming more accessible to non residents, despite the fact that very few Italian banks provide a customized non-resident service and many agreements are made on a case by case basis. Although a few major players have withdrawn their non-resident offerings from the market in recent years, there are other Italian banks entering the playing field, who in contrast, are warming up to the UK borrowing culture by developing their product range to better service the non-resident market. We are excited to announce that we are now able to offer finance for the purpose of Bed & Breakfast acquisitions, (on a case by case basis) and in the near future, will be able to expand to other small commercial loans.
Attractive new products now available for our clients are capped rates that guarantee a cap on the increase of the monthly repayment; in addition, mixed rate products are available for our clients who want to feel free to switch between variable and fixed rate during their term. For those products ask us to introduce you the Baydonhill financial services.

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Brits reject far-flung destinations in flight to safety‏

British overseas home buyers are reverting back to more traditional second home destinations, according to a survey of 1200 second home owners by Savills International. During the overseas property boom, the proportion of Brits buying outside of Western Europe grew significantly as buyers became motivated by the potential for capital gains. However, since the market turned in September 2008, buyers have returned to the traditional favourites of Spain, France, Portugal and Italy.
“In 2010, the overseas second home market will be characterised by cash-rich, lifestyle buyers benefiting from lower prices in traditional, established holiday home hotspots.” Says Charles Weston-Baker, Head of Savills International. The survey data also confirms that 2009 was one of the worst years for the industry. 70% of respondents invested in overseas property between 2003 and 2008 but just 2% had in 2009. Rebecca Gill, research analyst at Savills International comments. “Whilst UK overseas home ownership has doubled since 2001 recent global recessionary trends have seen take-up levels dramatically slow. Factors such as fewer overseas holidays, reduced leisure spend capacity and financing availability, unfavourable exchange rates and declining house prices have impacted second home purchasing activity.”
20% of owners plan more purchases. The positive news is that a fifth of respondents said they are considering or planning additional holiday home purchases in the future. The top ten destinations being considered were France, Spain, Portugal, the US, Italy, Greece, Cyprus, Morocco, Brazil and Turkey. However, further property price falls, better mortgage availability and a strengthening of sterling against the Euro are all necessary conditions before we see the market return to anywhere near the transaction volumes of 2007.

Article from http://www.globaledge.co.uk/news/brits-reject-far-flung-destinations-in-f-38270

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