Mortgages 'are not always available in emerging markets'
Mortgages 'are not always available in emerging markets'Anyone looking to invest in emerging property markets should not assume they will have access to a suitable mortgage, one expert has warned.
Heather Chambers, director of International Mortgage Solutions, explained that many people enter into property deals without researching the availability of finance in the country they are purchasing in.
This then leads to them being "absolutely amazed" when they are unable to obtain a mortgage, she stated.
For this reason, Ms Chambers suggested that people seek advice while looking for an investment property.
She said: "What [a broker] can do is find out whether there is a reasonable anticipation that you will get a mortgage, rather than completely ignoring the fact and assuming that the rest of the world is like the UK."
The Association of International Property Professionals 2007 market report underlined the appetite investors have for property in emerging markets.
It found that Bulgaria
were the fourth and fifth most popular destinations for UK citizens buying abroad last year.
This article was brought to you by holidaylettings.co.uk, the UK's No.1 holiday home website.
1 April 2008 Print this article