International mortgages harder for ex-pats to obtain due to credit crunch

Current and potential expats are finding it harder to raise money for an international mortgage as a result of the credit crunch.

That is the opinion of the director of ShelterOffshore.com, who has asserted that expats are being hindered in their attempts to get mortgages abroad, and in the UK, to fund the purchase of property in foreign countries.

Rhiannon Davies did note, however, that there are "certain currency advantages" for expats with pounds sterling in their bank accounts.

She explained that, for example, it can be financially beneficial to purchase property in dollar-based economies such as America because of the current exchange rate.

However, Ms Davies warned that such advantages are only temporary. "A currency advantage today can be a currency disadvantage tomorrow," she said.

According to the NatWest International Personal Banking Expat Wealth Ranking Survey undertaken with think tank the Centre of Future Studies, professionals who are planning to move abroad may expect to be better off financially.

Mortgages News posted on 23/04/2008 16:46:44