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Expatriates tempted by overseas refinancing deals

Expatriates are being offered increasingly attractive rates on mortgages for foreign properties as lenders look to take advantage of shifting currency exchange rates.

While up until just a few months ago, many Britons living overseas would have opted to take out a UK-based mortgage product when refinancing, improved rates within the Eurozone has led to many looking elsewhere.

Coming as her own firm launches a range of new remortgage products for expatriates, Clare Nessling, operations director at Conti, explained that a significant number of the two million Britons who own a property abroad are now exploring the possibility of refinancing.

"Many people who have unencumbered properties, or who have seen some price growth since their properties abroad were purchased, are releasing equity to pay off debts back in the UK or to help buy UK property," she explained.

"Some are releasing cash to inject into their UK properties to bring down their loan-to-value ratios, especially if they?re hoping to switch to a new mortgage deal."

This comes soon after the Daily Telegraph reported a marked rise in the number of Britons opting to begin life as an expatriate even further away, in particular in Australia and New Zealand.

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