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Cheap mortgages for foreign homes

Date: Thu, 12 Jan 2006

Cheap mortgages could help people fulfil their dreams of buying an overseas property.

Research from UCB Home Loans shows that a third of young people aged between 16 and 21 want to eventually own a home overseas rather than in the UK.

The study also showed that many plan to become first-time buyers between the ages of 25 and 30, especially if they can manage to secure the appropriate cheap mortgage deal
.
"Whilst 92 per cent of the young people interviewed want to own their own home when they are older, it is likely that some of them will never actually make it," said UCB Home Loans managing director, Keith Astill.

"Statistics currently show that approximately 70 per cent of the UK population own their own homes."

The majority of the survey respondents expected their first property purchase to be less than £150,000. However, December Nationwide’s housing review shows that the average UK house price already stands at £157,250 so it is likely they will have to spend a little more than planned when they eventually step on to the property ladder.


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