How to find your place in the sun

Dreaming of an apartment in Dubai or a riad in Morocco?

Around 800,000 Britons own a property abroad - and if you have just enjoyed a couple of summer weeks in the sunshine overseas, you might be wishing you could join them.

If you cannot buy an overseas property outright, it’s relatively straightforward to take on a bigger mortgage in the UK to release equity to buy a place abroad. Alternatively, you can take out a mortgage on the foreign property or even better, some developers offer a hassle-free payment plan.

If you are buying an overseas property, you will at some point need to convert some money into the local currency - and it can be expensive if you use a high-street bank. Foreign currency specialists often offer a better rate, don't always charge fees and can offer a "forward contract" so you can fix your exchange rate.

Source – The Sunday Herald

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