The number of people moving overseas to live or buy a holiday home has increased over the past decade. The Financial Services Authority (FSA) who act as our financial watchdog, has warned expat borrowers to beware of the exit fees they are being charged by their lenders once their loan or mortgage has been paid off.
In some cases people have been charged more than they were told when taking out the loan - those people will need to claim from the lender to receive a refund.
The FSA has tried to prompt UK Mortgage lenders to get rid of or at least reduce the redemption fee that is charged. Until that happens expats who are thinking of taking out a mortgage overseas should check the facts and figures before signing up to anything.
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