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Options available to retired overseas home seekers, says expert

Options available to retired overseas home seekers, says expert

Elderly Brits who are seeking an overseas mortgage to help them retire abroad can struggle to get financing because of their age, an expert has said.

But there are options available to retired couples, such as remortgaging or renting out their current UK residence, said Matthew Weston, spokesperson for financial services group Blevins Franks.

And some lenders in Spain have increased the maximum lending age from 75 to 80 to cater for the retirement property sector, he pointed out.

But Mr Weston warned that taking on a mortgage when faced with the reduced earnings of retirement could be "quite a surprise to some people".

"Of course, retired couples need to apply as quickly as possible so that they can make the most of the maximum stretch of term available to them," he added.

According to Saga almost one million Britons already receive their state pensions while living in a foreign country.

The insurance firm has predicted that by the end of the decade one in eight over-55s will be living abroad.
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_09/08/2007