Conti launches overseas remortgage service

Conti Financial Services has launched a remortgaging service to owners of overseas residential property in 15 countries across Europe, Africa and the USA.

It says borrowers can use overseas property for a number of different uses, from paying off UK or foreign debt, finance further property investment or reduce any future Inheritance Tax liabilities.

It’s also offering an alternative to people who feel under pressure to sell their property abroad because of the current credit crunch. Conti says the strong euro means demand for European property has decreased, so owners are finding it more difficult to cash in their asset.

One solution it says is for them to remortgage their property in Europe, where interest rates are lower, and use the currency-boosted proceeds to repay debt in the UK.

Simon Conn, sales and marketing director at Conti, says: “The current financial climate, with lenders withdrawing schemes virtually every day, means that finding acceptable mortgages is getting tougher all the time.

“Many brokers are now seeking alternative means of doing business. Conti could provide the solution through its new remortgaging facilities, which provide a viable and alternative way to raise additional finance.”