International money transfers could help mortgages

International money transfers could help to keep costs down for the growing number of people showing an interest in overseas mortgages.

A survey conducted by mortgage specialist Conti, has revealed that March saw a 48 per cent increase in mortgage 'go aheads' for overseas properties.

This made the month the busiest in over a year for the company.

However, British buyers need to keep in mind the low rate of currency exchange on sterling.

Clare Nessling from Conti has some suggestions on how to keep down costs.

Ms Nessling said: "A euro mortgage could be a good idea, even if you thought you didn't need one."

She added: "As you'll only need to transfer money for your deposit and fees for now, it minimises the amount of sterling you have to exchange for the property purchase."

Sterling has been held down recently by political and economic concerns. However it is beginning to rise against the euro now, partly on the back of the single currency zone's concerns over Greece's sovereign debt.

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Posted by Sarah Pitton