Over the past ten years, the number of expats buying homes overseas, whether for retirement or as a second home, has boomed. The popular destinations for many overseas home owners have been Spain, Portugal, Ireland and eastern Europe with many people taking out mortgages in these countries. However, with the Euro so strong at the moment against many other currencies this has placed an unexpected burden on your average home-owner.The poor exchange rate has added up to 15% on the cost of their mortgage and, with no end in sight, many ex-pats are waiting as long as they can before buying Euros to send overseas to pay their Spanish mortgages. For the retired ex-pats living on a pension then this situation is made worse with pension payments also being affected by the current cost of buying Euros. The situation could get even worse if countries like the UK continue to lower interest rates.
The ECB has given mixed messages about the future of the interest rate in Europe but one thing is for sure, any further rises will kill the overseas property market stone dead and, for many, the dream of retiring to the sun will be further out of reach than ever.
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