37% of Brits would move abroad to pay off mortgage

As much as 37 per cent of Brits would consider moving abroad if they could live mortgage free, according to new research from currency specialist HiFX.

The company finds this is a direct result of present economic conditions in the UK.

After a decade of house prices increases, Britain now has the highest average property prices in the EU.

Rising prices have also been coupled to five interest rate increases since August 2006 and, more recently, a month of uncertainty following the "credit crunch" - which has caused further tightening of lending criteria.

According to HiFX, this has left one in ten (11 per cent) of respondents struggling to meet mortgage repayments.

Furthermore, only 28 per cent of those questioned were happy with the current economic climate in the UK.

"The results of our research paint a stark picture of UK consumer confidence at the moment," commented Mark Bodega, director at HiFX.

"While moving overseas has long been a tradition for those seeking sunnier climes, a different career path or a peaceful retirement, it would now seem more and more people are no longer considering emigration as a luxury but a necessity.

"With the current uncertainty in the global economy people need to do their homework when considering a move abroad and work out if the grass really is greener on the other side of the fence."

According to the HiFX research, 25 to 34-year-olds are the most likely age group to be considering making the move abroad to become mortgage free – with popular destinations including France, Spain, Canada and the USA.