Reading practice 1. 4EOI.

Reading practice 1 A text worth working on in order to get extra practice: The key is also provided so that you can check your progress. A  HOME  ABROAD The dream of having a chalet in the Alps or an apartment in Paris could become a reality, as some companies offer investors European mortgages at great interests rates, plus a helping hand through the legal minefield. Samantha Davies looks into the possibilities ... Many people dream of being able to buy a second home or holiday home abroad. Increasingly people are being relocated overseas by their companies and so have a need to buy another property. __________1__________  In addition to this, many lenders abroad don’t behave in the same way as British banks and as a result, would-be borrowers remain understandably cautious. __________2__________  The pound remains strong and, as domestic property prices continue to rise, investors are viewing the European property market with growing interest. In France, for example, property in Paris is often cheaper than in London. Yet it is not only within a few hours of London, but if you want to let the property you can expect an annual return on investment of between five and nine per cent –which, coupled with a low interest rate, makes it an attractive option. Buying and owning a property in Europe is different to the UK, so research into the right type of mortgage, the country’s legal system, taxation and other costs is important if a purchase is to go smoothly. Many people prefer to make their initial enquiries from the comfort of their own home.  Nowadays, several banks, including the Woolwich, provide English-speaking experts who can discuss affordability and lending criteria, set up the mortgage and deal with any general enquiries you may have regarding the day-to-day running of the mortgage. Although some lenders are reluctant to lend across borders because of the legal, language and cultural barriers, many recognise the opportunities and benefits of loans on properties abroad.  __________3__________  Staff can offer advice and ongoing support to prospective borrowers, pointing out the pros and cons of buying a property abroad and provide guidance on the different procedures and costs that may be incurred. When buying you should take into account not only the initial purchase price but any renovation costs and local taxes. The initial costs of buying can be high so any purchase should be looked upon as a long-term investment in order to recoup costs. __________4__________  You should also remember that whatever method you use to finance the purchase, the sterling equivalent may increase or decrease with exchange rate movements. __________5__________  The charm and excitement of owning an isolated farm in the French countryside is, ironically, less likely to appeal to the French who seem to prefer newer properties, and this could obviously affect the value in years to come should you wish to sell. Lenders will take all these factors into consideration when deciding how much you can borrow. In the future, the modern European is likely to be a multi-lingual business professional who expects to travel throughout Europe as part of his or her job. __________6__________  The result will be more flexible products, provided in the language of your choice, delivered to you in the way you want it, and at the time that is convenient, all making it much easier to own a home in whichever country you like. I. Insert the following sentences in the suitable gaps in the text. A.    Another thing to consider is what to buy and where. B.     Despite this, an increasing number of people are purchasing properties abroad, and for a number of reasons. C.     The Woolwich, for example, owns subsidiaries in both Italy and France which enables it to benefit from using local staff and their knowledge of customs and procedures. D.    It’s a person who values a single financial services provider to supply cross-border mortgages and all the ancillary services such as life cover and insurance that are required wherever they are. E.     But all too often people are discouraged by the foreign legal systems and just how complicated it all seems. F.      Other factors which should be considered include transportation costs to and from the property, and of course ease of access. II. Vocabulary: Look for a word in the text that corresponds to each of the following definitions or synonyms: 7. Future, potential, prospective (1st paragraph): 8.Unwilling to do something, hesitating before doing it (4th paragraph): 9.Recover, regain (4th paragraph): 10.Something that you buy (4th paragraph): key: KEY: 1.E             2. B            3.C             4.F             5.A             6.D 7. WOULD-BE                     8. RELUCTANT 9. RECOUP                          10. PURCHASE, PROPERTY