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Ex-splat

Thousands of retired Britons who packed their bags and fled to sunnier European climes are being forced to sell up and return home with their tails between their legs as a result of struggling Eurozone economies.

With the pound weakening, sterling is buying less and less abroad. Add to that rising inflation in European countries and situation really does prove OAPless. In Spain rising interest rates have risen mean that many people with Euro-denominated mortgages must find an extra £1,750 or so each year.

Added to all that, the collapse of the housing market in many of these countries (particularly Spain) means that Brits wanting to sell up and head home may be at a loss to find buyers for their property.

Not the ideal situation to find yourself in when all you wanted was to have some time to enjoy life in retirement.

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