With a mixed start in terms of weather for the UK this summer, more people may be considering the prospect of purchasing a holiday home abroad.
However, doing so is not cheap and even after the initial cost of the property, the price of long-distance flights among other things can mount up, meaning some consumers may benefit from surrendering endowment policies.
According to James Dearsley, European sales manager at Atlas International, Turkey is becoming an increasingly popular destination for those keen to buy a residence outside of Britain.
Chris Radford, chief executive officer of aap, the UK's biggest buyer of endowment policies, said some of its customers who were determined to buy a home abroad had decided to sell their underperforming endowment policies to make extra money.
Could you afford your holiday home dream?
Mr Dearsley said Turkey is competing with the traditionally more popular destination of Spain.
The expert went on to note that those seeking to buy a home in the country - including those who have to sell an endowment policy to do so - are often attracted by its exotic culture.
This is an "obvious attraction", he claimed, adding that many Britons will look to invest in the country in 2010.
He remarked: "What we have seen this year is Turkey has continued to be a global force since it really emerged on the market last year."
His comments followed the identification of the country by the Global Property Guide as its tip for high European property investment in the second half of 2010.
Selling endowments could help cover holiday home costs
Mr Radford, from aap, said some of its customers who wanted to chase their dream of owning a property in a foreign country had decided to sell an endowment policy to fund the cost.
He added that should aap make an offer to purchase an endowment policy, it will always pay more than the surrender value offered by the insurance company.
From aap.co.uk published on 16/06/2010
