Homebuyers looking for a dream second home in Spain have been alerted to news that banking institution Banco Halifax Hispania is reducing interest rates on its international mortgage products.
Under the changes, mortgage customers who want up to 60 per cent loan-to-value on a property will now have to pay repayments of 4.633 per cent to the Spanish branch of Halifax.
Meanwhile, those looking to find a mortgage up to 70 per cent loan-to-value can now gain access to a 4.733 per cent interest rate.
It follows recent research from consumer research group Mintel, which found that four in ten Britons who either own a foreign property or are looking to buy one have listed Spain as the top country on their list, which could have implications for international mortgages.
Ian Smith, head of European operations at Halifax, said that the interest rates would attract many mortgage holders who are now searching for international mortgages.
"When it comes to owning that holiday home in the sun, Spain is certainly the favoured location with British people, so this latest reduction in interest rates is really good news," he said.
In related news, Leeds Building Society has confirmed that it is planning to start offering international mortgages for Spanish homes to its customers in Ireland.
Banking institution reduces interest on international mortgages
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Banking institution reduces interest on international mortgages
Thu, 18 Jan 2007
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