Barclays launches new Spanish mortgage
Published On 30 November 2006
Barclays has launched its highest ever loan to value (LTV) mortgage for customers looking to set up shop and purchase a property in Spain.The largest British banking group in Spain is looking to increase its presence there with its new product and tap into the growing legions of ex-pats who are swapping fish and chips for chorizo and sangria.
This flexible product is on offer to non-residents looking to buy property in Spain by taking out a mortgage of up to 80 per cent of the value of their property.
As well as having the highest ever LTV rate offered by a bank in Spain, the product also has the longest term at 30 years.
All applications must be submitted by January 31st 2007 and the product is offered on a rolling 12-month fixed interest rate.
Suzanne Clay, Barclays spokesperson, said: "Barclays continually looks to develop its range of mortgages available to British people wanting to buy property abroad.
"By offering a higher LTV and adding flexibility at highly competitive rates, we believe this product will enable many budding overseas property investors to realise their dream of owning a home in Spain."
