British property buyers look to Spain
Published On 18 January 2007
With an increasing number of British property buyers looking to trade in beer and roast dinners for paella and a chilled cerveza, a leading UK bank has launched a new Spanish mortgage package. Halifax's Spanish operation Banco Halifax Hispania has reduced the rate on its variable euro mortgages, which is good news for those Brits looking to purchase a home in sunnier climes.
Recent Mintel research found that around 800,000 Brits now own a second home abroad and Spain proved to be the most popular destination among more than four in ten respondents.
Those who bank with the Halifax in Spain can now receive repayment mortgage rates of 4.633 per cent for loans up to 60 per cent and 4.733 per cent for loans up to 70 per cent.
Ian Smith, Halifax European spokesman, said: "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."
The proliferation of low-cost budget airlines and low rate euro mortgages has driven British property investment in Spain in recent years.
