Halifax reduces mortgage rates for those looking to buy in Spain

18-Jan-2007

Banco Halifax Hispania has announced a reduction in the rate of interest charged on its range of euro mortgages, offering an incentive for first time buyers to invest in Spain.

Following the reduction, an interest rate of 4.63 per cent is available for borrowing with a loan-to-value (LTV) of up to 60 per cent, potentially making investment in the Spanish property market a viable option for first time buyers uncertain about future UK interest rate rises.

Customers borrowing with a LTV up to 70 per cent can obtain an interest rate of 4.73 per cent.

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"When it comes to owning that [house] in the sun, Spain is certainly the favoured location with British people, so this latest reduction in interest rates is really good news," said Ian Smith, head of European operations at Halifax.

In order to offer a degree of support to first time buyers and repeat purchasers looking to buy a property in Spain, Halifax employs staff able to speak fluently in English, in addition to offering a range of approved solicitors able to offer knowledge and experience to British homebuyers.

The rate reduction affects the bank's selection of variable rate of mortgages.

Banco Halifax Hispania offers a range of financial products and services, including savings and current accounts.

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