Spain remain favourite alternative for first time buyers

19-May-2005

First time buyers in the UK are taking an alternative way to get themselves on the property ladder, by increasingly turning to Spain.

Click here to find out how to get onto the property ladder by buying to let somewhere else

The lure of the Spanish sun means that there are always plenty of people willing to rent in Spain, and the UK's aspiring homeowners are increasingly turning to Spain's buy-to-let market to take advantage of much lower prices.

Spain has long been a popular destination for the UK's landlords to invest in buy-to-let (or fly-to-let, as it has become known) property, but it has now become one of the world's hotspots for the practice among British citizens.

And it is not just professionals who are turning to the Spanish market, as many aspiring first time buyers are spending their money on acquiring property in the southern European state as an alternative way of getting onto the property ladder.

A new report from the Norwich & Peterborough Building Society has revealed that British buyers are now borrowing increasing amounts of money to get themselves on the Spanish property ladder.

Click here for advice on first time buyer mortgages or to find out how much you can borrow and how much it will cost you, from the UK's leading High Street Brokers, Bradford and Bingley

As such, many more people are taking advantage of the increasing number of buy-to-let mortgages and creative mortgages to get themselves on the property ladder.

Click here to ask about the legal costs of house-buying or to ask a legal question specific to your own situation

Click here for our first time buyers guide

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