Halifax mortgages slashed on Spanish properties

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Halifax mortgages slashed on Spanish properties

Mon 23rd May 2005

In a move aimed at those thinking of buying a second home in the sun, Halifax mortgages for the company's properties in Spain are to be slashed.

Halifax's Spanish arm, Banco Halifax Hispania (BHH) has reduced its Halifax mortgage rates to 3.265 per cent for loans up to 60 per cent and 3.515 per cent for loans up to 70 per cent of the property value.

The bank has pointed out that the move will benefit the many Brits who are buying a second home in Spain or even moving permanently to Spain to escape the British weather.

Ian Smith, head of European operations, said: "We are continuing to see low levels of interest rates in Spain which makes it an excellent time to finance that dream home in the sun.

"As we move into generally what is a busy house buying period, this latest reduction in interest rates makes that overseas property even more affordable."

The Banco Halifax mortgages can even be arranged in euros, with a UK team on call to answer questions on buying property in Spain.

According to a recent report, 36 per cent of the tourist housing stock in Spain is owned by Britons, with 500,000 British people in total owning property in the country.

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