Barclays has introduced a new 80% mortgage in Spain, representing the highest ever loan to value ratio offered by the bank in this country, and giving British property buyers more options in the Spanish market.
The launch of the new flexible mortgage is aimed at non-residents looking to buy into the property market in Spain, allowing them to take out a mortgage up to 80% of the value of the property.
The mortgage is a limited product and applications must be submitted by January 31, 2007. It will be offered on a 12-month rolling fixed interest rate. The option to take out an initial interest-only period ranging from one to five years is also available.
Suzanne Clay, business development manager at Barclays, said: By offering a higher loan to value, and adding flexibility at highly competitive rates, we believe this product will enable many budding overseas property investors to realize their dream of owning a home Spain.
The mortgage is to be offered in more than 500 Barclays branches across Spain, as well as online and over the phone.