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Home loans reduced at Halifax

24 May 2005

The Spanish arm of Halifax, Banco Halifax Hispania (BHH) has reduced its mortgage rate to help buyers buy abroad.

The new rates see loans of up to 60 per cent of the value of the property fall to 3.265 per cent and loans of up to 70 per cent dip to 3.515 per cent.

The new changes come into force with immediate effect - good news for people looking to purchase property abroad.

More Brits are buying holiday homes in Spain, with the figure now topping 500,000, according to Datamonitor.

"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," explained the head of European operations, Ian Smith.

"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," he added.

Datamonitor predicts that 36 per cent of the tourist housing stock in Spain is owned by Britons, while 37 per cent of second homes owned by Britons outside of the UK are located in Spain.

Banco Halifax can also help people hoping to own a place in the sun with all the mortgage arrangements in euros.