The demand for property in the Costa's continues to boom and as a result more lenders are increasing their exposure to the market.
On top of firms such as Halifax Hispania, Norwich & Peterborough Spanish Home Loans and Leeds & Holbeck are expanding. Norwich has widened the geographical area that it is prepared to lend to. This will now include the whole of the Costa del Sol and Costa Blanca. Leeds has launched three new mortgage products for Spanish property.
They are generally available with a maximum loan to value of 66%. Interest rates vary from 5.75% fixed to a Bank of England rate tracker and a 2% Spanish Tracker rate.
Our view
Making it easy for you to buy property in Spain is good - however, think before you commit. Borrowing in Sterling is not necessarily that competitive at present - interest rates are higher in the UK. Visit Spain before you buy, talk to Spanish Banks about their lending criteria.
Not sure, engage somebody to do the work for you. has agents in Spain such as English Accountants and Lawyers etc in Spain.
We will also, within the next 2 months be opening our first Spanish Office. Talk to us now and get yourself on our "Help In Spain" list.
Regulation In Spain, financial services regulation is under scrutiny at present with many illegally trading, un-registered financial advisers operating in Spain. If you deal with an adviser or financial institution that is not registered you may have serious problems should things go wrong.
The three principal regulators are as follows :
is in advanced discussion with the CNMV and the DGS about registering one of the first fully fledged UK Independent Financial Advisers in Spain.
Talk to us now and get yourself on our "Help In Spain" list.