The banking institution interest on international mortgages decreases

18/01/2007

People who are looking to buy property abroad namely in countries such as Spain have been told that banking institution Banco Halifax has reduced its interest rates when homebuyers are applying for a international mortgage.

As there has been a large change, those who want up to 60 per cent loan-to-value on a home must pay a repayment sum of 4.633 per cent to Halifax (Spanish branch).

However, Homebuyers who are looking to purchase a mortgage up to 70 per cent loan-to-value will be able to get a 4.733 per cent interest rate.

Mintel a consumer researcher group found that 4 in 10 Britons who have a property abroad or are thinking about buying a foreign property choose Spain as a ‘must buy’ top ten place.

Head at Halifax Ian Smith said that interest rates would make many more mortgage holders look for a international mortgage.

He said, "When it comes to owning that holiday home in the sun, Spain is certainly the favorite location with British people, so this latest reduction in interest rates is really good news."

As information from the news, Leeds Building Society has finalized that it is in a position to start offering international mortgages and a place such as Spain to the people in Ireland.