Spanish Barclays launches 80% LTV mortgage

Posted on 25 Apr, 2007

Potential property investors in Spain are getting a little nudge closer to owning their dream house as Barclays Spain launches a low loan-to-value (LTV) mortgage for Brits in Spain.

The new '80 per cent mortgage' has the highest LTV ever offered in Spain by Barclays and allows borrowers to take out mortgages for their 20 per cent down payment for a previously unheard-of 30-year term.

However, the product is not going to become part of the everyday mortgage offering at Barclays Spain, where it will be on offer until 31st of January 2007.

Suzanne Clay, business development manager at Barclays said the new product will enable many investors to finally take the plunge into property ownership in Spain.

"Barclays continually looks to develop its range of mortgages available to British people wanting to buy property abroad," she said.

The new deal comes at the perfect time: many Brits take their holidays over Christmas in Spain.

While many will go simply to escape the harsher weather conditions in the UK, some will be hoping to return with both a tan and a new mortgage.

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