The mortgages, issued in Euros, will be available direct from Abbey by calling the Spanish Home Finance Team. This team will give mortgage advice and guide customers through the application process.
The products include:
Tracker rate - 12-month Euribor + 0.95 per cent
Three-year fix - 4.5 per cent reverting to 12 month Euribor + 0.95 per cent
Five-year fix - 4.75 per cent reverting to 12 month Euribor + 0.95 per cent
Jeff Scott, Abbey's head of specialist lending, said: “By taking advantage of cost synergies across Abbey and Banco Santander, we have been able to offer overseas mortgages at very attractive rates. Increasing numbers of UK residents are buying properties abroad, whether it is retiring overseas, investing in holiday homes or even first-time buyers priced out of the market here. One of the favourite destinations for overseas property investment is Spain, and under Banco Santander’s ownership, offering Spanish mortgages from Abbey is a logical next step.”
Buying a house abroad can be a daunting process and the housing-buying and legal process in Spain differs from that in the UK. Abbey’s dedicated Spanish Home Finance Team will guide people through the process.
Abbey will complete the full application including customer ID and affordability checks and will underwrite the mortgage in the UK. Banco Santander will process the mortgage, provide an offer to the customer and issue the funds, with the deeds being held in Spain.
