According to the N&P, most Brits still opt for an apartment when buying a home in Spain but while the popularity of detached and semi-detached villas rose slightly, the number of people buying apartments and terraced properties fell again during 2005.
Type of abode: 2004 figures -2005 figures
Apartments:49 per cent- 42 per cent
Detached houses: 28.57 per cent -30.25 per cent
Semi-detached houses: 4.08 per cent - 4.65 per cent
Terraced houses: 14.3 per cent - 13.95 per cent
In 2005:
• the total average loan to value borrowed was 55.88 per cent
•the average mortgage will be repaid over 15.14 years
•the total average loan is £106,871
Mike Sketch, head of retail operations at N&P, said: “Buying in Spain is still growing in popularity, as people increasingly want to enjoy their retirement abroad or buy a family holiday home that is also an appreciating investment. Property prices are rising slowly, or are stable in the UK and in Spain, prices have also stabilised following a period of growth."
Main details for Spanish products:
•N&P will lend up to 75 per cent of the property valuation.
•Minimum purchase price (or valuation) - £60,000
•Maximum loan – negotiable, repayable over up to 20 years.
•£250 reservation fee
•The mortgage advance will be in Sterling and repayments must be made by direct debit in Sterling from a UK building society or bank account.
•Valuation/application fee - from £375 (according to valuation).
• Minimum loan £20,000 – maximum negotiable.
