The packager claimed the process of buying overseas property would be made easier with its solution, allowing brokers a direct plan for purchasing property in the two countries. It believed the processes involved in advising clients for overseas purchasing could be daunting as horror stories of red tape, problems with local banks and language barriers were common.
For purchasing in France, loans up to 85 per cent loan-to-value (LTV) is offered, with 75 per cent LTV on remortgages and cash out options. There is an arrangement fee of 1 per cent and this is offered for apartments, houses, existing properties and new build properties.
The Spanish option has a LTV of up to 80 per cent for purchases, and 75 per cent LTV for remortgages. Cash out is available up to 70 per cent LTV. An arrangement fee of 1 per cent is applicable for purchases and 1.5 per cent for remortgages. These are available on apartments, houses, flats and chalets.
Simon Conn, managing director of Conti Financial Services, said: “This is good but we have been offering products like these for some time. We do get exclusives and the market out there is primarily for remortgages, and we are able to offer LTVs up to 90 per cent.
“France, Spain and also Portugal are expanding markets but some people will prefer to borrow on the Euro bank rate which is 0.6-0.8 higher than the UK Base Rate.”
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