The interest rate on the Euro interest-only mortgage is currently 3.35% per annum. This is just one of a range of Spanish mortgage options available. Own Overseas can also offer Sterling lending and all mortgages are available as either interest only or capital repayment.
The new Own Overseas mortgages are repayable by direct debit from a UK bank account in pounds sterling. This means that unlike overseas-based mortgages, the borrower does not need to be concerned about the costs and effort of making monthly overseas currency transfers. The mortgage also allows up to four different people to contribute towards the mortgage and therefore makes the dream of owning an overseas holiday home even more affordable. The maximum term on an Own Overseas interest-only mortgage is up to 25 years.
“Thanks to this new mortgage from Lloyds TSB, it’s possible for four people to contribute £10,000 each and borrow in total £32,000 to own a 2 bedroom apartment on a development in the beautiful Spanish countryside, adjacent to the Segura Valley in South Costa Blanca,” said Jack Hamilton, Managing Director, UK, Parador Properties.
Parador Properties is seeing an increasing number of UK residents buy abroad and in fact as a nation we own over one million second homes, 550,000 of these are overseas. Spain is still Britain’s number one choice: over the past five years the mass migration of Brits heading to the Costas has risen by 460%, and in the past 12 months Brits bought 75,000 homes in Spain alone. A new report from leading research bureau MINTEL, shows that the UK overseas property market is set for continued expansion into countries such as Cyprus and Portugal where Parador Properties also offers a range of developments.
