Finally, some good news for UK mortgage applicants has come from the Spanish banks.
BBVA, from their London network, have just launched and are now marketing a new 65% loan for purchases in Spain.
The product offers a choice between linking to the 3 month Euribor or Bank of England Base rate in either Euros or Sterling.
Covered under UK law, whilst secured against the Spanish property, the product has the benefit of competitive rates, second highest loan to value available in Spain, zero early repayment penalties and no compulsory life cover linked.
Minimum loan size is Euros 100k or GBP 83k.
BBVA is also offering a 50% equity release product for general purpose. With all other banks only offering this facility for home improvements or purchase of another property in Spain this is a real bonus for clients looking to raise money against a Spanish property to take funds out of Spain.
International Mortgage Solutions