Barclays in Spain launches new 80% loan to value mortgage

New flexible mortgage has Barclays Spain highest ever loan to value and mortgage term which gives British buyers more options in the Spanish property market.

Barclays, the largest British bank in Spain, has launched a flexible mortgage for non-residents looking to buy property in Spain which allows property buyers to take out a mortgage of up to 80 per cent of the value of their property.

Barclays ‘80% Mortgage’ has the highest ever loan to value ratio offered by the bank in Spain (previously 70 per cent) and also its longest ever mortgage term at 30 years (previously 20 years). These terms, when combined with the interest rate options available with the mortgage, make it one of the most competitive and flexible mortgage products available in the Spanish non-resident market.

This is a limited product and applications must be submitted by 31st January 2007. It is offered on a rolling 12 month fixed interest rate. Buyers are given flexibility to take out an initial interest-only period ranging from one to five years. The interest rate is highly competitive and ranges from 4.72% to 5.22% depending on the length of the interest-only period.

Suzanne Clay, business development manager at Barclays said: “Barclays continually looks to develop its range of mortgages available to British people wanting to buy property abroad. By offering a higher loan to value, and adding flexibility at highly competitive rates, we believe this product will enable many budding overseas property investors to realise their dream of owning a home Spain.”