UK property buyers can now benefit from a mortgage scheme for Andorra from Hove-based Conti Financial Services.
The mortgage has been launched in response to demand from keen investors and ski fans who wish to capitalise on the benefits offered by a country that is one of Europe’s most popular ski destinations.
One of the smallest countries in the world, Andorra is a principality nestling in the Pyrenean mountains and offers visitors and prospective property buyers a number of possibilities.
Walking, fishing and duty-free shopping are popular year-round activities and Andorra can also offer the
ultimate in relaxation at Caldea, which claims to be Europe’s largest health spa.
Its main draw is skiing and it boasts a number of resorts where UK buyers are snapping up chalets and apartments to enjoy themselves and to benefit from the buoyant rental market.
Families tend to head to Pal and Arinsal, two village resorts that are connected by a ski lift and suitable for all levels of enthusiast, with Soldeu el Tartar offering everything the serious skier might want.
For traditionalists, Pas de la Casa, located in the highest mountains, is the oldest resort in the principality with all the charm one would hope to find and ski runs to match.
The Conti scheme offers two options for purchasers – either a capital and interest loan for a maximum of 30 years, to complete before age 70, or a loan which allows for the first two years on an interest-only basis and the remaining term on capital and interest as above.
Both variants are on a maximum loan to value of 70% and loans are in Euros and can offer no early redemption penalties.
Simon Conn, Conti’s senior partner, says: “Demand for property in Andorra has been steadily increasing in recent years.
“With rates currently at 3.55% we consider that this scheme will help UK buyers make the first move towards the year-round benefits that a property in Andorra can offer.”