Banco Halifax Hispania has reduced the rate on its variable euro mortgages
with immediate effect.
Repayment mortgage rates of 4.633% for loans up to 60% and 4.733% for loans up to 70% of the value of the property are now available.
The lender says the reduction in interest rates comes as good news for those people looking to buy a property in Spain.
Recent research from Mintel states that 800,000 Britons now own a second home abroad.
Spain was the most popular location amongst more than four in 10 respondents who had either already bought or who were looking to buy abroad.
The demand from British people for property in Spain has been fuelled by the
demand for low rate euro mortgages and the boom in low cost, budget
Ian Smith, head of European operations at Halifax, says: “When it comes to owning that holiday home in the sun, Spain is certainly the favoured location with British people, so this latest reduction in interest rates is really good news.”
There are currently 19 Banco Halifax Hispania branches throughout Spain.