View more on these topics

Conti offers remortgage deals from 2.49%

Conti Financial Services is offering overseas property owners remortgage deals from 2.49%.

The overseas mortgage company says it is seeing an increasing trend among its clients who are considering refinancing.

The strength of the euro means that equity in second homes abroad is now worth much more when converted back into sterling.

Remortage rates start as low as 2.49% in sterling for properties in Portugal on a repayment basis at a maximum LTV of 70%.

Other rates include a 2.69% deal for Spanish property at 60% LTV and 3.09% in France at 70% LTV, both available on a repayment basis.

Clare Nessling, operations director at Conti, says: “Many home owners who have unencumbered properties, or who have seen some price growth since their properties abroad were purchased, are releasing equity to pay off debts back in the UK or to help buy UK property.

“Some are releasing cash to inject into their UK properties to bring down LTV ratios, especially if they’re hoping to switch to a new mortgage deal.”

She adds: “Others simply want to switch their overseas mortgage to a significantly cheaper rate and benefit from lower monthly repayments.”

Recommended

Good riddance

It hasn’t had the best reputation and in many ways made itself an easy target but the banning of single premium payment protection insurance, while not surprising, is important for the industry.

The Blame Game

There was something mildly ironic about four of the previously most powerful men in the banking industry being chastised on the naughty step by a group of MP’s.

Green shoots ahoy!

Business minister Baroness Vadera did herself no favours recently when she said she could see green shoots of economic recovery. But Gary Styles, strategy, risk and economics director at Hometrack, says the green stuff could sprout in the remortgage business by the end of 2009

Halifax pulls ASU cover for brokers

Halifax Intermediaries General Insurance has withdrawn all of its
accident and sickness and unemployment cover through mortgage brokers.

Newsletter

News and expert analysis straight to your inbox

Sign up