22 June 2005
Banco Halifax Hispania (BHH), the Spanish arm of Halifax, has once again reduced the cost of buying a property in Spain.
It has taken the decision to decrease its euro mortgage rates and will now offer a deal of 3.193 per cent for loans up to 60 per cent of the value of the property.
There has also been a reduction for loans up to 70 per cent with the bank introducing the new rate of 3.443 per cent.
The head of European operations at BHH, Ian Smith said for many people the rate reduction would be coming at a good time.
"Traditionally this is a busy time of the year in the Spanish property market and so the reduction in interest rates is excellent news for those looking to complete within the next few weeks.
"We continue to see low levels of interest rates in Spain and this latest reduction makes that overseas property even more affordable."
The new rates, which come in with immediate effect, follow a similar reduction last month.
Mr Smith believes the move will be particularly welcomed by those people who dream of moving to sunnier climes and are looking to buy a place in the sun.
A growing number of Brits are moving permanently to Spain to escape the British weather, while others are simply buying a second home to spend a greater part of the year abroad.
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