Words: Ashley Rigg
Published: 30th September
90% mortgages return to Spain and UK
International mortgage markets appear to have improved slightly this week.
International Mortgage Brokers have announced the introduction of loans of up to 90% on Spanish property while in the UK, HSBC is making £500m available to help UK homebuyers who have 10% deposits.
International Mortgage Brokers claim to offer rates which start at 2.45% when buying certain selected bank owned property. HSBC are advertising rates of 2.4% but rates for the majority of borrowers are much higher due to their strict lending criteria.
Over the past 12 months, many overseas agents have found potential buyers have been unable to raise the necessary capital and the lack of finance has been one of the single biggest reasons for the low transaction volumes which are damaging the industry.
The news is positive but until the banks go further to significantly relax lending rules, transaction volumes are likely to remain low.
More on
Sky News and
Homes Overseas
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