The launch of the new flexible mortgage is aimed at non-residents looking to buy into the property market in Spain, allowing them to take out a mortgage up to 80% of the value of the property.
The mortgage is a limited product and applications must be submitted by January 31, 2007. It will be offered on a 12-month rolling fixed interest rate. The option to take out an initial interest-only period ranging from one to five years is also available.
Suzanne Clay, business development manager at Barclays, said: By offering a higher loan to value, and adding flexibility at highly competitive rates, we believe this product will enable many budding overseas property investors to realize their dream of owning a home Spain.
The mortgage is to be offered in more than 500 Barclays branches across Spain, as well as online and over the phone.
