Banco Halifax Hispania reduces mortgage rates

Banco Halifax Hispania, the Spanish arm of Halifax, has reduced its mortgage rate with immediate effect.
Mortgage rates of 3.26% for loans up to 60% and 3.51% for loans up to 70% of the value of the property are now available.

This comes as good news for those people dreaming of sunnier climes.

A growing number of Brits are moving permanently to Spain to escape the British weather, while others are buying a second home to spend a greater part of the year there.

Ian Smith, head of European operations, says: "We are continuing to see low levels of interest rates in Spain which makes it an excellent time to finance that dream home in the sun.

"As we move into generally what is a busy house buying period, this latest reduction in interest rates makes that overseas property even more affordable".