Mortgages for Spain are still available
By Danny Bance

Mortgages for Spain are still available

It is still possible to get a mortgage to buy a property in Spain, an expat portal has noted.

Shelter Offshore said that Natwest and Abbey are two UK lenders offering such products.

However, it noted that the Natwest deal has a loan-to-value of only 55 per cent, while Abbey - owned by Spanish banking group Santander - does not disclose terms and conditions before an application.

Despite this, the website suggested, those who can get such finance will find it a rewarding thing to do.

It stated: "The hard work to get a mortgage in place will be well worth it when it pays up and pays off and you have your dream home."

House prices in Spain have now hit the bottom of the market, a spokesperson for property firm Prieto told Reuters recently.

However, the company is forecasting that values will now stay flat until 2011, meaning those who do buy in Spain may find a long-term investment is the most suitable way to enter the market.

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