Scottish Widows Bank has teamed up with Lloyds TSB to offer advice to UK residents wishing to buy a property in Spain.
The service, which is branded Lloyds TSB, offers a range of flexible Spanish mortgage options as well as a service to navigate buyers through the entire buying process.
The service offers:
Scottish Widows says its own research into the overseas market, conducted while it was developing the service, revealed existing and prospective buyers are more likely to consider a UK provider rather than a local one when buying abroad.
It says a quarter of people (26%) believe using a UK-based provider makes them feel ‘more secure’ and 12% believe it to be more straight forward than dealing with a provider abroad.
Graeme Hartop, managing director at Scottish Widows Bank, says: “Buying a home abroad can be a complicated and stressful experience. We have developed this service to help buyers with every aspect of the process, from choosing the right mortgage to advice on the legalities of buying abroad.”
Hartop says Scottish Widows will initially concentrate on the Spanish market as it is the most popular location for UK residents buying abroad but that it will also be looking to expand to other countries in the future.
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