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Conti Financial Services launches Andorra mortgage scheme

Amanda Jarvis

December 20, 2004

As one of the smallest countries in the world, Andorra is a principality
nestling in the Pyrenean mountains and offers visitors and prospective
property buyers a number of possibilities. Walking. fishing and duty-free
shopping are popular year-round activities and Andorra can also offer the
ultimate in relaxation at Caldea, which claims to be Europe's largest
health spa.
Of course, its main draw is ski-ing and it boasts a number of resorts where UK buyers are snapping up chalets and apartments to enjoy themselves and to benefit from the buoyant rental market. Families tend to head to Pal and Arinsal, two village resorts that are connected by a ski lift and suitable
for all levels of enthusiast, with Soldeu el Tartar offering everything the serious skier might want. For traditionalists, Pas de la Casa, located in the highest mountains, is the oldest resort in the principality with all the charm one would hope to find and ski runs to match.

The new Conti scheme offers two options for purchasers – either a capital and interest loan for a maximum of 30 years (to complete before age 70) or a loan which allows for the first two years on an interest-only basis and the remaining term on capital and interest as above. Both variants are on a maximum loan to value of 70 per cent and loans are in Euros and can offer
no early redemption penalties.

Demand for property in Andorra has been steadily increasing in recent years,? says Simon Conn, Conti's senior partner. With rates currently a highly competitive 3.55% we consider that this new scheme will help UK buyers make the first move towards the year-round benefits that a property in Andorra can offer.?


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