N&P reveals popularity of Spanish villas

Amanda Jarvis

March 8, 2006

According to the N&P, most Brits still opt for an apartment when buying a home in Spain but while the popularity of detached and semi-detached villas rose slightly, the number of people buying apartments and terraced properties fell again during 2005. 
Type of abode: 2004 figures – 2005 figures
Apartments: 49 per cent – 42 per cent
Detached houses: 28.57 per cent – 30.25 per cent
Semi-detached houses: 4.08 per cent – 4.65 per cent
Terraced houses: 14.3 per cent – 13.95 per cent
In 2005:
• the total average loan to value borrowed was 55.88 per cent
• the average mortgage will be repaid over 15.14 years
• the total average loan is £106,871
Mike Sketch, head of retail operations at N&P, said: “Buying in Spain is still growing in popularity, as people increasingly want to enjoy their retirement abroad or buy a family holiday home that is also an appreciating investment. Property prices are rising slowly, or are stable in the UK and in Spain, prices have also stabilised following a period of growth.”

Main details for Spanish products:
• N&P will lend up to 75 per cent of the property valuation.
• Minimum purchase price (or valuation) – £60,000
• Maximum loan – negotiable, repayable over up to 20 years.
• £250 reservation fee
• The mortgage advance will be in Sterling and repayments must be made by direct debit in Sterling from a UK building society or bank account.
• Valuation/application fee – from £375 (according to valuation).
• Minimum loan £20,000 – maximum negotiable.

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