Applicants for an Own Overseas Mortgage must be a UK resident, over 21 years of age and a UK home owner. Own Overseas mortgages are for the purchase of a holiday home in Spain and are secured on the Spanish property. The maximum loan to value is 70% of the property valuation.
All cases are looked at on an individual basis, but as guide the maximum income multipliers are 3.5 times the first applicant’s salary plus 1 times additional applicant’s salary, or 2.75 time each joint applicant’s salary, less the sum outstanding on other mortgages or long-term loans. Up to 4 applicants can apply together.
Fees relating to arrangement of the mortgage:
The following fee is payable on all Own Overseas mortgages:
Your home may be repossessed if you do not keep up repayments on your mortgage. Changes in the exchange rate may increase the sterling equivalent of your debt.
For further details including current interest rates please call 0207 374 6770
Own Overseas Terms and Conditions
1. The Spanish property mortgage is only available through Own Overseas and is conditional on obtaining the valuation and administration services from Own Overseas. Ask for a copy of the Own Overseas Rates and Fees leaflet for further details of the costs.
2. Own Overseas is a service from Lloyds TSB Bank plc. Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065.
3. The Spanish property mortgage is provided by Scottish Widows Bank plc. Company No 154554 Registered in Scotland, Registered Office 67 Morrison Street, Edinburgh, EH3 8YJ. Scottish Widows Bank plc is a wholly owned subsidiary of Scottish Widows plc, part of the Lloyds Banking Group of companies.
4. The services we offer are specially designed for UK residents who are intending to buy a property in Spain and are not suitable for you if you are a Spanish resident. No disponible para residentes en España.
5. Lloyds TSB Bank plc and Scottish Widows Bank plc are authorised and regulated by the Financial Services Authority (FSA) for mortgages.
6. The protections under the FSA rules on mortgages conduct of business apply for financial promotions but do not otherwise apply as regards mortgages secured by property outside the UK.
7. Lloyds TSB Bank plc represents only Scottish Widows plc for life assurance, pensions and investment business.
8. The following Own Overseas services are arranged by Lloyds TSB: property valuations, mortgage legal administration, insurances and legal services relating to the property transaction. Own Overseas introduces other services provided by third parties, including a full structural survey and a private solicitor service. While Lloyds TSB believes that these services are of a good standard, we cannot accept liability for the work done by the third parties involved.
9. Before agreeing a loan we will want to satisfy ourselves about the suitability of your application. This will include assessing your ability to afford the payments and, normally, valuing the property. Any loan will require security in the form of a mortgage over the property. Written quotations are available on request.
10. ‘Own Overseas’ is a trademark of Lloyds TSB Bank plc.
