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New overseas mortgage website for intermediaries launched

Barclays has launched a new website to provide the intermediary market with ‘bespoke online tools’ to advise their clients on the overseas mortgage market and sell euro mortgages in Spain, France, Italy and Portugal.

The site, at www.barclays.com/buyingabroad-intermediaries , is designed to make it easier for intermediaries to do business in the growing overseas mortgage market and advise clients on all aspects of buying and living abroad.

Buying property abroad has become increasingly popular with British people over recent years and selling overseas mortgages could provide an additional source of income for many intermediaries. Barclays currently pay a one per cent procuration fee on the value of the overseas mortgage and, as the average euro mortgage in Spain, France, Portugal and Italy is around €175,000, each completed mortgage could potentially earn the intermediary €1,750. A mortgage calculator will be added to the site in April 2007.

The site is designed to meet the needs of intermediaries at all levels and offers comprehensive information on 16 of Barclays euro mortgages for non-residents in Spain, France, Italy and Portugal. The site will include:

Direct access to English speaking local mortgage experts dedicated to the intermediary market
Agreement-in-Principle process currently available for Spain (within 24 hrs) and Italy and Portugal (within 48 hrs)
Overview of all available products including the latest limited offers and interest rates;
Policy fact sheets, including LTV ratios and terms and conditions
Step-by-step guide to the application process in each country
Income assessment tables and examples to help intermediaries calculate the level of borrowing available to their clients
Overview of all costs associated with buying a property in each of the four countries
Add-on insurance products and current account facilities

“Barclays sees intermediaries as a key channel for our overseas mortgage products,” said Suzanne Clay, European business development manager. “The website underpins this strategy through providing intermediaries with a comprehensive and straight forward online facility where they can access a wide range of mortgage products in four of the top markets for overseas buyers. We also believe the site will encourage intermediaries to open a dialogue with their clients and discuss all financial options available including euro mortgages and other overseas services."

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