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Abbey loan deal as more Brits buy homes abroad

The number of IFAs who help clients purchase a dream home abroad has shot up in the past two years.

Nearly 500,000 British people own a second home in France, according to new research from Abbey National.

To reflect this demand, Abbey National is offering a special discounted rate of 3.95 per cent, which is available through IFAs. The rate reverts to the bank&#39s standard variable rate after a year.

Abbey says the strength of the pound means Brits have greater spending power when it comes to buying second homes. It says interest rates are lower in France and there are still opportunities for British buyers to snap up a second property at a bargain price.

The most popular places for Brits to buy their holiday homes across the Channel are the Cote d&#39Azur, where the average price of a property is £237,000, the Dordogne, where property costs around £76,000, and Haute-Savoie, where prices increase to £242,000.

Italy is also a popular destination, with favourite Tuscany accounting for 54 per cent of UK buyers spending an average of £296,000.

Abbey media relations executive Hannah Chance says: “We are seeing an increasing number of IFAs helping Brits to buy properties abroad. The rates are different in France and the base rates are available to all IFAs.

“We offer competitive rates and there are still places where people can purchase afford-able property abroad.”

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