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Sterling idea to buy Florida holiday home

Abbey National&#39s specialist lending arm First National is breaking into

the US property market by offering sterling mortgages to borrowers looking

for a holiday home in Florida.

First National claims the move marks the first time that a UK lender has

provided sterling loans for homes in the US.

It is offering threeand five-year fixed rates and tracker mortgages

through a selection of UK brokers from next week.

The scheme, which will initially be run as a pilot trial under the brand

Brit-ish Mortgages Abroad, is being supported by a network of Florida

mortgage brokers and estate agents specialising in the holiday home market.

First National says it will expand the scheme if it proves to be a

success. The US currently accounts for 8 per cent of overseas holiday

properties bought by British residents despite no UK lenders offering loans

in this market.

Sales director Ron How-ell says: “Owning a holiday home in Florida is a

dream that a growing number of British residents would like to realise

although the US system of property purchase is very different to the UK.

“Our intention is simplify things by offering borrowers an alternative

method of funding that is simpler, more viable and better suited to their

needs.”

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