Abbey National's 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