Barclays targets overseas mortgages at IFAs
March 9th, 2007
Barclays is trying to increase the amount of business it does with intermediaries with the launch of a website designed to help advisers conduct overseas mortgage business.
The company claims the website is the first to provide the intermediary market with bespoke online tools to advise its clients on the overseas mortgage market and sell euro mortgages in Spain, France, Italy and Portugal.
It points out 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 says the website is a key component of its strategy to increase the amount of business it does with intermediaries, while at the same time enhancing its market share.
The new website, which is scheduled to be launched this week, is designed to make it easier for intermediaries to do business in the market by offering comprehensive information to help their clients understand the options available when deciding how to finance their overseas property, including:
- Direct access to English-speaking local mortgage experts.
- An agreement-in-principle process to provide feedback to clients on the likelihood of securing a mortgage on their property.
- Policy fact sheets, including Loan-to-Value ratios and terms and conditions.
- Step-by-step guide to the application process in each country.
- Income assessment tables and examples to help calculate the level of borrowing available.
- Overview of all costs associated with buying a property in each of the four countries.
Suzanne Clay, European business development manager at Barclays, says it sees intermediaries as a key channel for overseas mortgage products, and adds the website underpins this strategy by providing advisers with a “comprehensive and straight forward online facility” where they can access a range of mortgage products in four of the top markets for overseas buyers.
She adds: “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.”