Halifax: Foreign buyers get lost in jargon jungle

21 July 2006
According to high street lending giant Halifax, one of the biggest obstacles for people looking to invest in or purchase property abroad is the fear of getting lost with home buying words and phrases.

The UK's largest mortgage lender claims that a lack of understanding can leave consumers feeling lost or even out of pocket.

"When buying a property in Spain, it is important to work with a bank that has the ability to deal with its customers in English," said Ian Smith, head of European operations at Halifax.

"This means that any procedural differences and jargon can be explained and therefore that the purchaser has clarity on all the issues and stages involved in the house buying process."

Particular phrases or jargon can stump even fluent speakers of foreign languages and can present unnecessary and significant obstacles when it comes to bargaining or negotiating.

Halifax offers a specialist arm called Banco Halifax Hispania, which assists UK residents who are purchasing property in Spain.

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