Santander Totta - part of the Grupo Santander Group - has announced the launch of the first flexible loan enabling buyers to defer 30% of the payment on their Portuguese land or property until maturity.

The new mortgage structure will give a range of buyers the opportunity to purchase their property in Portugal now rather than in a few years time. In particular, these include potential purchasers such as younger buyers struggling to fund the initial deposit required for their property; potential retirees who've yet to sell their UK home; those with considerable current outgoings but whose situation will change; and those who wish to be able afford a more expensive property.

The residual mortgage, which can be arranged in Euros, Sterling, Swiss Francs and US dollars, offers UK buyers the opportunity to take out a 70% capital repayment mortgage over 25 years with the option of repaying the remaining 30% at the end of the loan period.

Mortgagees would pay repayment and interest charges on 70% of the loan and interest only charges on the remaining 30%.

Santander Totta arranges mortgages for individuals purchasing freehold land, buildings, apartments and houses in Portugal. Capital Repayment and Interest Only loans are available. Stage payments are also considered.

All loans are dependent on status. For further information contact the Mortgage Department on 0207 621 2660.

13 April 2007 � Moneyextra.com