Spanish homes needn’t costa packet!

As winter draws on in the UK, Norwich and Peterborough Building Society (N&P) is helping people to live the dream of buying a home in the sun – with three new mortgage options!

New 2 year and 5 year fixed rate mortgages

New base rate tracker mortgage

Richard Barker, N&P’s product manager, said: “With an estimated 761,000 Britons living in Spain and the trend to move abroad showing no signs of slowing, we are constantly reviewing our product range to ensure we meet our customers’ needs. Customers will now have the choice of two attractive fixed rate mortgage options, each with a very competitive follow-on rate of Bank Base Rate + 1%. Alternatively, our new tracker offers a great rate for the term of mortgage, which is one of the lowest currently available for those looking to buy in Spain with a Sterling loan.”

Two year fixed rate mortgage

5.59% fixed for two years, followed by Bank Base Rate + 1% for term
Maximum 75% loan to value
£499 reservation fee
Valuation fee from £250
£125 application fee
5% redemption fee within first two years

Five year fixed rate mortgage

5.59% fixed for five years, followed by Bank Base Rate + 1% for term
Maximum 75% loan to value
£499 reservation fee
Valuation fee from £250
£125 application fee
5% redemption fee within first five years

Tracker mortgage

Bank Base Rate + 0.24% for term
Maximum 75% loan to value
£599 reservation fee
Valuation fee from £250
£125 application fee
7% redemption fee within first seven years