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Fixed deals for Florida buyers

Abbey National subsidiary First National Bank is offering a sterling mortgage for British buyers of Florida holiday homes.

Through its British Mortgages Abroad brand, First National is offering UK-style mortgages to UK residents who are homeowners wanting to buy a Florida property or wanting to remortgage their existing dollar loan.

Most US mortgages are long-term fixed-rate deals, commonly for 30 years but BMA is offering a mortgage fixed for three or five years.

The rate on the three-year fix 6.3 per cent and the five-year fix is 6.35 per cent. Both loans have a maximum loan to value ratio of 80 per cent. They revert to the lender&#39s standard variable rate, currently 5.74 per cent, after the fixed period. Redemption fees apply during the fixed periods.

BMA is also offering a flexible tracker loan at Bank of England base rate plus 1.7 per cent for purchases or plus 1.95 per cent for remortgages. Maximum LTV is 80 per cent. There are no redemption penalties.

Sales director Ron Howell says: “We aim to make the dream of buying a Florida holiday home simple, affordable and accessible. Buyers can deal with a bank they know and trust.”

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