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N&P cuts fixed rates on Costa del Sol

Norwich & Peterborough Building Society is cutting rates on its fixed-rate sterling mortgages for UK borrowers buying property on the Costa del Sol.

It is lowering its two-year fixed-rate loan from 5.74 per cent to 5.49 per cent. Minimum loan is £40,000 and maximum loan to value is 65 per cent.

The five-year fix is cut from 6.49 per cent to 6.24 per cent on the same terms.

Income multiples for both are three times single income or 2.5 times joint income, with no maximum age limit. Maximum loan is negotiable There is a redemption charge on both loans of six months&#39 interest in the first five years.

General manager (residential mortgages, banking and products) Stephen Penlington says: “We are seeing steadily rising interest in our mortgage service for people buying in Spain, especially since we are now lending along virtually the whole of the Costa del Sol. Our customers have the benefit of having their mortgage in sterling and a choice of repayments at a fixed level for a given period from a familiar building society.”

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