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N&P cuts the cost of owning a Spanish home

Norwich & Peterborough Building Society is making it easier to buy a Spanish property through its subsidairy N&P Spanish Home Loans.


The subsidiary offers loans to UK/Gibraltan residents and expats on properties on the Costa Del Sol.


To ease the financial burden on purchases and remortgages, the society has cut its arrangement fees to £125 from £250. It has also allowed for capital raising of up to 50 per cent of valuation of the property if the purpose is to purchase adjoining land or for building an extension.


For a limited period it is also cutting the cost of remortgaging Spanish properties. For loans up to £300,000 this is reduced to a level £375 from a previous rising scale which started at £375 while loans of more than £300,000 fees are negotiable.

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