Norwich & Peterborough Bui lding Society has set up a special fixed-rate mortgage for buying or remortgaging res idential pro perties on the Costa del Sol.
N&P arm Spanish Home Loans is providing the mortgages to British expats for their main home, holiday prop erty or retirement residence on Spain's south coast.
The mortgage is fixed at 6.99 per cent for five years and then reverts to Spanish Home Loans' current standard variable rate of 8 per cent.
N&P will lend up to 65 per cent of the purchase price or property valuation, whichever is the lower. Minimum
loan is £25,000.
The mortgage advance will be in sterling and repayments must be made by direct debit from a UK bank or society.
N&P gen eral manager (products and marketing) Stephen Pen lington says: “Borrowers exp ect to be able to have a choice of mortgage products as they would have if buying in the UK. Those looking to buy in southern Spain like the idea of getting their mortgage from a familiar British mutual building society.”