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N&P fixed loan for Costa del Sol homes

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&#39s south coast.

The mortgage is fixed at 6.99 per cent for five years and then reverts to Spanish Home Loans&#39 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.”

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