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N&P fixes loan for Spanish homes

Norwich & Peterborough Building Society is offering a fixed-rate mortgage to buy or remortgage homes on the Costa del Sol.

The loan is fixed at 6.24 per cent for two years for up to 65 per cent loan to value. The rate then reverts to the standard variable N&P Spanish Home Loans rate of 8 per cent.

Single applicants may borrow up to 2.5 times income and joint applicants up to 2.5 times principal income plus second.

N&P says its typical customer falls into the late 30s to early 40s age range and is looking to buy a second home rather than a retirement home.

The society does not offer procuration fees to IFAs on this mortgage but says it offers competitive rates to customers which will attract

IFA clients looking to buy in this area.

General manager (products & marketing) Stephen Penlington says: “Up to now, we have provided loans at a variable rate in Spain but demand has been growing for a fixed-rate scheme similar to those that customers can obtain in the UK.”

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