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N&P heads south for the Costa del Sol

Norwich & Peterborough Spanish home loans has introduced the fixed rate sterling mortgage, which is available for first time buyers or people who are looking to remortgage a house or holiday home in southern Spain and Gibraltar. It is only available for properties on a 70-mile stretch on the Costa del Sol.

Norwich & Peterborough has fixed the mortgage rate at 6.99 per cent for the first five years, after which it will revert to the Norwich & Peterborough Spanish home loans standard variable rate, which is currently 8 per cent.

The overseas mortgage market is very small, with just six companies offering a total of 12 mortgages. However five of these mortgages are available for properties in Southern Spain and Gibraltar.

Of these five the most competitive is the Iberian mortgage from Abbey National, which has a standard variable rate of 5.95 per cent for Euros and 7.95 per cent for sterling. It is also available for a much wider range of properties, as it can be used to buy homes all over Spain, Portugal, the Balearics and the Canary Isles.

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