New Spanish mortgages offered by Norwich and Peterborough

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New Spanish mortgages offered by Norwich and Peterborough

Fri 15th Dec 2006

Norwich and Peterborough Building Society is offering three new mortgage products to those enjoying a life of sun, sea and sangria in Spain.

As well as the Norwich and Peterborough Building Society two-year fixed-rate mortgage, the society is also introducing a five-year fixed-rate product as well as a new base rate tracker mortgage.

Both the two-year and five-year fixed-rate mortgages are available at 5.59 per cent followed by the Bank of England's base rate and have a maximum loan-to-value of 75 per cent. The tracker mortgage is 0.24 per cent above the base rate for the term of the loan.

Richard Barker, Norwich and Peterborough product manager, said: "With an estimated 761,000 Britons living in Spain and the trend to move abroad showing no signs of slowing, we are constantly reviewing our product range to ensure we meet our customers' needs."

"Customers will now have the choice of two attractive fixed rate mortgage options, each with a very competitive follow-on rate of bank base rate plus one per cent," he added.

Property in Spain may be looking like more of a prospect for some Brits following the decision by the Spanish government to cut Capital Gains tax in the country for non-residents.

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