Norwich and Peterborough cuts Spanish mortgage rates

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Financial Services > Mortgages > Mortgages News

Norwich and Peterborough cuts Spanish mortgage rates

Wed, 06 Sep 2006

UK residents looking to find a mortgage in Spain could be boosted by the news that Norwich and Peterborough Building Society has cut the rates on its Spanish mortgages

The building society has also cut the rates on its UK five and ten-year fixed-rate mortgages, with immediate effect.

For the Spanish mortgages, up to 75 per cent of the sterling value is available, with a minimum of £60,000 purchase or valuation applying.

The minimum loan price of £20,000 is also in effect, while the maximum is negotiable and repayments can be made over a 20-year period.

Richard Barker, Norwich and Peterborough's product manager, said: "Following recent reductions in money market rates, we're pleased to be reducing our five and ten-year fixed-rate mortgages for customers.

"Our new 5.18 per cent five-year fixed-rate is currently one of the lowest in its category and represents a great deal for customers looking for longer-term rate stability."

Following a disappointingly rainy summer for many UK residents, the option of finding a mortgage in Spain could prove an attractive option.

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